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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.

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VA Jumbo Loan interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

VA Jumbo Loan Program Benefits

  • Up to $2,500,000 Purchase Price. Down Payment Required
  • Potentially Lower Down Payment Compared to a Traditional Jumbo Loan
  • No Monthly Mortgage Insurance or PMI, Saving you Thousands over the Life of the Loan
  • Flexible Credit Requirements, with Credit Scores Down to 640
  • Safe, Secure 30 Year Fixed Rate Mortgage
  • Seller Funded Closing Cost Help up to 4% of the Loan Amount
  • Most Property Types Allowed

VA Loan Qualification Requirements

  • Borrower must be able to obtain a Certificate of Eligibility from the VA
  • All borrowers on the loan must have a minimum 640 middle credit score
  • No foreclosure or short-sales permitted within the last 2 years
  • No Chapter 7 bankruptcies within the last year
  • Property must meet VA appraisal guidelines
  • Down payment required if loan amount exceeds maximum County VA Loan Limits
  • Maximum Loan Amount and Debt-To-Income Ratio as determined by Automated Underwriting System. No manual underwrites

VA Jumbo Loan – Case Study

Most Veterans and current Military Personnel never think about using their VA Eligibility to purchase a home that traditionally would require Jumbo Loan financing. However, Millennial Home Loans works with lenders that finance VA Loan far in excess of the traditional VA loan limits. See the following scenarios:

SCENARIO ONE:
  • Property Location: Frederick County, Maryland
  • Maximum VA Eligibility with No Money Down: $726,525
  • Purchase Price: $995,000
  • Maximum Available Loan Amount: $927,881
  • Down Payment Required: $67,118 or only 7% Down
  • Benefit to Borrower: With the VA Jumbo Loan the borrowers were able to obtain a mortgage loan with a 640 plus credit score. In this scenario the borrowers didn’t have the 720 middle credit score required to qualify for a traditional 10% down Jumbo Loan offered by the Loan Officer referred to them by their Realtor. The Loan Officer instead suggested a non-traditional Jumbo 5-year adjustable rate mortgage, at a much higher rate than what they qualified for using the VA Jumbo Loan program.
SCENARIO TWO:
  • Location: Arlington County, Virginia
  • Maximum VA Eligibility with No Money Down: $726,525
  • Purchase Price: $2,485,000
  • Maximum Available Loan Amount: $2,045,381
  • Down Payment Required: $439,618 or only 18% Down
  • Benefit to Borrower: With a VA Jumbo Loan the borrowers were able to obtain a 30-year fixed rate mortgage at a lower rate than the Adjustable Rate Mortgage being offered by their Credit Union. Further the Credit Union required 20% down based on the purchase price, which would have required a larger down payment than what the VA Loan required