- Those active and retired service members who need a loan past the traditional VA loan limit of $417,000.
- Active and retired service members who are moving up in housing but do not have the full 20% down requirement that today’s Jumbo Loans require.
- Active and retired service members looking to avoid PMI on a lower down payment loan.
VA (Veteran’s Administration) loans are for those men and women who are serving or have served in our Nation’s Armed Forces. These loans are backed by HUD (Housing and Urban Development) and offer special benefits to those who are eligible. VA Jumbo loans go above the normal loan limits for those eligible allowing for larger VA backed mortgages.
Parameters and Guidelines
A Jumbo VA loan is available in both a fixed rate and adjustable rate program. A fixed-rate mortgage offers a predictable, straightforward monthly payment. With fixed-rate mortgages, your interest rate (and your total monthly payment of interest and principal) will remain the same for the entire term of the loan. This predictability allows homeowners to budget for the future more effectively.
30-year fixed rate
This is the most common mortgage that homebuyers compare rates to. The rate is good for 360 months (30 years) and is amortized over that time period to payoff.
15-year fixed rate
This mortgage will be due in full in 180 months. It will have an even higher payment than the 20-year term.
This mortgage sets your interest rate (or is fixed) for the first five (5) years of your mortgage, The mortgage can adjust starting in year 6 based on the market conditions present at that time.