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 VA loans are no down payment loans, but only up to the current conforming loan limit about. Over the current conforming loan limit, and a VA loan will require a down payment - but you can still use a VA loan.
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).
- Home purchase price minus $484,350 =
- Take that Difference times 25% (.25) =
- 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
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The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits for home located in Minnesota, Wisconsin, and South Dakota. We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Mortgages Unlimited.
VAMortgageMN.com (C) Copyright 2019. Equal Housing Lender. Licensed in MN, SD, and WI. Nothing on this site is an offer to enter into an interest rate lock agreement. Any such offer may only be made in accordance with the requirements of Minn Statute Sec 47.208(3) and (4). Not everyone will qualify. Information, rates, programs, and guidelines subject to change without prior notice. All products are subject to credit, underwriting guidelines, and property appraisal. Other restrictions and limitations apply. This website is maintained by Joe Metzler, (NMLS #274132), a Loan Officer with Mortgages Unlimited, Inc (NMLS #225504).