VA Jumbo Refinance
VA Jumbo Loan: Higher Mortgage Loan Amounts for Veterans
Are you a veteran or member of the U.S. military who needs a very large loan amount for your home? Good news! Security America Mortgage is proud to offer the VA Jumbo Loan Refinance for amounts over $417,000 – up to $1,094,625. If you live in Alaska or Hawaii, the maximum loan amount is $1,500,000.
VA Jumbo Loans are a top 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) actually does not write the mortgages. Instead, the VA insures the loans written by banks and mortgage companies. Financing (or refinancing) with VA Jumbo Loans is only available for veterans and active members of the U.S. Military (and spouses – even widows, as long as they don’t remarry).
The Benefits of VA Jumbo Loans
The VA Jumbo loan offers higher refinancing amounts than many typical conventional loans. These flexible guidelines often allow more homeowners to refinance in difficult housing and financial markets. Here are some of the benefits of refinancing with a VA Jumbo loan:
- VA loans allows 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 for disabled veterans).
If you’re buying and not refinancing a home, the VA Jumbo loan also has additional benefits for home purchases. For home buying, veterans and military personnel can qualify for loan-to-values of up to 100%. This means you don’t even have to save for a down payment on your home!
Jumbo VA Loan Requirements
VA Jumbo loans require a higher credit score than the usual VA loans due to the high loan amounts. For loans under $650,000, borrowers must have a minimum FICO score of 720. If you are borrowing over $650,000, the credit requirement is increased to a minimum of 740 FICO.
Regardless of whether you’re purchasing a new home or refinancing, now is a great time to take advantage of the benefits you earned. Give Security America Mortgage a call today at (855) 468-2669 to find out more about which loan option best suits you and your family.