If you are currently considering your home loan options, and you are eligible for the VA loan program, we encourage you to consider the benefits of a VA jumbo loan.
The VA Loan Program
The VA loan program was created to help active and retired members of the armed forces, and their families, secure their piece of the American Dream. Insured by the Department of Veterans Affairs, VA loans come with a guaranteed repayment, even if the borrower defaults. This extra layer of insurance is very appealing to lenders, incentivizing them to offer VA loans.
VA Jumbo Loans
VA loans of $417,000 or more are referred to as VA jumbo loans. Capping out at $1,094,625, or $1,500,000 in Alaska and Hawaii, VA jumbo loans offer a unique benefit to active duty military and veterans.
Benefits of VA Jumbo Loans
Higher Loan Threshold
Because the VA jumbo loan offers a higher threshold amount than a traditional VA loan, these mortgages allow active and veteran members of the armed forces to secure funding on much larger loans. A unique opportunity offered only to the brave men and women of the armed forces, the VA jumbo loan is very enticing mortgage product.
Minimal Down Payment
If you decide to take advantage of a VA jumbo loan, you will only be required to provide a down payment of 25% of the loan amount in excess of $417,000. For example, if you are interested in buying a $500,000 home, your down payment would only be $20,750; a mere fraction of the total loan amount.
The built-in refinancing option is yet another of the great benefits of the VA jumbo loan. The VA Interest Rate Reduction Refinance Loan (IRRRL) enables those with existing VA loans to take advantage of interest rates when they fall. Offering an unprecedented option to refinance up to 90% of the total loan amount, the IRRRL is yet another benefit of the VA jumbo loan program
To secure a VA jumbo loan, veterans and active military personnel simply have to meet predetermined credit criteria. If you, or a loved one, meet this criteria, now is your chance to secure your piece of the American Dream. With the housing marketing rebounding, there is no time like the present to take advantage of the VA jumbo loan program.
Here at Banner Mortgage, we are honored to have the opportunity to work with veterans and active duty military personnel. If you are ready to apply for a VA jumbo loan, we are here to assist you through each step of the process. Schedule your free consultation today and allow us to help you take advantage of this incredible opportunity!