VA Jumbo Loans for qualified applicants

It’s possible that a home you’re looking for is beyond the highest loan maximum as determined by Fannie Mae and Freddie Mac. If you’re home will require financing above the maximum limitation, BBMC may qualify you for a jumbo loan with your VA home loan benefits. But like our conventional jumbo loans package, there are some restrictions for you to qualify.

Strict lending requirements on VA jumbo loans

Conventional jumbo loan applicants must meet certain income, employment and credit history requirements in order to qualify for a mortgage. VA jumbo loan applicants will be held to higher standards that conventional VA mortgage applicants. Strict lending requirements ensure your financial goals are satisfied while not compromising on the affordability to your budget. Call a VA Loan Specialist at BBMC to learn more about what requirements are necessary for a VA jumbo loan.


Jumbo Loans vs. Conventional Loans

Applying for a jumbo loan can be intentional, or inadvertent after applying for a different lending product. If you're going for a home that far exceeds the loan maximum = $417,000 and $625,500 on a per-county basis - then ask a Banker for a jumbo loan application. If, however, you plan to buy a conventional fixed-rate or VA loan, and your total down payment does not reduce the principle finance amount below the loan limit, then your loan will automatically become a jumbo mortgage. Either way, homes with higher real estate value are covered by BBMC Mortgage!

Regulations and Fees

While the VA refinance loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including BBMC Mortgage, finance the loan while the Veteran's Administration offer an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default.

Loan Limits
In most parts of the country, applicants who qualify for the VA Loan can purchase a home worth up to $417,000. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.

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