VA Jumbo Loans: Another great option for veterans

A VA Jumbo loan otherwise known as a VA Jumbo Mortgage is a loan guaranteed by the United States Department of Veterans Affairs (VA)…. The basic intention of the VA Jumbo loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment. If a loan amount is higher than $715,000, it’s considered a Jumbo loan.

Thanks to VA’s relaxed guidelines and down payment requirements, VA jumbo financing can offer a tremendous opportunity for qualified veterans looking to purchase or refinance.

What’s considered a VA jumbo loan?

VA loans are usually considered to be a jumbo loans when they exceed your county’s conventional loan amount. If your loan is classified as a VA jumbo loan, you will not have to make a down payment if you have full benefits available.

What are the Down Payment Requirements for a VA Jumbo Loan?

You will not have to make a down payment if you have your full VA benefits available. You may need to make a down payment if you’re using the remaining entitlement and your loan amount is over $144,000. This is because most lenders require that your entitlement, down payment, or a combination of both covers at least 25% of your total loan amount.

What is the Maximum VA Jumbo Loan Amount?

There is no maximum loan for a VA jumbo loan, we offer loan amounts up to $4,000,000. 

For Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment and VA guarantees your lender that if you default on a loan that’s over $144,000, VA them up to 25% of the loan amount.
You have full entitlement if you meet any of these requirements.

At least one of these must be true:

• You’ve never used your home loan benefit, or
• You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
• You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full

Note: You may have heard the terms additional entitlement, bonus entitlement, or tier 2 entitlement. VA uses these terms when they communicate with lenders about VA-backed loans over $144,000. You won’t need to use these terms when applying for a loan.

VA home loan limits

VA home loan limits are the same as the Federal Housing Finance Agency (FHFA) limits. These are called conforming loan limits.
Check current loan limits

What are the VA Jumbo Loan Credit Score Requirements?

You must have a 620 middle credit score to qualify for VA jumbo loan.

Comparing Current VA Jumbo Loan Rates

Finding the lowest VA jumbo mortgage rates is very important, that’s why we’ve already searched them for you, getting the lowest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best mortgage rates is a big deal.

Why does my COE say “The Veteran’s basic entitlement is $36,000”?

This line on your COE is information for your lender. It shows that you have full entitlement.  The $36,000 isn’t the total amount you can borrow. Instead, it means that if you default on a loan that’s under $144,000, VA guarantees to your lender that we’ll pay them up to $36,000. For loans over $144,000, Va guarantees your lender that we’ll pay up to 25% of the loan amount.

VA Jumbo Loan Funding Fees

What is the VA funding fee?

The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance.

You won’t have to pay a VA funding fee if any of the below descriptions is true. You’re:

• Receiving VA compensation for a service-connected disability, or
• Eligible to receive VA compensation for a service-connected disability, but you’re receiving retirement or active-duty pay instead, or
• The surviving spouse of a Veteran who died in service or from a service-connected disability, or who was totally disabled, and you’re receiving Dependency and Indemnity Compensation (DIC), or
• A service member with a proposed or memorandum rating, before the loan closing date, saying you’re eligible to get compensation because of a pre-discharge claim, or
• A service member on active duty who before or on the loan closing date provides evidence of having received the Purple Heart

You can pay the VA funding fee in either of these ways:

• Include the funding fee in your loan and pay it off over time (called financing), or
• Pay the full fee all at once at closing

	If your down payment is…	Your VA funding fee will be…
First use	Less than 5%	2.3%
	5% or more	1.65%
	10% or more	1.4%
After first use	Less than 5%	3.6%
	5% or more	1.65%
	10% or more	1.4%

Eddie Hoskins Founder & CEO

Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.

Why should you choose us for your home loan?

We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.

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