VA Home Loan Limits and Qualifying
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Can I get a jumbo VA loan?
Like all VA home loans, a jumbo VA loan is available only to veterans with enough income to handle the house payments. A VA jumbo loan is one over $417,000. There are two types of these loans: those in counties where the conforming loan limit is $417,000, and those in counties where the conforming loan limit is higher than $417,000. The first one requires a down payment, and the second typically does not. The Fannie Mae/Freddie Mac conforming loan limits are set for each U.S. county individually, and there are certain high-cost counties where the limits are higher than standard.
Your down payment for a jumbo loan is based on what the VA will guaranty, or in other words : entitlement. For instance, if you live in a county where the conforming loan limit is $417,000, but you want to borrow more than that, you can estimate the necessary down payment by using 25% of the loan's overage. Let's say you are buying a home for $600,000, and your county's conforming loan limit is $417,000. The difference is $183,000, and 25% of that is $45,750 -- which would be an estimate of your required down payment.
Certain higher cost counties have higher conforming loan limits well above $417,000. In these counties, the VA guaranty covers the loan up to the conforming loan limit.
Jumbo loans can vary from lender to lender.
To learn about your options for obtaining a VA mortgage for more than $417,000, talk to a VA loan professional.
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