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  • Tel: (651) 552-3681
    Email: Loans@VAMortgageMN.com

  • Jumbo VA Loans

  • Maybe people mistakenly believe there is no such thing as a jumbo VA loan, or you can't buy a upper-value home with a VA loan, but that simply isn't true.

    The confusion is common because under current rules, VA loans are no down payment loans, but only up to the current conforming loan limit in the area the home is located. Needing a VA LOAN over the local current conforming loan limit, and a VA loan will require a down payment - but you can still use a VA loan.

    UPDATE: VA loans will offer No down payment on jumbo loans starting in 2020. We will update this page to the exact dates once known.

     

    Calculating a Jumbo VA Loan Down Payment

    The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is that you need about 25% of the difference between the purchase price, and $453,100 plus your VA funding fee.

    So if you were to buy a $600,000 home. There is a $115,650 difference over the zero down maximum $453,100 loan. Therefore you'll need a down payment of about $28,912. plus your VA funding fee (if applicable). 

    1. Home purchase price minus $484,350 =
    2. Take that Difference times 25% (.25) =
    3. Add your VA funding fee to that to equal down payment required

    Confused? Just call our MN VA experts at (651) 552-3681 - We'll help figure it out