For many military veterans, homeownership can be an important part of putting down roots. Fortunately, the Veterans Administration (VA) home loan guaranty makes it easier for veterans to achieve their dreams of owning a home.
What is a VA Jumbo Loan?
A VA Jumbo Loan is a loan that exceeds the Fannie Mae conforming loan limit set according to county. Some counties have loan limits of $424,100 while others have loan limits as high as $1,094,625. For example, the standard loan limit in Fayetteville and Charlotte, NC is $424,100. However, the standard loan limit in Camden, NC is $625,500. The complete loan limit list by county can be found here 2017 Conforming Loan Limits
Regardless of the limits set by the county; Veterans can buy a home in upwards of over $1 million by applying for a VA Jumbo Loan.
Generally, all Veterans using the VA Home Loan must pay a funding fee. The only exceptions are:
Veteran receiving VA compensation for a service-connected disability, OR
Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
Surviving spouse of a Veteran who died in service or from a service-connected disability
Please review the funding fee chart to determine your exact percentage Funding Fee Chart
Citizens One Home Loans® is proud to offer VA and VA Jumbo home loans, which offer up to 100% financing* for qualified borrowers and feature:
No monthly mortgage insurance
Flexible underwriting guidelines
A seller contribution maximum of 4%
No prepayment penalty
Loan assumability by the next buyer, if qualified
To learn more about the valuable benefits associated with VA and VA Jumbo home loans, contact me today.
For mortgage financing information, contact:
Leonardo Yepes
Mortgage Loan Officer
NMLS ID# 71426
704.237.2022
516.637.0027
Leonardo.Yepes@CitizensOne.com
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