Jumbo VA Loans Up to $1 Million?
February 15, 2010
Did you know VA allows eligible veterans to borrow above the $417,000 standard VA loan size?
A qualified Veteran can borrower above $417K as long as they put down 25% of the difference between the needed loan amount and $417K.
For example a veteran can qualify for a $834,000 loan amount by putting down $104,250 or a purchase price of $938,250 with a 11.11% down payment and no mortgage insurance. The veteran would need to pay the VA funding fee on the loan amount above the $417K limit in cash; the economics still make sense.
So when your client is shopping for a higher priced home it does not hurt to ask if they have VA benefits. Most Veteran's do not know about the program - so make sure to let them know.
The Valeo-Croy Team - (704) 366-7711
Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421
Accessible | Program Expertise | On-Time Closings
@ The Valeo-Croy Team, we are here for you.
The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.
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