Written by - February 17, 2023
Introduction
The VA jumbo loan program is designed to provide homebuyers with higher purchase prices the opportunity to obtain financing. These loans are available to active-duty military members, veterans, and eligible surviving spouses who meet specific VA loan requirements. However, many people wonder what exactly the maximum VA jumbo loan amount is. In this answer, we will provide you with all the information you need to know about VA jumbo loans and their maximum loan amount.
What is a VA Jumbo Loan?
A VA jumbo loan is a type of mortgage loan that allows borrowers to purchase a home with a loan amount that exceeds the limits of a standard VA loan. These loans are available up to a certain limit, which varies depending on the location of the property that the borrower is purchasing.
What is the Maximum VA Jumbo Loan Amount?
The maximum VA jumbo loan amount is $1 million, but it can go up to $1.5 million in some high-cost counties. These amounts are subject to change annually based on the cost of living index.
Eligibility for VA Jumbo Loans
To be eligible for a VA jumbo loan, you must have a credit score of at least 620 and a debt-to-income (DTI) ratio of 41% or less. You must also have a valid Certificate of Eligibility (COE) from the VA. Additionally, you will need to provide proof of income and employment history.
How to Qualify for a VA Jumbo Loan
To qualify for a VA jumbo loan, you must meet the eligibility requirements mentioned above. Similar to a traditional VA loan, you will likely be required to provide a down payment for any amount that exceeds the VA loan limit. It's also important to note that while VA jumbo loans do not require private mortgage insurance (PMI), they do require a funding fee. This fee is typically 2.3% to 3.6% of the loan amount.
Why Choose a VA Jumbo Loan?
There are several reasons why you may want to consider a VA jumbo loan. Some of the benefits of these loans include:
How FHA loans Pro Can Help
If you are interested in obtaining a VA jumbo loan, FHA loans Pro would be happy to assist you. We offer a wide range of mortgage services and have a team of experts who can help you navigate the loan process. We make the homebuying process as stress-free as possible, and can help you secure the funding you need to purchase your dream home. Contact us today to learn more about our VA jumbo loan options.
Conclusion
In conclusion, the maximum VA jumbo loan amount is $1 million, but can reach up to $1.5 million in some high-cost counties. These loans can be a great option for veterans and military members looking to purchase higher-priced homes. If you meet the eligibility requirements and are interested in obtaining a VA jumbo loan, consider reaching out to FHA loans Pro to learn more.