VA JUMBO HOME LOANS
VA JUMBO HOME LOANS
When you want more home for the money, there's a lot more support available with a VA Jumbo Home Loan.
The VA will guarantee a maximum of 25 percent of your home loan amount - up to $104,250 - for a maximum new home loan amount of $417,000. What if the house you want costs more than $417,000? A VA Jumbo Loan is designed to be big enough to cover the size and cost of the home of your dreams.
With a VA Jumbo Home Loan, the term "jumbo" refers to any VA home loan greater than $417,000.
If you want to purchase or refinance a home that costs more than $417,000, the VA Jumbo mortgage means you'll just need to pay 25% on any amount over the defined limit $417,000.
Here is an example of a VA Jumbo Loan transaction. Lets say that you're an eligible veteran who has just found your dream home, and it costs $500,000. But your maximum VA loan amount would be $417,000 with a $0 down payment. As an eligible veteran, you pay 25% of the amount over $417,000, which would be 25% of $83,000 or just $20,750. In effect, you're purchasing your new home for a down payment of just $20,750 plus closing costs - a lot less than a standard 10% mortgage downpayment - and you're getting the full benefit of a Jumbo VA Home mortgage in the amount of $417,000.
If you qualify, we offer VA Jumbo Home loans up to $1,000,000, with low (25% over $417,000) money down, under new VA Loans Maximum Guaranty Amount guidelines.
What if you are interested in a property which costs more than your No Money Down Maximum? Once again, just apply for the VA Jumbo Home Loan in larger amount (up to $1,000,000). The same no-money down rules apply for the first $417,000 of your loan.
Then, you'll only pay 25% on the amount over and above $417,000. And you may also pay the funding fee in cash for loans between $417,000 and $1,000,000. You're getting the VA to finance 100% of the first $417,000 of your mortgage.