A Jumbo VA loan is any VA loan greater than $417,000. Qualifying veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan. The VA Jumbo mortgage requires the veteran to make a down payment of 25% on any amount over the limit of $417,000 unless the property they are financing is in a High County Loan Limit area as approved by the Department of Veterans Affairs.
Plus you get all the benefits of a VA loan! VA Jumbo Loans are a great benefit for veterans and military personnel because it offers more flexible requirements and higher loan amounts than conventional loans. Contrary to popular belief, the Department of Veterans Affairs (VA) does not write the mortgages. Instead, the VA insures the loans that are written by banks and mortgage companies.
Financing (or refinancing) options with VA loans are only available for veterans and active members of the U.S. Military (and spouses – even widows, as long as they don’t remarry).
100% financing is available on Jumbo VA Loans when the property is located in a High Cost County. In areas where the property is not located in a High Cost County, qualified veterans can still secure financing with smaller down payments and more flexible lending guidelines without having to carry mortgage insurance. VA Jumbo loans are only available to those that qualify for VA loans and their eligibility requirements. It will allow you to choose a home that suits you and your family the best.
Jumbo VA loans have all of the benefits of a VA loan, plus it allows you to obtain a larger loan amount if that is what you need. Definitely make sure you take advantage of this earned benefit of military service to your country!
There are times in life when taking on a large loan makes sense. Whether you’re buying a new home or renovating an old one, the value you generate from your home is worth every penny. Thanks to your service in the U.S. Armed Forces, you may qualify for additional assistance when applying for a home loan. VA loans exist help eligible veterans get home financing in areas with no private financing and purchase property with no down payment.
Applying for a home loan is a complex and lengthy process. If you aren’t sure what size of loan you can qualify for, using a VA loan calculator can give you realistic expectations going into the process.
Our Jumbo VA Loan Calculator gives you your typical monthly payments through the duration of the loan. It also tells you how much interest you can expect to pay and full monthly and yearly amortization schedules. The attached graph gives you a visual representation of your loan’s expected progress.
Our VA loan calculator takes your data and applies mathematical equations commonly used by financial institutions all over the United States. While this will give you a fair estimate of how much you’ll pay and the rate you’ll gain equity, other factors may change the results.
Factors such as VA eligibility, property tax rates in your community and interest rates can all affect the final results. To get a specific quote, it’s helpful to speak with a VA loan specialist who can provide you with more detailed information specific to your state and county.
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