VA JUMBO LOANS

THE VETERANS ADMINISTRATION HAS BEEN PROVIDING GUARANTEES FOR PRIVATE HOME LOANS FOR VETERANS FOR THE PAST 70 YEARS.

Loan Amounts

Down

Payment

Percent

Total Down

Payment

Up to

$417,000Zero Percent $0

$417,000 -

$750,000

25% of the

$333,000$83250

Down payment requirements of a VA Jumbo Loan.

Differences with a regular VA Loan and the VA Jumbo loan would be the amount of

down payment required. The VA has zero down up to $417,000 and for any amount

over the $417,000 up to the loan amount the customer would be required to put 25%

of that amount down at closing.

For example- Purchasing a $750,000 home:

No money down on the first $417,000, and only 25% of the difference between

$417,000 and the $750,000 (which is $333,000). In this example the customer would

have to put a down payment of $83,250 at closing

.

•The funding fee must be paid in cash either by the veteran or the seller.

•The VA Jumbo Loan is for fixed rate loans only.

•Minimum FICO score of 680 required for loans above $417,000.

•Funding fees cannot be financed above conforming loan limits which is

$417,000.

•Other terms and conditions may apply for Jumbo VA Mortgages

THEY OFFER CONFORMING LOANS

UP TO $417,000 AND

$625,000, DEPENDING ON

THE AREA OF THE COUNTRY.

WHEN VETERANS WISH TO PURCHASE HIGHER-END PROPERTIES THAT EXCEED THE LIMITS FOR A CONVENTIONAL VA HOME LOAN, THEY CAN APPLY FOR JUMBO HOME LOANS THROUGH THE VA.

A JUMBO LOAN IS A HOME MORTGAGE THAT EXCEEDS THE TRADITIONAL MORTGAGE AMOUNT IMPOSED BY FANNIE MAE AND FREDDIE MAC, THE TWO GOVERNMENT-DIRECTED AGENCIES THAT PURCHASE MORTGAGES FROM LENDERS.

THESE LOANS ARE USED WHEN BUYERS WISH TO PURCHASE HIGH-END PROPERTIES THAT ARE AVAILABLE FOR SALE.

VETERANS MUST FOLLOW THE REQUIRED APPLICATION PROCESS FOR ACQUIRING A VA HOME LOAN, WHICH INCLUDES PROOF OF CURRENT OR PAST SERVICE.

THOMAS A. MASTROMATTORIGHT START MORTGAGE INC #35960855-684-5363 X1000 928-533-6593SENIOR LOAN OFFICERNMLS ID # 145824

RIGHT START MORTGAGE. 3452 EAST FOOTHILL BLVD. SUITE 700, PASADENA, CA 91107(NMLS # 35960)