VA Jumbo Loans
VA Jumbo Loans (aka VA High Balance Loans)
Recent legislation has increased the VA Loan Limits for many counties to help Veterans in higher cost areas utilize their VA benefit to purchase a home with a zero down VA Loan.
The Standard VA Loan limit is $726,200. However, qualified Veterans with Full VA Entitlement can borrow up to $2 million with zero down payment required. The Blue Water Navy Veterans act eliminated the VA Loan Limit for Veterans with full VA Entitlement available. Veterans with partial VA Entitlement can also get qualified up to $2 million VA Loan amounts, however it will require a down payment. This figure is calculated based on your remaining VA Entitlement and the VA County Loan Limit, and the purchase price of your home.
More importantly, the VA Guarantee available for Vets in all counties across the USA makes it possible to borrow up to $2m per the prior paragraph. For example, in San Francisco (and much of the Bay Area), the County VA Loan Limit is $1,089,300. A qualified Veteran can purchase a home up to $2 million with zero down payment in San Francisco, Oakland, San Mateo, Marin County, Contra Costa County, etc. Los Angeles and Orange County Vets can qualify up to $2 million with zero down. You can exceed the County VA Loan limit when buying a home when you have Full VA Entitlement available, or by contributing a down payment for Veterans with a charge against VA Entitlement. Call us to help you calculate your remaining VA Entitlement and how much down you may have to contribute.
For example, let’s say a Veteran has a prior VA Loan charged against Entitlement with an original loan amount of $400k (which results in a $100k charge against Entitlement). The Veteran wants to purchase in San Mateo County, where the VA Loan Limit is $1,089,300. If you bought a home for $1,000,000, your down payment requirement would be $77,675. That is a pretty reasonable down payment for a Jumbo size loan. This is unheard of with other Jumbo loan programs. You will still be subject to the VAFF or VA Funding Fee, which could effect the down payment amount slightly. Note – Vets with a 10% or higher VA Disability are exempt from the Funding Fee, potentially saving you thousands.
Check out your County VA Loan Limits here:
California County VA Loan Limits
Contact us here to get your questions answered. 2 easy ways to start - fill out the form below or give us a call/text at 760-752-4480.