With loan amounts up to $1.5 million and interest rates significantly below comparable jumbo products, there’s no better time to consider jumbo VA loans!
An eligible veteran is a person who served on active duty in the Army, Navy, Air Force, Marines, or Coast Guard, and who, (except for a service member on active duty) was discharged or released from active duty under conditions other than dishonorable; or Members of the Reserves and National Guard are eligible upon completion of 6 years of service; or Unmarried surviving spouses of veterans who died as a result of service or service-connected causes.
Jumbo VA Loan Key Features:
- Maximum loan amount $1.5 million on 1-unit, owner-occupied properties
- Purchase and rate and term refinances
- Owner Occupied Primary Residence Only
- No monthly mortgage insurance required
- Minimum 6-months reserves required for loan amounts over $417,000
- Minimum 12-months reserves required for loan amounts over $650,000
- Up to 100% LTV with full entitlement for loan amounts up to $417,000
- Single-family residence, PUD, condominium (VA-approved), or 2-4 units eligible up to $417,000
- Loans greater than $417,000: Single-family residence, PUD or condominium only
- Contributions may not exceed 4% of the value of the property as indicated on the NOV
- Normal discount points and payments of buyer’s closing costs will not be considered a concession for purposes of determining total concession
- Manual underwriting available
Jumbo VA Loan Amount Calculation:
If the loan amount is $417,000 or less please see our Conforming VA Loan page for details on our 100% no money down VA loans. The maximum loan to value, inclusive of the VA entitlement, is limited to 75% of the lesser of the sales price or appraised value. For loan amounts greater than the conforming limit, (currently $417,000), this requires the borrower to provide a down payment.
Example of the maximum LTV, loan amount and VA entitlement for jumbo VA loans:
| Property Value (lesser of sales price or appraised value): | $1,000,000 |
| Maximum loan to value without VA entitlement: | 75% |
| Maximum loan amount without VA entitlement: | $750,000 |
| Maximum VA entitlement ($417,000 x 25%): | $104,250 |
| Actual Loan amount (maximum loan amount + VA entitlement): | $854,250 |
| Required down payment: | $145,750 |
| Actual Loan to Value (LTV): | 85.43% |
Visit our Jumbo VA Mortgage page for additional VA mortgage program requirements:
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