VA Jumbo Loans in Texas
Even though a VA guaranteed loan doesn't have a maximum loan amount, lenders prescribe to the GNMA (Ginne Mae) standards and limit the size so that they can be sold in the secondary market.
A loan would be considered a jumbo loan when the loan amount reaches or goes above $417,000. Jumbo Loans with the VA can go up to $1,000,000.
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 $500,000 home:
No money down on the first $417,000, and only 25% of the difference between $417,000 and the $500,000 (which is $83,000). In this example the customer would have to put a down payment of $20,750 at closing.
1. Lesser of the purchase price or appraised value $500,000
2. Less entitlement x 4 $417,000
3. Difference $ 83,000
Down payment = the difference between 1 and 2 above x 25% $ 20,750
(4% down)
| Loan Amounts | Down Payment Percent | Total Down Payment |
| Up to $417,000 | Zero Percent | $0 |
| $417,000 - $750,000 | 25% of the $333,000 | $83250 |
Additional Information for Jumbo's.
- 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.
The “VA Jumbo Loan” is not a VA program. It is simply a marketing tool used in conjunction with Ginnie Mae backed loans to allow a borrower to obtain a VA loan over the conforming government loan limit of $417,000.
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Links of Interest:
Grove Mortgage - Jumbo Loans
Mortgage Rate Notice
VA-Loans.us
Texas Vet Loans
FHA Loans
