va jumbo loan limits banner mortgage

 

 

 

 

 

 

VA Home Loans are one of the many benefits received by eligible servicemembers, Veterans and their surviving spouses. The home purchase loans often do not require a down payment, private mortgage insurance and are usually offered at very competitive interest rates.

There are two different types of VA purchase home loans: 1. Va Loan; 2. VA Jumbo Loan. The difference between a VA Loan and a VA Jumbo loan has to do with the loan limits for each loan.

Loan Limits on a VA Jumbo Loan or VA Loan

It is important to understand the Veteran’s Administration does not impose a maximum amount that an eligible veteran may borrow. What is limited is the amount that the VA will guaranty to your lender. Currently, the 2016 VA Loan guaranty amount is $417,000. However, there are exceptions.

The VA has increased the VA guaranty amount should the eligible veteran be buying a home in what is called a “high-cost county.” In Colorado, these counties and increased VA loan guaranty amounts are as follows:

STATECOUNTY2016 VA COUNTY LOAN LIMITS
ColoradoAdams$458, 850
ColoradoArapahoe$458,850
ColoradoBoulder$474,950
ColoradoBroomfield$458,850
ColoradoClear Creek$458,850
ColoradoDenver$458,850
ColoradoDouglas$458,850
ColoradoEagle$625,500
ColoradoElbert$458,850
ColoradoGarfield$625,500
ColoradoGilpin$458,850
ColoradoHinsdale$427,800
ColoradoJefferson$458,850
ColoradoLake$625,500
ColoradoOuray$425,500
ColoradoPark$458,850
ColoradoPitkin$625,500
ColoradoRoutt$625,500
ColoradoSan Miguel$625,500
ColoradoSummit$625,500

 

High-Cost County VA Loans and VA Jumbo Loans – What’s the difference?

VA Jumbo loans still exist. There has been a bit of confusion since the high-cost county loan limits have increased and go above and beyond $417,000, which previously would have been considered a VA Jumbo Loan.

Now, a VA Jumbo Loan is considered anything over $417,000 in areas that are not considered high-cost counties, and in high-cost counties a VA Jumbo Loan would be considered anything over the specific High-Cost County loan limit for the county.

Still interested in a VA Jumbo loan?

Please visit our page on VA Jumbo loans. We break down what the cost looks like for a VA Jumbo loan, and discuss other pertinent information. Or,fill out the form below and we will be in touch with you immediately.