What Exactly Is A VA Jumbo Mortgage? In This Current Period, Do You Still Need This Type Of Mortgage to Buy a Higher-Priced Home?

You’ve probably heard by now that the VA county mortgage loan limits are no longer in force as of January 2020. But you may still hear the terms “VA Jumbo home mortgage” or “jumbo VA home loan.” If there are no more VA loan limits, why would loans still use the “jumbo” word? The difference refers to Federal Housing Finance Agency (FHFA) conforming loan limits. These limits are the source of the terms “conforming” and “non-conforming” loan and “jumbo” loan. A jumbo home mortgage is any mortgage larger than the FHFA loan limits. Along with the financial limits, “conforming” loans also have underwriting guidelines from the government-sponsored agencies that buy the loans: Freddie Mac and Fannie Mae.

What is a VA jumbo home mortgage?

Even though you can get any size VA home mortgage that you can qualify for, VA jumbo mortgages will exceed the FHFA county conforming loan limits.

In many counties, the FHFA conforming loan limit is $484,350 for a single-family home mortgage. In higher housing price counties, the conforming loan limit is $726,525 for a single-family home loan. These limits also increase depending on the number of units in a property. In a high housing-priced county, the conforming loan limit for a 4-unit property maxes out at $1,397,400.

A VA jumbo mortgage exceeds any of these amounts, varying depending on the county where you want to buy. You may still be eligible for a no-money-down VA loan. Your funding fee on a VA jumbo home mortgage may also vary depending on your lender and their policies.

You can still get a VA mortgage at less than the FHFA conforming loan limits with no money down, and you can still roll your funding fee into the VA mortgage.

Some requirements for a VA jumbo home mortgage will differ between lenders. Although you may need to make a down payment for a jumbo VA home loan, it’s calculated as a percentage of the difference between the county conforming loan limit on the property you want to buy and your total mortgage amount.

A VA jumbo home mortgage could help you to buy the home you need and it can help you to ensure you and your family’s financial security. Talk with a knowledgeable, trained VA mortgage specialist to learn what your options are in a 30-year fixed rate VA jumbo home mortgage or other loan terms and options.

Sources

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2019.aspx

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How Simple Is It to Get a 30-Year Fixed Mortgage? Find Out How to Own Your Own Home Now

Are you thinking about buying a home or shopping already? A 30-year fixed mortgage can help you buy the home you want. With a 30-year fixed-rate mortgage you’ll have monthly payments you can afford. The payments will stay the same throughout the course of your mortgage.

How Can it Be Easy to Get a 30-Year Fixed Mortgage?

If it was so easy to get a mortgage, why hasn’t everyone done it? First, not everyone wants to own their own home. Second, a lot of people have out-of-date ideas about what they need to do in order to qualify for a 30-year home loan.

Years ago, people had to give a lot of information to a mortgage loan officer who worked at a bank. The process moved slowly. You’d frequently get a call that you had to provide more documentation of your income or other factors influencing your loan.

Today the process can be a lot faster and easier. An experienced mortgage loan broker can help guide you through the process. Fannie Mae, the Federal National Mortgage Association, provides the Day 1 Certainty™ program. Day 1 Certainty™ uses technology to get your financial information online. You could get your loan pre-approved as quickly as the same day. If you need to submit additional information to qualify, you’ll receive that information as quickly as possible.

Do We Have to Put 20% Down On a Home to Get a 30-Year Mortgage?

You don’t need to save a 20% down payment to buy a home. You have many options for lower down payments. You can even find some 30-year fixed mortgages with zero down payments. USDA and VA loans can have zero down payments. FHA loan down payments ranges from 3.5% to 10%. You may also be able to qualify for conventional mortgage programs with 3% down, and you may also be able to receive gift funds to make your down payment.

Don’t be intimidated by the home buying and mortgage process. Not only can it be easier than you think, but you could also be surprised at the mortgage you could qualify for. This is the biggest reason to work with an experienced home mortgage professional. They can guide you through the process and show you how to get the mortgage you need.

Sources

https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp

California Platinum Loans

  https://californiaplatinumloans.com