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VA FAQ #5 - What is a VA Jumbo Loan?

VA FAQ #5 - What is a VA Jumbo Loan?

A VA Jumbo Loan is any VA Loan that exceeds $424,100 for the Loan Amount.   Many counties have a VA Loan Limit of $424K, which is the base VA Loan Limit Nationwide.   VA Jumbo Loans come into play in a couple of different instances. 

VA Jumbo scenario 1.   Exceeding VA Loan Limits in Counties with a $424,100VA Loan Limit.   If you live in a county with a $424,100 VA Loan Limit,  you can actually get a higher VA Loan amount than $424K with Vandyk Mortgage.   The loan will require some additional downpayment or equity to ensure that we are able to reach the mandatory VA Guarantee requirements.    This amount is typically 25% of the amount over the VA County Loan Limit.   So a $524K home would require $25K down.

VA Jumbo scenario 2:  High Cost VA Loan Limit Counties with zero down VA Jumbo Loans.   The VA has identified certain Higher Cost Counties in areas such as California, Washington State, Virginia,  and a few others that allow for higher VA Loan Limits.  2017 VA Loan limits allow zero down VA Jumbo purchase loans up to $636,150 in San Francisco,  Alameda, San Mateo, Marin and Contra Costa counties.   Los Angeles and Orange County Vets can purchase a home with a VA Jumbo Loan up to $636,150 with zero down payment required.   

VA Jumbo scenario 3:  VA Jumbo Purchase - exceeding the Loan Limit in High Cost counties.  VanDyk Mortgage allows you to qualify for a higher VA Loan amount over and above your County VA Loan Limit.  The loan will require some additional down payment to ensure that we are able to reach the mandatory Guarantee requirements.    This amount is typically 25% of the amount over the VA County Loan Limit.   For instance,  a $1,036,150 home purchase utilizing a VA Jumbo Loan in Los Angeles would require $100k down,  (9.65%).  

VA Jumbo scenario 4:  VA Jumbo Refinance - exceeding the Loan Limit.  VanDyk Mortgage allows you to qualify for a higher VA Loan amount over and above your County VA Loan Limit.  This VA Jumbo Loan will require some equity to ensure that we are able to reach the mandatory Guarantee requirements.    This amount is typically 25% of the amount over the VA County Loan Limit for a VA Jumbo refinance.   For instance,  If your home is worth $1.036M, and you live in Los Angeles or Orange County, CA,  you could refinance a $900K non-VA Loan into a VA Jumbo Loan, as you would have enough equity to cover the VA Guarantee Requirements for a VA Jumbo Refinance in Los Angeles. 

As you can see,  there are many ways to utilize your VA Home Loan Benefit,  you earned it with your service.  Please give us a call to see if it's the right solution for you.  

VA Jumbo Loans are also known as VA High Balance Loans or VA Super Conforming Loans.   It is important to note that VanDyk offers VA Jumbo, VA High Balance and VA Super Conforming Loans up to $1.5M Loan amounts, we are not limited to the Max VA Loan Amounts that many other VA Lenders have,  many limit their VA Loans to $417K, $650K, $729,750,  $1,000,000, or $1,094,625.   There are many reasons that they are limited to these figures, but what is important is that we offer and fund VA Loans that exceed each of these thresholds - $417K, $650K, $729,750, $1,000,000, and $1,094,625.  

This is part 5 of our VA Home Loan FAQ series for Frequently asked VA Loan Questions.    FAQ = Frequently Asked Questions, and when it comes to VA Loans, we get plenty of questions and we have the answers and solutions you need.   We have been making VA Loans since 1987.   We are a Direct Lender offering both VA Loans and VA Jumbo Loans for the Purchase or Refinance of your Primary Home.  Please give us a call to get help with your VA Loan or VA Jumbo Loan questions, and see if you qualify for a VA Home Mortgage - 866-900-2342 toll free direct,  or contact us online at  VanDykFunding.com .

 

 

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Government Loan Pros- VA FHA USDA FHA Jumbo VA Jumbo 203K

 

We proudly offer a full array of Government Conventional, and Jumbo loan Options including FHAVAUSDAFHA JumboVA Jumbo, VA Refinance, Conventional, JumboVA Condo loans,   FHA 2-4 Unit LoansVA 2-4 Unit Loans, FHA 203K Rehab Loans,  5% down Conventional loans Conventional Condo's OK to 95%,  95% conventional purchase with ZERO Monthly PMI, and more.  

