Jumbo VA Loans Versus Conforming Loans

With a conforming VA mortgage loan (loans below $417,000) a down payment is not required. However, non-conforming jumbo VA loans may require a down payment - especially if the loan amount exceeds the county loan limit. Each county loan limit is outlined by the U.S. Department of Veterans Affairs, but a mortgage specialist can help you learn the specifics for your county and help you determine financing including how much is required for a down payment, if any down payment is required at all.

“Jumbo VA loans” are not a program of the U.S. Department of Veterans Affairs, however, “jumbo” is an industry-accepted term to describe loans of this size.

VA Jumbo Loan Examples

To give you an idea of what your VA jumbo loan financing might look like, here are two examples.

• You can borrow up to $520,000 if you put 5%* down ($26,000)
• You can borrow up to $650,000 if you put 9%* down ($58,000)

VA Jumbo Loan Refinance

If you already have a VA jumbo mortgage loan and are interested in refinancing, you may be eligible for a VA jumbo loan refinance. For a jumbo loan, the streamline refinance works the same as it does for a smaller loan amount, but the savings is often greater because you are moving to a smaller interest rate. With a smaller interest rate on a large-dollar mortgage, you take advantage of a higher savings impact.

Most VA lenders offer both new jumbo VA loans and VA jumbo refinancing to veterans. Read more about VA jumbo refinancing or get started now.

* Example: For $150,000 loan; 360 monthly payments of $809.26 are based on principal and interest only, and an annual percentage rate (APR) of 5.068%. APR is subject to borrower qualification and subject to change. Third party fees may apply.