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VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan still don't serve in 2011
VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan still don't serve in 2011.
This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Purchase Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.
Conventional Loans require more equity for Jumbo loan amounts over $417,000 for purchase of a home or condo than typical VA requirements. True Jumbo Conventional Loans require at least 20% down payment to purchase a home, and more if you exceed $1m. The VA Jumbo loan allows Veteran purchasers many options for reduced downpayments vs conventional options.
VA Jumbo rates are typically lower than True Jumbo Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.
There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel in the purchase of a home:
Scenario 1. You want to buy a home for $1m in San Francisco. A conventional loan will require at least 20% downpayment, You have the money, but would ... more
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