Jumbo Loans

The typical dollar amount limit to a VA home loan is $417,000. Yet it is possible for a borrower to get a higher VA loan amount than that, if needed – with a VA jumbo Loans!

Jumbo Loans are suited for any one of the nearly 150 counties across the United States that have much higher housing market costs than anywhere else in the country. In these areas, the VA limit is set closer to $1 million or even higher, rather than the typical $417,000 found elsewhere.

Veterans apply for jumbo Loans in much the same way that they would apply for a typical VA home loan. The VA does allow a no-money down jumbo Loans. However, jumbo Loans do differ from typical VA home loans in a number of important ways: the jumbo Loans are only available for fixed-rate mortgages, and certain terms and conditions may apply, depending on the circumstances. In some cases, funding fees cannot be financed for jumbo loans, and it may be possible that a credit score of 650 or higher may be required.

The benefits of jumbo Loans include but are not limited to the following:

• They allow up to a 90% refinance limit – higher than most conventional loan limits
• No PMI when refinancing with a VA loan
• No prepayment penalties on VA loans
• VA assistance to veteran borrowers in default due to temporary financial difficulty
• Ability to roll the VA funding fee into the refinance amount (no funding fee at all for disabled veterans)

The VA jumbo Loans also have additional benefits for home purchases, not just home refinancing.
So do your research and determine whether you qualify for a VA jumbo Loans – it just might be the answer you’re looking for!