VA Home Loans

VA JUMBO LOANS
Cover a Larger Military Home Base

With so many options to choose from, there is a VA Home Loan that will allow you to purchase the home that suits your military lifestyle. And 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 are a veteran who wants 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's a good example of a VA Jumbo Loan transaction: you're an eligible veteran who has just found your dream home, and it costs $500,000. Your maximum VA home loan amount would be $417,000 with a $0 down payment. You, the eligible veteran, 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.

And now, veterans who qualify can apply for a VA Jumbo Home loan up to $1,000,000, with low (25% over $417,000) money down, under new VA Loans Maximum Guaranty Amount guidelines.

What if you're a veteran interested in a property which costs more than your No Money Down Maximum? 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.