This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Purchase Loans. VA now allows higher loan amounts up to $1,500,000, and Van Dyk Mortgage offers these throughout California and Washington.
Conventional Loans require more equity for Jumbo loan amounts over $453,100 for purchase of a home or condo than typical VA requirements. True Jumbo Conventional Loans require at least 20% down payment to purchase a home, and more if you exceed $1m. The VA Jumbo loan allows Veteran purchasers many options for reduced downpayments vs conventional options.
VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today – 760-752-4480.
There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel in the purchase of a home:
Scenario 1. You want to buy a home for $1m in San Francisco. A conventional loan will require at least 20% down payment, You have the money, but would prefer to keep it in the market to recapture what you have lost in the last few years. In comes the VA Jumbo loan to the rescue. Since the San Francisco county limit is $679,650 in San Francisco, and we can exceed the VA Loan Limit with an appropriate down payment, we can offer a VA Jumbo loan with just a $80k Down Payment (yes, under 8.1% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved! How about putting under 80K down vs 200K down, how does that sound?.
Scenario 2. You want to buy a home in Long Beach for $825K. Since the county limit is $679,650 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit, Our VA Jumbo Purchase loan for Long Beach would only require a $36,338 down payment (4.405%). Problem solved.
Scenario 3. You want to buy a home in Oakland for $925K. Since the county limit is $679,650 for an Oakland or Alameda county VA Loan, your VA Jumbo Purchase loan for Oakland would require a $61,338 down payment (6.631%) for a qualified Veteran. Conventional loans would require 20% in Oakland, and FHA loans cap out at $679,650, but also have MIP, which adds to your monthly payment. Problem solved for our Veteran.
Scenario 4. You want to buy a home for $1.25m in San Mateo. A conventional loan will require at least 20% down payment, In comes the VA Jumbo loan to the rescue. Since the county limit is $679,650 in San Mateo, we can offer a VA Jumbo loan with a $142,588 down payment (11.407%). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!
As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.
There are many more situations and scenarios that VA Loans can help whereas conventional loans may not. Please don’t hesitate to contact us if you think your VA Benefit could help you a Refinance or Purchase your home.
These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don’t offer. VanDyk Mortgage offers VA Jumbo Loans up to $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area such as $453K, or a max of $650K, VanDyk is not contained to these limits. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%.
You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today’s lending world.
VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.
We are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA, Conforming & Jumbo Loans.
>>> Get started here on your VA Loan PreApproval or give us a call at 866-900-2342 (toll free direct)