 |
|
Jumbo VA Mortgage
Loans in Wisconsin, Illinois, Minnesota and Florida
Higher VA Loan Amounts at Lower
Rates!
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 refinance
- 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%
VA loans. Also, view
VA loan limits for high cost areas.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% |
VA Eligibility Requirements
Conforming VA Loans
VA Streamline Refinance (IRRRL)
Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA,
VA and
Rural Housing
Refinance Programs
VA Mortgage Rates
About Us
Apply or Pre-qualify Online
Contact Us
Recent jumbo VA blog posts:
Bigger Loan Amounts for VA Mortgages Rival the Jumbo
Loan
Many fall in love with the idea of buying a new home.
Unfortunately, that euphoric feeling causes people to
get details and plans mixed up. Buying a home is a
wonderful investment, but it should be approached with
the right strategy. BEFORE finding a home, and falling
madly in love with a neighborhood, people should first
talk to a mortgage loan officer to get pre-qualified.
Read the rest of this entry
»
Jumbo VA Mortgage loans
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!
Eligible borrowers include active military, veterans, reservists, National
Guard, and unmarried surviving spouses of eligible service members.
Jumbo VA mortgage loans are available to Wisconsin and
Illinois veterans and are offered in major cities including VA loans in
Chicago, Milwaukee and Madison. Purchase, refinance and cash out refinance
VA loans available. No down payment (100% financing) required for loan amounts
up to the conforming loan limits.
Jumbo VA Loan Key Features in Wisconsin
and Illinois:
Benefits of a VA Mortgage
Read the rest of this entry »
|
