Are you looking to buy or refinancing using a jumbo VA loan? Some lenders stick with the county limits on VA loans. We know how to get you a larger (than the county limit) jumbo VA loan for that home you are wanting to buy. Each county has it’s VA loan limits and so many people think that is the largest loan they can get as an eligible veteran using their VA benefits. That’s not the case! We have closed many Jumbo VA loans and many of them on homes that were selling for over 1 million dollars. In as little as 2 years after foreclosure or short sale, you can be eligible for a jumbo VA loan.
Want an example?
Veteran has full entitlement available and is purchasing a home for $1,000,000 where the county loan limit is $668,750.
$668,750 X 25% = $167,187 Maximum Guaranty and Entitlement Available $167,187 / $1,000,000 = 16.7% Guaranty
Since VA’s Guaranty will be less than 25%, a down payment will be required to meet investor requirements.
$1,000,000 X 25% = $250,000
$250,000 – $167,187 = $107,813 Down Payment would be required on a purchase price of 1 million in a county that has a $668,750 Limit.
So the VA would only require a little over 10% downpayment in this scenario and the loan amount would be $892,187.00
So if you are looking to use your VA benefits and are desiring a Jumbo VA loan after foreclosure or short sale, then please email us at firstname.lastname@example.org.
We look forward to helping you find the financing you need to close on your dream home.Tweet