What are the VA jumbo loan limits? The answer depends on where a Veteran is buying or refinancing a home, and if a down payment is available. There are actually two types of VA mortgages that can exceed the conventional amount of $417,000. The first is based on the median home cost for the county where the home is located. The second depends on if the purchase price exceeds the county maximum, then a down payment will be required although it will be much smaller than that of a conventional jumbo mortgage.
Veterans interested in utilizing a Jumbo VA Loan program can use the short form to the right to get in touch with VA Mortgage Specialists who can calculate the maximum amount the Veteran will qualify for, and provide current rate quotes.
VA Home Loan Limits by County
Most of the country falls under the typical limit of $417,000, however certain high cost areas have higher limits based on the median home price for the county (click here to see if you are in a high cost county). If the home is in a high cost county, 100% VA financing is available up to the limit for that county.
Jumbo VA Loans Over the County Limits
If the home price exceeds the county loan limit, Veterans can still get a mortgage greater than the limit, however, a relatively small down payment will be required. Usually they will have to put down 25% of the amount over the local limit. So if the limit is $417,000 and the home is $467,000 then a $12,500 down payment will be required (25% of the $50K over) which is only 2.7% of the home’s price. If the county loan limit is $600,000 and the home price is $650,000, then the same $12,500 down payment would be required, less than 2% of the price.
In certain circumstances the Veteran’s available entitlement may impact the maximum amount available to that specific individual. Use the short form to the right to contact a VA Specialist for assistance calculating the maximum loan amount available for each circumstance.