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What is a VA Jumbo?
VA Jumbo loans are for amounts over $417,000 - up to $1,094,625. If you live in Alaska or Hawaii, the maximum loan amount is $1,500,000. VA Jumbo Loans are a top benefit for veterans and military personnel because it offers more flexible requirements and higher loan amounts than conventional loans. Contrary to popular belief, the Department of Veterans Affairs (VA) actually don't write the mortgages. Instead, the VA insures the loans that are written by banks and mortgage companies. Financing (or refinancing) with VA loans are only available for veterans and active members of the U.S. Military (and spouses - even widows, as long as they don't remarry).
The Benefits of VA Jumbo Loans
The VA Jumbo loan offers higher refinancing amounts than many typical conventional loans. These flexible guidelines often allow more homeowners to refinance in a difficult housing and financial markets. Here are some of the benefits of refinancing with a VA Jumbo loan:
- VA loans allow up to a 90% refinance limit-higher than most conventional loan limits.
- No PMI when refinancing with a VA loan.
- No prepayment penalties on VA loans.
- VA assistance to veteran borrowers in default due to temporary financial difficulty.
- Ability to roll the VA funding fee into the refinance amount (no funding fee for disabled veterans).
If you're buying and not refinancing a home, the VA Jumbo loan also has additional benefits for home purchases. For home buying, veterans and military personnel can qualify for loan-to-values of up to 100%. This means you don't even have to save for a down payment on your home!
Jumbo VA Loan Requirements
VA Jumbo loans require a higher credit score than the usual VA loans due to the high loan amounts. For loans under $650,000, borrowers must have a minimum FICO score of 720.
If you are borrowing over $650,000, the credit requirement is increased to a minimum of 740 FICO. Regardless of whether you're purchasing a new home or refinancing, now is a great time to take advantage of the benefits you earned. Give us a call today at (619) 370-4272 to find out more about which loan option best suits you and your family.