What is a VA Jumbo Loan?
- A VA Jumbo loan, considered a non-conforming loan, is a loan for an amount that exceeds the conventional loan limit.
- This limit is determined by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. The limit for a conventional loan is currently $ 417,000, or $ 625,000 in Alaska and Hawaii.
- The interest rate on a jumbo loan is usually higher than that of a conforming loan because the risks to the lender are higher. However, with VA this is not the case.
- Unlike non-conforming jumbo loan interest rates that usually run between .25% and .5% higher, VA jumbo loans are very competitive with current conforming rates.
Do VA jumbo loans require a down payment?
Yes, VA jumbo loans do require a down payment, but very little compared to non-conforming jumbo products.
Call me to find out just how much of a down payment would be required on your upcoming jumbo home purchase.
Do I have to maintain Private Mortgage Insurance (“PMI”) on a VA jumbo loan?
No. You will never need to worry about throwing your hard-earned money away on MI with a VA jumbo loan.
Still have more questions?
Please call me at 480-351-5904 or email jimmy@VALoansForVets.com