Thank you for your interest in the VA Home loan program. If you have any immediate questions or concerns call us toll free at 866-946-1233.
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SmartVALoans.com a service of GNB Bank is proud to offer VA Jumbo home loans up to $1,000,000!
Until recently the VA maximum loan limit was capped at $417,000.
With new legislation the VA guarantee has been increased to a maximum of $1,000,000 with $0 down payment
in specific high cost areas.
SmartVALoans.com VA Jumbo Benefits
- VA Jumbo loans up-to $1,000,000 for purchase and refinance nationwide
- Lower interest rates that most other form of financing with lower downpayment requirements if any at all depending on the VA county limits
- Credit scores down to 640 are acceptable
- NO Monthly Private Mortgage Insurance Required
- GNB Bank will underwriter and close the loan in house nationwide(GNB Advantage)
- No origination fee options available
VA high cost county
VA updates the list annually. Checkout VA's 2011 High Cost County List. If your county is not on the high cost list the maximum limit is $417,000.
VA Jumbo Loans over the VA county limits
It is possible to obtain a over VA county limits up-to $1,000,000. However, a 25% down payment is required on the difference from the county limit and the purchase price. For example, if a qualified veteran borrower purchases a house for $600,000 in a county where the maximum limit is $417,000 the minimum required down payment would be calculated as such with more VA Jumbo Examples here.
- $600,000 (Purchase Price) minus the $417,000 (maximum 100% limit) = $183,000
- 25% of $183,000 difference is $45,750, or just 7.6% of the purchase price
- The applicable VA funding fee over the $417,000 limit would need to either be paid by the veteran borrower or seller.
No punitive interest rate increase under VA Jumbo loans under $1,000,000. Unlike conventional and FHA jumbo loans that can carry up to a full 1% increase or more; this can save you thousands of dollars.
No monthly mortgage insurance premiums (PMI) which are required on most mortgages without a 20% down payment which will save you hundreds of dollars per year.
Little to no down payment required. VA Jumbo loan do not require perfect credit.
Apply now online for a VA Jumbo Purchase or VA Jumbo Refinance or simply give us a call at 866-946-1233 and ask about our VA Jumbo Loans today!