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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 # 33 [ -more VA Loan questions- ]
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Q: "Farm Loan"? - Can I buy a farm with a VA loan?
A: A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a major source of income for loan qualification purposes, it's required to show that the business can turn a profit. There are other options available to veterans who wish to operate a farm. The Farmers Home Administration does show preference to veterans, and can be used as a way to finance veteran-owned farm operations.
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VA Loan Rates
for 7/05/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
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0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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