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VA Jumbo Loan … Simply The Best In The Market

homes062914-2Tony Dias
Branch Manager
Veterans United Home Loans of Hawaii
NMLS #222836

The Department of Veterans Affairs sets loan limits for its traditional VA Loan program. Because of this, many assume if they’re looking at luxury houses in a price range above that set limit they can’t use their VA Loan benefit. That’s actually not the case at all. VA Jumbo Loans are designed to meet the financial needs of the veteran population looking to purchase luxury homes.

What is a VA Jumbo Home Loan?

A VA Jumbo Loan helps cover the difference between the purchase price and the VA Loan limit. Like a traditional VA home loan, the VA Jumbo Loan is a government backed home loan that only veterans, active duty service members and certain military family members can utilize. The main difference between the two is that the VA Jumbo Loan offers qualified borrowers higher loan limits.

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 up-scale dream home.

Down Payment Requirement

The traditional VA Loan is known for allowing qualified borrowers to purchase a home without a down payment. With the VA Jumbo Loan you simply put down 25% of the difference between the local limit and the purchase price. By making it possible to purchase a home with little or no down payment, achieving homeownership becomes an attainable goal for our veterans and potentially saves them thousands in upfront and out-of-pocket expenses.

Same Great VA Loan Benefits

With VA Jumbo Loans, veterans do not have to pay private mortgage insurance (PMI) thanks to the Department of Veterans Affairs guaranty. Adding PMI to a monthly mortgage payment can often mean the difference between affordable and unaffordable.

Another well-known fact about the traditional VA home loan is the lenient lending requirements that make it easier for so many veterans to obtain financing. While the VA Jumbo Loan also has more lenient requirements than other jumbo loan products, it’s important to note that lenders do require a minimum credit score of at least 640 for loans above $625,500. VA Jumbo Loans also require fixed rates and a funding fee is calculated in the 25% over the local limit needed for a down payment.

Current VA Loan limits in Hawaii

The Department of Veterans Affairs has set the 2014 VA Loan limits as $657,800 for Maui; $713,000 for Kauai; $657,800 for Kalawao; $721,050 for Honolulu/ Oahu; and $625,500 for the Big Island. For more information regarding the VA Jumbo Home Loan, contact your local VA Loan experts Veterans United Home Loans at 677-5626. Our local experts will answer any additional questions you may have and can even help you begin the preapproval process.

Upcoming VA Loan Seminars

Veterans United seminars include† Power-point presentations & free workbooks. Question and answer periods follow the presentations. For more information and directions, call 677-LOAN (5626).

Thursday, August 146 8 pm
Veterans United Home Loans of Hawaii Educational Center 94-539 Puahi St., Waipio, HI

Tuesday, August 266 8 pm
Veterans United Home Loans of Hawaii Educational Center 94-539 Puahi St., Waipio, HI

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