Since the VA will guarantee a maximum of 25 percent of a home
loan amount up to $60,000, the maximum VA home loan amount is
$240,000, inclusive of the
funding fee being rolled into the loan.
This maximum amount applies to all jurisdictions in the United
States.
VA Jumbo Loans (greater than $240,000)
Veterans who live in high cost areas or who wish to purchase or
refinance a home loan with a price in excess of $240,000 can now use
their VA status to do so. In cases where the new loan amount exceeds
that amount, the VA will allow the new loan amount to go up to
$333,700 (conventional conforming loan maximum), with the
stipulation that the veteran either put down a 25% down payment on
any amount over the $240,000 or have sufficient equity in their
property for that amount.
An example would be an eligible veteran wanting to purchase a new
home for $300,000. The maximum VA loan amount would be $240,000 with
a $0 down payment, and the veteran would need to come up with a cash
down payment of 25% of the amount over $240,000 which is $60,000.
This equals to a $15,000 down payment. In this example, the Veteran
could purchase this home for a down payment of $15,000 and obtain a
mortgage in the amount of $285,000. Because this is a Jumbo VA loan,
the funding fee must be paid in cash.
Here are some great reasons for getting a jumbo loan:
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