VA Jumbo Loans
VA Jumbo Loans (aka VA High Balance Loans)
Recent legislation has increased the VA Loan Limits across the country for Veterans with full VA Entitlement. There is no VA Loan Limit for Veterans with full VA Entitlement (except for your budget). We offer VA and VA Jumbo Loans up to $2m loan amount in all counties to help Veterans in higher cost areas utilize their VA benefit to purchase a home with a zero down VA Loan.
The Standard VA Loan limit is $647,200. Any VA Loan that exceeds $647,200 is called a VA Jumbo or VA High Balance Loan. The VA has now authorized higher VA loans up to $2m across California, Florida, Texas, Washington, Virginia, Massachusetts, and Wyoming. The VA loan limit only applies to Veterans with a current charge against VA Entitlement, aka partial VA Entitlement. We use a combination of VA Loan Limit and your individual partial VA Entitlement to calculate your required VA down payment. We also make VA Loans up to $2m for Veterans with partial VA Entitlement with the corresponding down payment.
All VA Loans are subject to the VAFF or VA Funding Fee, however Veterans with a 10% or higher VA Disability rating are exempt from the VA’s Funding Fee. Here is a link to the current VA Funding Fee chart.
Other benefits of a VA Jumbo loan include:
- VA loans available up to $2.0M loan amounts with no down for Veterans with full VA Entitlement
- Veterans with partial VA Entitlement available can qualify for a VA Loan up to $2m with a down payment or home equity. Call us to help calculate your options.
- Closing costs comparable – and sometimes lower – than other financing types.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
- VA Jumbo Loans allow higher 100% financing for VA Loans – up to $2m
- More forgiving with credit issues, job changes, etc
- Can borrow as soon as 2 years after a foreclosure or bankruptcy
- Can be used to purchase multi unit homes – duplex, triplex, fourplex.
- You can exceed the county VA loan limits by contributing a down payment (usually smaller than what is required on conventional or FHA Loans)
Check out your County VA Loan Limits here:
VA Jumbo Loans do require at least a 580 middle credit score, liquid asset reserves (0-6 Months depending on the scenario), and a clean recent credit record. We are able to work with individual situations that may not meet the Minimum qualifications that other Lenders require – such as prior Bankruptcy, Prior Foreclosure, moderate credit rating (580+), or very little in savings (ie Reserves), no rental management experience, or Joint VA Loans with either 2 Vets or a Vet and a non-vet.