The VA Jumbo Loan…Simply The Best On The Market
Veterans United Home Loans of Hawaii
The Perks of the VA Jumbo Home Loan
For veterans and active duty service members interested in purchasing a luxury home, there couldn’t be a better lending product than the VA Jumbo Home Loan. Like the traditional VA Home Loan, the VA Jumbo Home Loan is designed to meet the specific financial needs of the veteran population and to make home financing accessible to as many veterans as possible.
What is a VA Jumbo Home Loan?
A VA Jumbo Home Loan is almost identical to a traditional VA Home Loan in that it is a government backed home loan that only veterans, active duty service members, and certain military family members can utilize. The VA Jumbo Home Loan differs, however, from the basic VA Home Loan because it offers qualified borrowers higher loan limits.
In Honolulu, a VA Home Loan of more than $750,000 is considered a Jumbo Loan. Prior to the creation of the Jumbo loan, veterans interested in purchasing luxury homes would have potentially had to seek outside financing or simply put their dream home on the back burner. Now, however, qualified borrowers can borrow up to $1,500,000 to purchase that upscale dream home.
Aside from high loan limits, additional perks veterans can benefit from by using a VA Jumbo Home Loan include:
Down Payment Requirement
Allowing borrowers to purchase a home without a down payment is a hallmark benefit of the traditional VA Home Loan program. With a VA Jumbo Home Loan you simply put down 25% of the difference over the county limit, which in Honolulu is $750,000. By making it possible to purchase a home with no or little down payment, achieving homeownership becomes an achievable goal for our veterans and potentially saves them thousands in upfront and out-of-pocket expenses.
No Private Mortgage Insurance Required
For a larger home loan, having to pay private mortgage insurance, in addition to a monthly mortgage payment, can make homeownership unaffordable.
However, with the VA Jumbo Home Loan, veterans do not have to pay PMI thanks to the Department of Veterans Affairs guarantee.
Lenient Lending Requirements
Like the traditional VA Home Loan, the VA Jumbo Home Loan also has more lenient lending requirements than conventional and FHA loans. However, interested borrowers should be aware that lenders do require a minimum credit score of a least 700 for loans above $625,500. VA Jumbo Home Loans can also be used for fixed rate loans only, and borrowers should be aware that funding fees are calculated in the 25% over the county limit needed for down payment.
For more information regarding the VA Jumbo Home Loan, contact Veterans United Home Loans of Hawaii at 676-8254. Our VA experts will answer any additional questions you may have, or may even help you begin the pre-approval process.
Veterans United Home Loans of Hawaii is the State’s Leading VA dedicated lender. Over the past year the company has helped more than 420 families achieve their dream of home ownership.
“You’ve served our country. Now let us serve you.”