But what if you’re purchasing something larger?
The VA Jumbo is basically a VA Mortgage with a loan amount over the lending limit in your area, BUT as of January 1, 2020 there is only 1 different between a regular VA loan and a VA Jumbo loan, the rate. Before 1/1/2020, if the lending limit was $510,400, then a veteran could only purchase 100% up to the limit of $510,400, and the pay a portion of any amount over that limit. Today, there is no limit, at least not in the eyes of the VA. Lenders will honor the 100% financing allowance for veteran for loans above $510,400 or $765,600, but some have restrictions on as to how high they will lend, and most have higher rates for those loan amounts higher than the loan limits. You also need your full entitlement to have 100% financing over the lending limit. We can help find the entitlement benefits and run the calculations for you. Call now!
