VA Loan Limits for Home Purchase Loans
The current VA loan limit for eligible veterans with full entitlement is $484,350. Qualified veterans may purchase a home with no money down up to a purchase price of $484,350.
Jumbo VA Loans Over the Standard VA Loan Limit of $484,350!
Florida Veterans Home Loans now offers borrowers Jumbo VA Loans over the standard VA loan limit Of $484,350! Veterans and active-duty personnel can now get prequalified for a VA Jumbo Loan with Florida Veterans Home Loans. Qualified applicants will be required to pay 25% of the difference of the loan amount that exceeds $484,350, plus the VA funding fee up front.
What’s the Advantage of a VA Jumbo Loan?
One of the biggest advantages of a VA Jumbo Loan is the loan is partially guaranteed by the US government. VA Lenders know that if the loan goes into default, they will not suffer as large a loss. Since the risk is less, the VA Jumbo loan rates generally more attractive that other loan programs. This can significantly reduce your monthly payment, allowing you to afford a larger home.
Lower Down Payment
Since the real estate and mortgage “melt-down” that began in late 2007, lenders have taken huge losses on Jumbo loans. As a result of these losses, Jumbo loans have become much more difficult to obtain, and the down payment requirements for Jumbo loans have been drastically increased. Depending on the purchase price and credit history, lenders may require a down payment of up to 40% of the purchase price.
The good news - with a VA Jumbo Loan from Florida Veterans Home Loans, qualified veterans only need to pay 25% of the amount that exceeds $484,350, plus the VA funding fee.
Jumbo Loans are scrutinized by lenders more than any other loan. Why? Because the risk is greater should the loan go into default. Lenders have very strict requirements to qualify for a Jumbo loan. Larger down payments, higher credit scores, lower debt ratios, and additional assets are required. Because the VA partially guarantees our VA Jumbo home loans, Florida Veterans Home Loans is able to offer these to our veterans with fewer restrictions, allowing more applicants to qualify.
Get Started Today With Your VA Loan Request!
To speak with Chris or one of his team of VA Home Loan specialists about taking the next step toward prequalification, call us at 866-704-2826 or complete our quick-and-easy request form. We'll be happy to contact you and discuss your next steps.
We look forward to assisting you.
By submitting your request, you are not obligating yourself. You are simply asking to be contacted by one of our talented specialists who can answer your questions. Florida Veterans Home Loans works exclusively with military families and we have helped people all across Florida understand the VA loan process.