Washington State VA Jumbo Loans – Over $726,200 or $977,500 (King, Pierce, Snohomish Counties)

A VA jumbo loan is a type of mortgage loan that is designed for veterans or active-duty military personnel who want to purchase a higher-priced home that exceeds the standard loan limits set by the Department of Veterans Affairs (VA). The VA loan program is a benefit offered to eligible veterans and military personnel that allows them to obtain favorable financing terms, including lower interest rates and no requirement for a down payment.

The standard VA loan limits are set by the Federal Housing Finance Agency (FHFA) and vary depending on the location of the property. However, in some high-cost areas where the median home prices are significantly higher than the national average, the standard VA loan limits may not be sufficient to finance the purchase of a more expensive home. In such cases, veterans and military personnel may opt for a VA jumbo loan to cover the difference between the standard VA loan limits and the purchase price of the higher-priced home.

VA jumbo loans typically have similar eligibility requirements as standard VA loans, including a certificate of eligibility (COE) from the VA, which verifies the borrower’s service history and entitlement. However, VA jumbo loans usually have stricter credit and income requirements compared to standard VA loans due to the higher loan amounts involved. Borrowers may also need to provide a larger down payment or demonstrate a higher level of financial stability to qualify for a VA jumbo loan.

It’s important to note that VA jumbo loans are not offered directly by the VA, but rather by private lenders who participate in the VA loan program. These loans may also come with higher interest rates and closing costs compared to standard VA loans, due to the increased risk associated with larger loan amounts. Borrowers should carefully consider their financial situation and compare different loan options before deciding on a VA jumbo loan. It’s recommended to work with a qualified mortgage professional who can provide personalized guidance and assistance throughout the loan process.

For a detailed Washington State VA Jumbo Loan, give the experts a call at VAHomeLoans.com at 253-472-1500 (evenings and weekends OK).

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Verify your mortgage eligibility (Sep 28th, 2023)