VA Jumbo: The Mother of All Loans

Mortgage and Lending with Guaranteed Rate, Marin County, CA NMLS: 22343

VA Jumbo:  The Mother of All Loans


Say what you will about the current adminstriation's foreign policy (or any of its policies, for that matter), but the headline news about dropping some really big ordnance got me thinking about something else that can go really big in a veteran's favor --- VA jumbo mortgages.


At least here in Marin County, CA, just north of the Golden Gate, we don't see a lot of VA loan scenarios and it's a shame.  Because I'm licensed to originate mortgage loans throughout the state of California, I am aware that there are geographical pockets where Veteran's Adiminstration (VA) loans are common and I believe that education by real estate agents in all other areas about the VA jumbo loan product could go a long way towards helping those buyers who have served our country find the best home loan for their ideal home in any locale.  So perhaps a "True or False" boot camp of sorts is in order and below are several common points of confusion, concern and curiosity about VA jumbo loans.


VA loans are all zero down.  This is FALSE.  While in some cases a veteran can obtain 100% financing, they do not need to.  And in cases where the loan amount would exceed the county loan limit, there is a formula we use to determine the minimum required down payment.  


VA loan limits are the same as FHA.  This is TRUE, but a bit of a trick question.  The loan limits for one- to four-unit homes in any metropolitan statistical area (MSA) do mirror the conventional and FHA limits, however, a veteran can exceed these amounts if making a down payment (where he or she might otherwise have looked to obtain 100% financing).  You can look up the loan limit in your area HERE.


VA loans require a pest inspection.  TRUE story, in California.  And this is the one that causes the most reluctance among listing agents in my neck of the woods.  But think about this for a minute.  Many buyers in our market are forced to waive the inspection contingency already.  And many sellers pre-emptively order inspections.  If the termite report is clean, what are you worried about?


VA loans have PMI (mortgage insurance).  TRUE and FALSE.  VA loans may have an upfront funding fee (FF), but this is sometimes waived if the veteran has a service related disability.  But more importantly, no VA loans have monthly mortgage insurance.  This is a big departure from an FHA loan, for example, and much to the benefit of the vet.


VA loans have great rates.  VERY TRUE.  When we're talking 30-year fixed, jumbo rates, it's tough to beat a VA loan. 


So if you're a veteran, thank you!  And know that a VA jumbo mortgage is an option you should explore.  This time around, we're here to serve you.


And real estate professionals, if you entertain a VA offer --- especially a jumbo VA mortgage --- call me if you have any concerns about its strength and viability and even if I am not party to the transaction.  We'd love to see a vet get the home and we'd hate to think they don't get fair consideration out of a misunderstanding of this wonderfully advantageous program.


Semper fi, 



Robert J. Spinosa
Executive Loan Advisor
NMLS: 22343 CalBRE: 01297944
Cell: 415-367-5959 Fax: 415-366-1590 
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941


RPM Mortgage, Inc. – NMLS#9472 – Licensed by the Department of Business Oversight under the Residential Mortgage Lending Act. Equal Housing Opportunity.

Comments (21)

Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

In my first 10 years as a Realtor, I worked in an office just down the road from Mather Air Force base.  It was in the booming 1980s.  During that time, a lot of VA loans were originated for my buyers.  In the 1990s, Sacramento experienced 3 military base closures, and my clientele changed quite a bit.  But, I still remember how valuable those VA loans were as a buying tool.

May 04, 2017 09:26 AM
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

VA loan program is great. I work with Military all the time those that are active and those that are not. Knowing what to look for in a property is very important. Understanding what the VA appraiser will look for  and will the house to make a home qualify for the loan being used. 

May 04, 2017 06:55 PM

In Washington state we do not require a pest inspection on VA :)

May 04, 2017 09:23 PM
Raul Rodriguez
Covenant Partners Realty - San Antonio, TX
Looking out for the client's interest and not my p

I am on the seller side of a VA transaction and I am pleased with the process, waiting on the appraisal.

May 05, 2017 03:54 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Rob Spinosa ,

Congratulations on a well written post about VA loans. I never liked them until they changed the process 10-15 years ago. They are a wonderful program for our vets and I'm seeing more of them using VA loans.

May 05, 2017 04:24 AM
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Thanks Robert for the education regarding VA jumbo loans.

May 05, 2017 06:29 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This will be googled by many as the subject is not well known until it is needed

May 05, 2017 06:36 AM
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Great info.  THank you for the update!


May 05, 2017 07:27 AM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Great post. Thank you for sharing. You always learn something new that can be put to good use.

May 05, 2017 07:34 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

VA Loans are wonderful and a big advantage to those who have served, thanks for raising their visibility and talking about Jumbo VA loans.

May 05, 2017 07:42 AM
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

VA loans are great and I wish more veterans would take advantage of that opportunity Rob Spinosa 

May 05, 2017 08:14 AM
John Juarez
The Medford Real Estate Team - Fremont, CA

It is not the need for a pest inspection that is a problem, it is the need to fix the problems found in a pest inspection that is the problem. In our strong seller’s market in which a listing frequently results in multiple offers, a request for repairs weakens a buyer’s offer in comparison to buyers who frequently buy “as is” to make their offers more acceptable to the sellers.

May 05, 2017 08:52 AM
Rob Spinosa

@johnjuarez this is an accurate and appreciated expansion on my point.  Thank you.

May 05, 2017 09:24 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Rob Spinosa - this is great information to get out.  We all need to do more to help our Veterans. I've worked with several veterans in my career. VA loans are often the way to go.  

May 05, 2017 11:22 AM
Susan McCall - - Compass Realty Solutions
Compass Realty Solutions - Portland, OR
Listing and Buyer's Agent

In hot markets it may be a detriment to offer a VA loan for the buyer, since there is a perception that this loan isn't good enough with other offers that are competing.  I had a seller recently that accepted a VA loan.  The buyers offered over list price, on a overpriced home and I was worried about the appraisal.  To make matters worse it took the apraiser over 5 weeks to make a persoanl visit.  The seller's children were appalled that I had recommended accepting the VA buyers.  The lender was known to me and the entire transaction went through without a hitch.  We were all happy with the outcome, my seller made some extra money and we closed on time.  Just wait and things will change, and what was a perception a few years ago probably isn't reality today.

May 05, 2017 07:08 PM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Rob,

So true. We have quite a few folks retiring in our area to work in a government job for their second career. Could not say, I have had many, who needed a jumbo, but regular VA is nice to use too.

May 05, 2017 07:35 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Good for you (and our administration) for supporting veterans - and for urging others to do the same.

We do owe our veterans for the freedoms we enjoy.

May 05, 2017 07:42 PM
Cristina Salcedo
REMAX Champions - Riverside, CA
Corona, Riverside Realtor

Great information.  Thank you for the reminder and update!

May 05, 2017 09:33 PM
Kat Palmiotti
406-270-3667,, Broker, eXp Realty - Kalispell, MT
The House Kat

VA loans are a wonderful option for veterans. 

May 06, 2017 04:14 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Having lived in Marin County I know that you are not working in a typical market. You have shown us that it is important to know the workings of loan products that will fit in that market.

Your breakdown of the VA loan is very helpful.

Best wishes

May 06, 2017 09:58 AM
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

I'm curious to know if the DTI for vets is the same as FHA buyers? Great post.

May 06, 2017 10:39 PM
Rob Spinosa

 Kimo Jarrett the max ratios we will permit on an FHA loan are 47/57.  We can actually exceed these on VA with certain circumstances and investors.  It is always worth asking.

May 07, 2017 07:04 AM

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