VA Jumbo Purchase Loans - Filling in the gaps that Conventional loan don't serve.
This may sound 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 $625K. 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 $1.1m in San Francisco. A conventional loan will require at least 20% downpayment, You have the money, but would prefer to keep it in the stock market to recapture what you have lost in the last couple years. In comes the VA Jumbo loan to the rescue. Since the county limit is $987,500 in San Francisco, we can offer a VA Jumbo loan up to $1M with a $28,125 down payment (yes, $28k down, 2.56% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved! How about putting $28K down vs 200K down. and getting a better rate sound?
Scenario 2. You want to buy a home in Long Beach for $900K. Since the county limit is $668,750 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit, Our VA Jumbo Purchase loan for Long Beach would only require a $57,812 downpayment (6.424%). Problem solved.
Scenario 3. You want to buy a home in Oakland for $950,000. Since the county limit is $987,500 for an Oakland or Alameda county VA Loan, your VA Jumbo Purchase loan for Oakland would require zero downpayment. Conventional loans would require 20% in Oakland, and FHA loans cap out at $729,750. Problem solved for our Veteran. (plus no Mortgage Insurance)
Scenario 4. You want to buy a home for $1.65m in San Francisco. A conventional loan will require at least 20% downpayment, possibly 25% down, In comes the VA Jumbo loan to the rescue. Since the county limit is $987k in San Francisco, we can offer a VA Jumbo loan up to $1.5M, with a $166K down payment (yes, just about 10% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!
As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.
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 a Refinance or Purchase your home.
Here is a recent post regarding the new VA Loan Limits 2013.
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 $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K, or even $1m, VanDyk is not contained to these limits for our VA Loans. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%. That's right - VA Loans up to $1.5M.
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.
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