VA Jumbo Loan…Simply The Best!!
Steward of Aligned Mortgage
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 over the $726,525 limit to purchase that upscale 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 loan 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 saving 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 their requirements tend to be more flexible then other loan products making it easier for so many veterans to obtain financing. While the VA Jumbo Loan may have less requirements than other jumbo loan products, it’s important to note that lenders do require a minimum credit score generally of at least 600 for loans above $726,525.
Current VA Loan limits in Hawaii
The Department of Veterans Affairs has set the 2019 VA Loan limits as $726,525 for the entire state of Hawaii. For more information regarding the VA Jumbo Home Loan, contact your leading local VA lender-ALIGNED MORTGAGE at 677-5626. Our Loan Officers will answer any additional questions you may have and can even help you begin the preapproval process.