VA Jumbo Loans by Your Local VA Lender
Most counties throughout North Carolina, South Carolina, and Virginia, service members and veterans can purchase a primary residence with 100% financing through VA for purchases up to $417,000 ($625,000 in VA’s “high cost areas”). See VA high cost counties in Virginia & North Carolina here which allow higher loan amounts without being jumbo. But a little known, wonderful option is VA jumbo loans. These offer a low down payment for the purchase of a luxury home.
VA Jumbo Loans Benefits:
- Low down payments for purchase price over $417,000
- No monthly PMI
- Great rates
- Seller can pay all closing costs for the Veteran
- Additionally if the veteran is considered 10% or more disabled by VA is even exempt from the funding fee! This can save up to 3.3% of the loan amount!
Success Story for VA Jumbo Loans:
VA Jumbo with Veteran working 3 hours away from the home: We recently closed a VA purchase on a home priced at $515,000 where the Veteran only had to bring a 6.5% down payment to closing. Furthermore, the Veteran lives 3 hours away from the home. We were able to prove that the family would occupy the home and the Veteran would come home on the weekends.
Can I get a VA Jumbo Loan at the Beach?
Yes, a Veteran may obtain a VA jumbo loan at the beach as long as it is going to be claimed as the principal residence. Often in areas near Camp Lejeune, there are officers looking to live at the beach, but stay close to the base. So with a VA jumbo loan, a buyer could purchase a beach home in Topsail Beach, Surf City, Wrightsville Beach, Emerald Isle, or a number of other local beaches. In addition, retirees looking to purchase a home in Myrtle Beach, Oak Island, Holden Beach, Sunset Beach, or Ocean Isle Beach could buy a dream beach home with a small percentage down!
How to Calculate a VA jumbo Loan Amount:
First of all, if you are considering buying a home that is over $417,000, contact our VA experts. We will figure your down payment. But for those that like to know how the numbers work, here are the basics.
Example: $500,000 purchase price: $500,000 – $417,000 = $83,000; $83,000 x 25% = $20,750; loan amount would be approximately $479,250
The $20,750 down payment is only 4.15% of the purchase price and this VA loan would have no monthly PMI!
Keep in mind that a borrower would be required to bring 25% of the difference between the price and $417,000. Keep in mind, this is not a 25% down payment, but just 25% of the difference! This calculation assumes that the borrower has full VA entitlement available.
Tips for VA Purchases
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.