VA Jumbo Refinance loans offer solutions conventional loans don't allow pt2

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Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

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 $860K.   The conforming Jumbo limit is $697,500 in San Diego, so that won't help.  The FHA loan loan limit in San Diego County is also $697,500, not helping either.  A conventional jumbo loan will require atleast 20% equity in your home.   This won't work either, 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 for as much as $900K, since you have sufficient entitlement and equity to meet the base guideline of 25% guarantee.  Problem solved.

Californina 2011 VA loan Limits by county here.

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.  

 

 

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Brian Skaar

VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480
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