What is a VA Jumbo Loan?

A VA Jumbo Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA) and made to eligible veterans. It allows veterans to purchase homes with no down payment and no monthly mortgage insurance.

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What is a VA Jumbo Loan?

A VA jumbo loan is a type of home loan that is guaranteed by the Department of Veterans Affairs (VA). These loans are available to eligible service members and veterans, and they allow for the purchase of a home with a higher value than what is typically considered standard.

The VA does not set a maximum value for the loan, but they do have guidelines in place to ensure that the home is worth the amount being borrowed. In most cases, a VA jumbo loan can be used to purchase a home with a value up to $1 million.

For service members and veterans who are looking to purchase a high-priced home, a VA jumbo loan can be an excellent option. These loans offer flexible terms and competitive interest rates, and they do not require a down payment.

How do VA Jumbo Loans work?

VA Jumbo Loans are loans that are over the conforming loan limit of $484,350. In order to qualify for a VA Jumbo Loan, veterans and military members must meet the standard eligibility criteria for a VA Loan as well as additional credit and income requirements.

VA Jumbo Loans are available in both fixed-rate and adjustable-rate mortgage (ARM) options. Borrowers can choose to put down either a lump sum or make monthly payments.

Like all VA Loans, VA Jumbo Loans come with a number of benefits, including no down payment, no monthly mortgage insurance, and low interest rates.

What are the benefits of a VA Jumbo Loan?

A VA Jumbo Loan is a loan that is guaranteed by the Veterans Administration (VA) and is used to purchase a home that is above the VA loan limit. The limit varies by county, but in most areas, the limit is $484,350. The main benefit of a VA Jumbo Loan is that it allows veterans to purchase a home with no down payment and no private mortgage insurance (PMI). The interest rates on VA Jumbo Loans are typically lower than conventional loans as well.

How can I get a VA Jumbo Loan?

VA Jumbo Loan amounts exceeding the standard $484,350 loan limit set forth by the Federal Housing Finance Agency are available to eligible Veterans who wish to purchase or refinance a home in a high-cost market. Loan amounts exceeding this limit are typically referred to as VA Jumbo Loans.

To be eligible for a VA Jumbo Loan, borrowers must meet all standard VA Loan eligibility requirements, including sufficient income and credit score. In addition, they must also have a down payment of at least 25 percent of the difference between the loan limit and the sale price of the home.

If you are interested in applying for a VA Jumbo Loan, reach out to a Veterans United loan specialist at 855-870-8845.