Minnesota VA Jumbo Loan 2018
Up to $1.5 Million and Lower Interest Rates
No longer is the limit $453, 100. Now, the 2018 Minnesota VA Jumbo Loan limit means you can be approved for up to $1.5 million. And interest rates are lower, too. This is an extraordinary time to consider financing or refinancing with a Minnesota VA Jumbo Loan.
Minnesota VA Jumbo Loan 2018 Eligibility
As defined by the criteria for a VA loan application, eligible veterans are:
Any person who has served on active duty. Army, Navy, Air Force, Marines, or Coast Guard
Are members of the Reserves and National Guard having completed 6 years of service
Is a service member currently on active duty or discharged/released from active duty under conditions not deemed dishonorable
An unmarried surviving spouse of a veteran who died as a result of their service
There is no limit placed on VA loans. A Minnesota VA Jumbo loan can be up to $1.5 million.
Higher County Limit on Your Minnesota VA Jumbo Loan
Certain counties in Minnesota are considered to be higher-cost or high-value areas. In these areas you may not need a jumbo loan for an amount over the standard limit of $453,100.
True Minnesota VA Jumbo Loans
You don’t actually need a VA jumbo loan unless your expected loan value is over the limit for your county. When the amount is over the county limit, then you apply for the Minnesota VA jumbo loan which may require a down payment.
As an example: You purchase a property for $500,000. It is in a county with a VA loan limit of $450,000. You then could be required to make a 25% down payment on that difference. The difference is $50,000, so 25% of %50,000 is $12,500. That’s the down payment that would be required.
These required down payments are generally lower than a down payment for non-veterans applying for conventional loans. This is because veterans get the best jumbo loan interest rates available.
Minnesota VA Jumbo Loan Interest Rates
A Minnesota VA jumbo loan interest rate will at least be competitive with standard jumbo loans. But it will require a lower down payment. The VA guarantees the loans so lenders consider them a low risk. Lower risks means lower rates.
Minnesota VA Jumbo Loan Details – Property Eligibility
There are some details that you will need to take into account when looking at properties.
Refinance or Purchase Options
Maximum loan amount $1.5 million on 1-unit, owner-occupied properties
Monthly mortgage insurance not required
At least 6 months worth of payments in cash reserves if over $453,100
At least 12 months worth f payments in cash reserves if over $650,000
Under $453,100 Single-family residences, PUD, condos (VA approved), or 2 to 4 unit buildings eligible
Loans over $453,100 must be Single-family residence, condos or PUD
Manual underwriting is available
Your Minnesota VA Jumbo Loan will pave your way into the luxury home of your dreams. Good to Go Mortgage will help drive you along the path to get there.