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VA Jumbo Loan and the VA Loan Maximum Guarantee Amount
New Veteran's Administration Guidelines guarantee loans up to $417,000; VALoans.com Super Max program offers
additional funds to qualified borrowers for a maximum $1,000,000 VA Jumbo Home Loan.
The Veterans Benefits Act of 2004 changes the maximum guaranty amount to an amount equal to 25% of the
Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act.
You Can Take Advantage of New VA Loan Maximum Limits
Qualifying customers can now apply for a VA Jumbo Loan up to $1,000,000 utilizing the VALoans.com Super Max program.
You can apply for a home loan with no money down under new VA Loans Maximum Guaranty Amount guidelines:
- No money down for qualified borrowers for home loans up to a maximum of $417,000.
- The VA guarantees the loan up to a maximum guaranty amount of $104,250 (25% of the loan).
Your VA guaranty amount is calculated based on the total amount of the
home loan.
Example: If you borrowed the maximum no money down $417,000 VA home loan amount, the VA guaranty amount would be the maximum $104,250.
Are you interested in a property costing more than the No Money Down
Maximum? Don't limit yourself! Apply to borrow a larger amount (up to
$1,000,000) under the VALoans.com Super Max program:
- The same no-money down rules apply for the first $417,000 of your loan.
- Borrower pays a 25% down payment only on the amount above $417,000.
- Borrower pays the funding fee in cash for loans between $417,000 and $1,000,000.
VALoans.com Super Max example using a sample loan amount of $690,000:
- The first $417,000 of the loan = $0 down.
- Any amount in excess of $417,000 = 25% down payment on that amount.
- A total loan of $690,000 would be $273,000 over the no money down limit of$417,000.
- Your 25% down payment on that $273,000 = $68,250.
- You are also required to pay a funding fee in cash up front.
Additional information:
- Minimum FICO score of 680 required for loans above $650,000.
- Manufactured homes are not eligible for VALoans.com Super Max program.
- Funding fees cannot be financed above conforming loan limits.
- 2- to 4-unit purchase transactions and all refinance transactions will remain at conforming loan limits. They are not available under this VA Jumbo Program.
- Refinance transactions remain at conforming loan limits.
- The funding fee must be paid in cash either by the veteran or the seller.
- The VALoans.com Super Max program is for fixed rate loans only.
- Other terms and conditions may apply.
FREQUENTLY ASKED QUESTION # 32 [ -more VA Loan questions- ]
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Q: Homebuyer's Help Part 2 - Will the VA give me help if my property is poorly built or defective?
A: The VA has a great many ways to assist those seeking a VA mortgage, but there are also restrictions. When you purchase a home using a VA home loan, the VA does not offer guarantees that your home is free from defects. While the VA does conduct an appraisal of the property, this should not be misconstrued as an 'inspection' or approval of the condition of the property. The VA does not order builders to correct problems or defects in the construction of your home. It's the buyers responsibility to seek expert advice about the condition of a property before purchase. Additionally, the VA cannot offer legal counsel of any kind. The buyer is responsible for being informed about rights and responsibilities with regard to new property purchases. When in doubt, hire a lawyer or an expert in property evaluation.
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VA Loan Rates
for 5/13/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
-----------------
0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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