Jumbo VA Loans

A Jumbo VA Loan is any new home loan greater than $417,000.

If you are a veteran who wants to purchase or refinance a home that cost more than $417,000, you can use your VA status to do so with the Jumbo VA home loan, which requires that the veteran make a 25% down payment on any amount over the $417,000.

An example of a VA Jumbo Loan transaction: an eligible veteran wants to purchase a new home for $650,000. The maximum VA loan amount would be $417,000 with a $0 down payment, and the veteran would need a cash down payment of 25% of the amount over $417,000 : $58,250. This veteran could purchase this home for a down payment of $58,250 plus closing costs and obtain a Jumbo VA mortgage in the amount of $591,750.

And veterans who qualify can now apply for a VA Jumbo Home loan up to $1,000,000, with no money down under new VA Loans Maximum Guaranty Amount guidelines:

1. No money down for qualified borrowers for home loans up to a maximum of $417,000.
2. The VA guarantees the loan up to a maximum guaranty amount of $104,250 (25% of the loan).

Your VA guaranty amount is calculated based on the total amount of the home loan.

Are you interested in a property costing more than the No Money Down Maximum? Just apply to borrow a larger amount (up to $1,000,000):

1. The same no-money down rules apply for the first $417,000 of your loan.
2. Borrower pays a 25% down payment only on the amount above $417,000.
3. Borrower pays the funding fee in cash for loans between $417,000 and $1,000,000.

Additional information:

1. Minimum FICO score of 680 required for loans above $650,000.
2. Manufactured homes are not eligible.
3. Funding fees cannot be financed above conforming loan limits.
4. 2- to 4-unit purchase transactions will remain at conforming loan limits.
5. Refinance transactions remain at conforming loan limits.
6. The funding fee must be paid in cash either by the veteran or the seller.
7. Program is for fixed rate loans only.
8. Other terms and conditions may apply.