VA Jumbo Loans
With soaring housing prices, the median price of homes has risen significantly, often exceeding $647,200, the 2022 VA limit. If a potential home buyer is unable to find a suitable property within the limit prescribed, a VA Jumbo loan may be obtained. As implied, these are loans for larger amounts, and as such, a down payment is required. With a credit score not exceeding 550, financing for a VA Jumbo loan may be approved.
How much can I afford with VA?
The U.S. Department of Veterans Affairs works with our veterans to assist them in purchasing a home that may exceed $647,200, the maximum price allowed for a VA loan. A loan that goes over the maximum amount may be offered when the home buyer makes a down payment of 25% of the excess in price. For example, a home that costs $747,200, which is $100,000 over the limit, would necessitate a down payment of $25,000 (25% of the excess price). This qualifies as a VA Jumbo loan. For a home worth $747,200, a down payment of $25,000 is still a good deal compared to purchasing the same home through a conventional loan.
How VA Jumbo loan Max Loan Limits Help Provide a Second Jumbo Mortgage Option
Presently, the max limit for VA Jumbo loans is $1,000,000. This makes it possible for veterans to purchase in high-cost areas, while still taking advantage of benefits offered our military.
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