VA JUMBO LOAN

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• Publié par: garydavidwilliams
• Publié le: 29 septembre 2016
• Nombre de lectures: 0
• Langue: English

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VA JUMBO LOAN What is a VA Jumbo Loan? A jumbo VA loan, considered a non-conforming loan, is a loan for an amount that exceeds the conventional loan limit. This limit is determined by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. The limit for a conventional loan is currently $ 417,000, or $ 625,000 in Alaska and Hawaii. How does the interest rates for VA jumbo loan compare to that of conventional loans? The interest rate on a jumbo loan is usually higher than that of a conforming loan because the risks to the lender are higher. However, with VA this is not the case. Unlike non-conformingjumbo loaninterest rates that usually run between .25% and .5% higher, VA jumbo loans are very competitive with current conforming rates. Do VA jumbo loans require a down payment? Yes, but very little compared to non-conforming jumbo products. Call me to find out just how much of a down payment would be required on your upcoming jumbo home purchase. Do I have to ŵaiŶtaiŶ Private Mortgage IŶsuraŶce ;͞PMI͟Ϳ oŶ a jumbo loan? No. You will never need to worry about throwing your hard-earned money away on MI with a VA jumbo loan.