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VA Jumbo Refinance loans offer solutions conventional loans don't allow pt2
In our first post of this 2 part series, we outlined a few scenarios that VA Jumbo loans can help, whereas conventional jumbo loans simply cannot.
Here are two more compelling examples where VA Jumbo loans can help our Vets with safe, secure and affordable financing for their home:
Scenario 3.   You live in San Diego,  your home is worth $750K.   You have a first mortgage is $550K , and you have a second mortgage of $90K that you used to upgrade your home, and enhance it's value.    A conventional jumbo loan will consider this a Cash-Out transaction due to the second mortgage being paid off, and you will be limited to a maximum of 60% Loan to Value or LTV.   This won't work, you are at 85.33% LTV.   In comes the VA Jumbo to the rescue.   Since the San Diego County VA Loan Limit is $537,500, and you have some equity in your home, we can combine the first mortgage and the second mortgage into one VA Jumbo Loan, and you have sufficient entitlement and equity to meet the base guideline of 25% guarantee.  Problem solved.
Scenario 4.   You live in San Diego,  your home is worth $1 Million.   You have a first mortgage owing ... more

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