 

Veterans:  We are able to help Veterans with a new home purchase with a VA Loan or VA Jumbo Loan as soon as 2 years after Bankruptcy, Foreclosure, or Short Sale (even sooner if Short Sale involved no late payments).  Call Today - get back into homeownership!  

 

--> VA Loan Limits for 2016.  Learn More - Up to $625,500 with zero money down VA Jumbo Loan 

 

--> VA Loans over the County VA Loan Limit - yes, we allow this:   Read more detail on how to get a VA Loan Over your County VA Loan Limit here  VA Loans up to $1.5M!

 

--> Answers to Common VA Loan Questions - VA FAQ Series

We serve the entire state of California  including: Anaheim,  Antioch,  Bakersfield, Brentwood, Burbank,  Carlsbad,   Chula VistaCorona,  Coronado, Downtown San Diego, EncinitasEscondido, Fallbrook,  Fremont,  FresnoHermosa Beach, Huntington BeachIrvineLong BeachLos Angeles, Marina Del Rey,   Menifee, Monterey, MurrietaOakland, Oakley,  Oceanside,  Ontario,  Pasadena ,  Poway,   Rancho Cucamonga,  Redlands,   Riverside,   Sacramento,        San BernardinoSan DiegoSan FranciscoSan JoseSan MarcosSan MateoSanta Ana,  Santa Clarita,   Santa MonicaTemecula, Torrance, Ventura, Vista, and all other CA Cities and areas.

 

We now serve the entire state of Virginia including Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, and all other Virginia Cities, Towns and Counties. 

 

We also serve the entire state of  Washington including:  Auburn, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Des Moines, Edmonds, Everett, Federal Way, Ferndale, Issaquah, Kent, Kirkland, Lacey, Lake Stevens, Lynnwood, Mercer Island,  Mill Creek, Monroe,  Montlake Terrace, Mt Vernon, Mukilteo, Olympia, Puyallup, Redmond, Renton, Seatac, Seattle, Silver Lake, Snohomish, Spokane, Sumner, Tacoma, Tumwater, Vancouver, Wenatchee, Woodinville, Yakima and all other WA cities and towns. 

 

We also serve Colorado, GeorgiaMassachusetts, Michigan, Mississippi,  Indiana, Tennessee, Texas, and Wyoming Homebuyers and Homeowners.  

 

VA Loan Limits 2016     FHA Loan Limits 2016     Conforming Loan Limits 2016

All information is subject to change without notice.

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VanDyk Mortgage is a private company specializing in FHA & VA financing,  VanDyk Mortgage Corp is not a government agency. Corp 2449 Camelot Ct SE, Grand Rapids, MI 49546 

 

Branch address  310 Via Vera Cruz, ste 210 & 211, San Marcos, CA  92078  760-752-4480 direct

NMLS ID:  3035 - VanDyk Mortgage Corp   NMLS ID  220268  

Brian Skaar - Loan Originator / Branch Manager   

 

NY Disclosure:  Website authorization has not been approved by teh New York State Department of Financial Services.   Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. 

 

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Comment balloon 0 commentsBrian Skaar • June 09 2013 10:55AM
VA FAQ #5 - What is a VA Jumbo Loan?
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VA FAQ #5 - What is a VA Jumbo Loan? A VA Jumbo Loan is any VA Loan that exceeds $424, 100 for the Loan Amount. Many counties have a VA Loan Limit of $424K, which is the base VA Loan Limit Nationwide. VA Jumbo Loans come into play in a couple of… more
VA FAQ #4 - What is the VA Loan Limit?
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VA FAQ #4 - What is the VA Loan Limit? The Veterans Administration does not actually have a Loan Limit or maximum loan amount for VA Loans However there are VA County Loan Limits which are the maximum Loan Amounts available for 100% VA financing… more
VA FAQ #3 - Who can qualify for a VA Loan?
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VA FAQ #3 - Who can qualify for a VA Loan? Qualified Veterans, Reservists, Guard, and Active Duty Military Personnel may qualify. There are minimum service time requirements for each group, that will be address in a subsequent FAQ. Certain… more
VA FAQ #2 - Does the VA make VA Loans?
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VA FAQ #2 - Does the VA make VA Loans? Does the VA make or underwrite my VA loan? No, The VA does not make or underwrite VA Loans, private Lenders make VA Loans. The Veterans Administration guarantees VA Loans. VA Loans and VA Jumbo Loans are… more
VA FAQ #1 - What is a VA Loan?
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VA FAQ #1 - What is a VA Loan? A VA Loan is a home loan program that was created by Congress back in 1944 to help our returning Veterans from World War ll be able to purchase a home after serving our country in the Militay with no downpayment… more