VA Jumbo Loans. You Served, You Earned It!

Veterans and Current Military Personnel Can Use Their VA Eligibility to Obtain a Jumbo Loan Amount, With Less Down Payment Required Than a Typical Jumbo Loan

With Millennial Home Loans quick online loan application, determining if you qualify for an VA Jumbo Loan and for how much, has never been easier.

Get Started!

OR

Not ready to apply online? No problem. Answer a few questions, and a VA Jumbo Home Loan Mortgage Expert will call you back.

Request a Call Back

VA Jumbo Loans Program Guidelines

Loan Purpose

  • Purchase
  • Refinance: rate-term and cash-out

Credit Profile

  • 640 minimum middle credit score for all borrowers on the loan
  • No foreclosure or short sale within two years of contract ratification date
  • No Chapter 7 bankruptcy discharge within one year of contract ratification date
  • Maximum mortgage delinquency permitted in the last 12 months: 1 x 30 day late; only with a 680 or high middle credit score and an Automated Underwriter approval

Loan Amount

  • With zero down, the maximum loan amount is the standard conforming loan limit, which is currently $647,200, or VA High Balance loan limits
  • Down payment required when the purchase price exceeds the standard conforming or High Balance loan limit. Down payment is 25% of the amount exceeding the standard conforming or High Balance loan limit
    • Example: If the VA loan limit for a county is $647,200, this means that if the Veteran has full entitlement, VA will provide a 25% guaranty on the loan up to $647,200. If a Veteran has a contract to purchase a home in the amount of $550,000, the lender may require the Veteran to make a down payment of 25 percent of the $65,650 ($550,000 - $647,200) difference, which would be $16,412, providing the lender a full 25% guaranty.

Funding Fee

  • Funding Fee is waived for Veterans receiving VA related disability income and surviving spouses of Veterans who haven’t remarried
  • Funding Fee Calculations are as follows:

    Purchase:

    Type of Veteran Down Payment % for First Time Use % for Subsequent Use
    Regular Military None 2.30% 3.60%
    5% or more but Less than 10% 1.65% 1.65%
    10% or more 1.40% 1.40%

Ratios

  • As determined by Automated Underwriting System or AUS with DTI ratios up to 65%. Requires a Desktop Underwriter "Approved/Eligible"
  • No manual underwrites permitted

Property Type

  • Owner-occupied properties
  • Existing attached and detached single-family residences
  • New construction with permanent financing only
  • PUD's (i.e. Townhomes)
  • Condo-units. HUD, VA, FNMA or FHLMC approved project

Occupancy

  • Owner occupied only
  • All borrowers on the loan must have ownership in and occupy the property
  • Non-married Partners, not permitted on the loan request
  • No co-signers permitted

Property Valuation

  • Full VA appraisal with interior inspection and photos

Documentation

  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs

  • 0% down payment required
  • Seller contribution toward buyers closing costs and escrows up to 4% of the purchase price
  • Down Payment and Closing Cost can come from flexible sources including family member gifts and loans against a 401k retirement account

Terms

  • Amortization period: 30-year fixed rate