VA Jumbo Refinance loans offer solutions conventional loans don't allow.

This may sound a little backwards from what you have seen or heard in the past about VA Loans, specifically VA Refinance Loans.   VA now allows higher loan amounts up to $1,094,625, and VanDyk Mortgage offers these throughout California, Washington, Texas, Georgia, & our other states. 

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for both rate/term refinance and cash out refinance than VA requirements.  True Jumbo Conventional Loans require at least 20% equity in your home for refinance, more if you want cash out.   VA allows Refinances up to 90% of your homes value in both cases,  VA Refinance, and VA Cash-out refinance.   There are a couple examples below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel.   

Scenario 1.  Your home is worth $1m, and you live in San Francisco.   You have a ARM loan and owe $860,000.    Conventional loans require more equity, at least 20%,  this scenario only has 14% equity,  so the bank tells you no.    In comes the VA Jumbo loan to the rescue.  Since the county limit is $1094625 in San Francisco, and you have 10% equity in your home, we can offer you a VA Jumbo Loan can refinance this loan up to $900K.  The VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty.   Problem Solved!

Scenario 2.   You live in Los Angeles, your home is worth $900K, and you owe $790K on your current loan, which is adjusting.  You want to get a fixed rate while the rates are good.   You call the big bank.  They tell you that you don't have enough equity in your home to refinance,  you only have 12% equity, far below their 20% requirement.   Once again, the VA Jumbo comes to the rescue for Veterans.   Since the county limit is $737,500 for a Los Angeles VA Loan,  and VanDyk allows VA loans over the county limit with an appropriate combination of entitlement and equity,  we are able to offer you a new VA Jumbo 30 yr Fixed rate mortgage for this scenario.  The new loan can be up to $810K, or 90% of the appraised value with your new Jumbo VA loan.   Problem solved.

There are many more situations and scenarios that VA Loans can help whereas conventional loans may not.  Please don't hesitate to contact us if you think your VA Benefit could help you, with a Refinance or Purchase of a home.  

Here is a recent post regarding the new VA Loan Limits 2010.

These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don't offer.   VanDyk Mortgage offers VA Jumbo Loans up to $1094625 in all areas that we service.  Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K,  VanDyk is not contained to these limits.   Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1094625, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%. 

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.  

VanDyk Mortgage is a Proud VA Direct Lender.   VanDyk Mortgage has been making FHA & VA loans since 1987.   We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender.    Go with the Government Loan Pros, go with VanDyk.   Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.  

We are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA, Conforming & Jumbo Loans.