VA Jumbo Loans up to $3+ Million (Zero Down Payment!)
Qualifying Veterans have the ability to finance more expensive homes with little to no down payment using a high balance VA Jumbo loan. This is one of the many provisions included in the Blue Water Navy Veterans Act of 2019 that went into effect on January 1st, 2020. Before this, zero-down VA loans were limited.
What is a VA High Balance or Jumbo Loan?
Let’s first discuss what a traditional “jumbo” loan is. A Jumbo or “non-conforming” loan is used to finance more expensive homes when a borrower needs to finance more the annual loan limit set by the Federal Housing Finance Agency (FHFA). For example, if you want to borrow more than $647,200 (the 2022 conforming loan limit in most areas of the country), then you need to utilize a “Jumbo” loan. In comparison to conventional or VA loans, most Jumbo loan programs have stricter qualification guidelines; require larger down payments; and/or come with higher interest rates.
Now let’s discuss the VA Jumbo Loan Advantage. Compared to a traditional “jumbo” loan program, there may be a more attractive loan program for qualifying Veterans. That’s good news for our military servicemen and women. Because the Veteran’s Administration doesn’t set a maximum loan amount for a VA loan, qualifying veterans with full entitlement can borrow as much as a lender is willing to lend without a down payment. Yes, you read that correctly… the VA allows for zero-down high balance loans to qualifying Veterans.
Compared to traditional “jumbo” financing, the VA Jumbo typically has other added benefits include easier qualifying criteria; lower rates, and lower fees. As such the VA Jumbo loan is one of the more attractive high balance or jumbo loans on the market.
To apply for a zero-down VA Jumbo Loan and find out more about whether you qualify call us today at (208) 287-1705 or get started online.