VA Jumbo Loan

On October 10th, 2008, the President signed Public Law 110-389, the Veterans' Benefit Improvement Act of 2008. This law allows for $0 down payment loans in qualified counties to go up to $729,750 on loans closed through December 31st, 2011. For 2009, qualifying customers can now apply for a regular VA Loan with $0 down up to the VA Loan Maximum in qualified counties.

You Can Take Advantage of New VA Loan Maximum Limits

Qualifying customers can now apply for a VA Jumbo Loan up to $1,000,000 utilizing the VA Jumbo Loan program. You can apply for a home loan with no money down under new VA Loans Maximum Guaranty Amount guidelines:
  1. No money down for qualified borrowers for home loans up to a maximum of $417,000 or the higher limits for certain counties.
  2. The VA guarantees the loan up to a maximum guaranty amount of 25% of the loan.
Your VA guaranty amount is calculated based on the total amount of the home loan excluding higher amounts for certain counties.

Example Not Using Higher Limit Counties: If you borrowed the maximum no money down $417,000 VA home loan amount, the VA guaranty amount would be the maximum $104,250.

The same no-money down rules apply for the first $417,000 of your loan.
  1. Borrower pays a 25% down payment only on the amount above $417,000.
  2. Borrower pays the funding fee in cash for loans between $417,000 and $1,000,000.
Example Using Higher Limit Counties: If you borrowed the maximum no money down $729,750 VA home loan amount, the VA guaranty amount would be the maximum $182,438.

The same no-money down rules apply for the first $729,750 of your loan.
  1. The same no-money down rules apply for the first $417,000 of your loan.
  2. Borrower pays a 25% down payment only on the amount above $417,000.
  3. Borrower pays the funding fee in cash for loans between $417,000 and $1,000,000.
VA Jumbo Loan example in counties with maximum $0 down loan of $417,000 using a sample loan amount of $690,000:
  • The first $417,000 of the loan = $0 down.
  • Any amount in excess of $417,000 = 25% down payment on that amount.
  • A total loan of $690,000 would be $273,000 over the no money down limit of $417,000.
  • Your 25% down payment on that $273,000 = $68,250.
  • You are also required to pay a funding fee in cash up front.
VA Jumbo Loan example in counties with maximum $0 down loan of $729,750 using a sample loan amount of $1,000,000:
  • The first $729,750 of the loan = $0 down.
  • Any amount in excess of $729,750 = 25% down payment on that amount.
  • A total loan of $1,000,000 would be $270,250 over the no money down limit of $729,750.
  • Your 25% down payment on that $270,250 = $67,563.
  • You are also required to pay a funding fee in cash up front.
Additional information on all VA Jumbo Loans:
  1. Minimum FICO score of 680 required for loans above $650,000.
  2. Manufactured homes are not eligible for VA Jumbo Loan program.
  3. Funding fees cannot be financed above conforming loan limits.
  4. 2- to 4-unit purchase transactions and all refinance transactions will remain at conforming loan limits. They are not available under this VA Jumbo Program.
  5. Refinance transactions remain at conforming loan limits.
  6. The funding fee must be paid in cash either by the veteran or the seller.
  7. The VA Jumbo Loan program is for fixed rate loans only.
  8. Other terms and conditions may apply.

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