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is there a jumbo loan 4 VA loans

by liam.s.reynolds02... from Valparaiso, Florida. Jan 23rd 2014 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

VA does allow for loans greater than the standard $417k. however your entitlement will not cover the additional sale price over and above the county loan limits set by VA, so you cannot do it with "no money down" do not confuse "High Cost Area' with jumbo financing.. they are two different things.. in places like NY or HI, it's near impossible to purchase something below $417, so FNMA allows for loans in these high cost areas to exceed the standard $417 loan amount. Jumbo loans are strictly a portfolio loan product, meaning that each lender offering this type of financing is doing so with their own set of guidelines, rather than using a standardized set of guidelines for the lending industry. In your state of Florida, only one county is considered "high cost", and it's Monroe County at $435,500. contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 23rd 2014
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John Hunt (jhunt@ctcmortgage.net)
#234 ranked lender in Florida - 10 contributions

There is a high balance program which varies per county. Please feel free to call me if you'd like to discuss this in more detail at (954) 234-7873.John HuntNMLS #288793

Jan 23rd 2014
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John Hunt (jhunt@ctcmortgage.net)
#234 ranked lender in Florida - 10 contributions

So, Yes. There are High Balance, or Jumbo programs available

Jan 23rd 2014
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Liam, VA loans are available for larger than conforming limits but they require a downpayment so that downpayment+VA Guarantee (25% of VA conforming limit) equal at least 25% of the loan amount. Please feel free to call me to discuss your specific scenario in detail.

Jan 23rd 2014
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Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions

Please give me a call and we can discuss more details...We are a veteran owned company.732 606 6264

Jan 23rd 2014
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

There are high balance loan options available that vary depending on what county you are in. Contact a local mortgage broker to find out what they are in your county.

Jan 23rd 2014
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Yes... basically it is zero down payment to $417,000 (unless in a high cost area of the country - which 99% is NOT). After $417,000, you will now need a down payment. Consult a local experienced VA mortgage broker for how much that will be in your case. www.VA-IRRRL-Loan-MN.com

Jan 24th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

The answer is yes. If you qualify VA will allow up to 100% of the County loan limit. Then you will be responsible for 25% of the difference between the max County loan limit and your purchase price. You can check out County Loan Limits at this link http://benefits.va.gov/homeloans/documents/docs/2014_county_loan_limits.pdf I suggest getting in contact with a local loan officer and seeing what your options are, it will be well worth your time. Best wishes, Sean

Jan 24th 2014
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