Jumbo VA Loans
A VA Jumbo Loan over the conforming loan limit of $548,250, can refer to one of two types of loans:
The first is for more expensive areas where the median home price is higher, and the (FHFA) have increased the conventional loan amount for that area. In Florida, there is one county that has a higher median home price and loan limit, Monroe County with a $680,350 limit. If you are buying or refinancing a home in these counties, the maximum VA loan amount will be higher, however, you still have to the income to qualify for the larger loan amount.
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The second type of VA Jumbo Loan is called a High Balance VA Loan. Borrowers utilizing this loan can increase their VA loan amount over the conforming loan limit by making a small down payment with their home purchase. Most of the time, they’ll need to put down 25% of the amount that their loan is over the conventional loan limit. For instance, if they are buying a home for $598,250 that is $50,000 over the conventional loan maximum, they would need to have a down payment of 25% of $50,000 or $12,500. This is about a 2% down payment on a $598,250 home! Also, the same VA benefits with no mortgage insurance and flexible underwriting guidelines still apply to a high balance VA Loan.