A VA Jumbo Home Loan refers to any VA home loans greater than $424,100 with a maximum loan amount of $1,000,000. This loan provides a lower down payment option for eligible veterans to use in combination with their VA Eligibility. The down payment needed could be far less than what may be needed if doing a typical jumbo loan.
Advantages of using the VA Jumbo Loan:
- You are able to obtain this financing with NO monthly PMI as expected on a typical VA loan.
- If you are exempt from the funding fee due to a service related disability then you are exempt on this loan as well.
- VA Jumbo Loans only require a down payment of 25% of the loan amount that exceeds $424,100.
- Example: If you are purchasing a home with a purchase price of $500,000, your maximum VA home loan amount would be $424,100 with a $0 down payment and 25% of the amount over $424,100, which would be 25% of $75,900 or $18,975 required down payment. On a 500K home this is only a 3.8% down payment
- VA rates are some of the lowest rates available and you would be entitled to those amazing rates even though you are doing a jumbo loan
- VA is relatively easy to qualify for and you are also able to take advantage of this ease in qualification
Raleigh Mortgage Group currently represents a number of VA lenders for VA Jumbo Loans in North Carolina. If you are a veteran or active duty service member, intend to do your loan on a North Carolina property, and are VA eligible, call Raleigh Mortgage Group at 919-866-0212 to maximize your VA home loan benefits. We appreciate your service to our country and look forward to thanking you in person when we speak.