NEWS FLASH – 1/1/2017 VA Loan Limits increase to $424,000.
ARTICLE UPDATED ACCORDINGLY
– 10/2015 VA JUMBO Max Loan Limit is now $1.5m for Eligible veterans and active duty military personnel.
LOWEST RATE, LOWEST DOWN PAYMENT & NO PMI
Most Veterans do not know VA Loans are available over the $424,000 Limit.
Most Banker and Mortgage Loan Officers DO NOT KNOW EITHER!
VA JUMBO loans are real, and they are the BEST way to buy a higher priced home as a Veteran.
VA 30 year Fixed Rates are very low compared to traditional Jumbo Loans.
Most Jumbo Loans require 20% or more down payment and often 5/1 or 7/1 ARMs.
For Veterans with Full Eligibility, the equation is simple.
No down payment is required for the 1st $424,000 of the loan.
The Veteran makes a 25% down payment for the difference in $424,000 loan
amount and the Sales Price.
So here is an Example:
$650,000 Sales Price minus $424 ,000 = $226,000
$226,000 X 25% = $56,500 Down Payment
$650,000 – $56,500 = VA Loan = $593,50050 which is 91% LTV
The BEST part is there is no Monthly PMI, just the VA Funding Fee, which is even reduced due to the larger down payment.
Please complete the Contact Form below or
Call 214 435 8825 to speak to J. Scott Harris, Your VA Home Loan Expert.