Virginia VA Jumbo Loans – FAQs

Virginia VA Jumbo Loans – FAQs

Virginia VA Jumbo Loans

Frequently Asked Questions

Virginia VA Jumbo loans are specifically designed for military families. Veterans, those in the active military, in the Reserves or National Guard, or surviving family members qualify.

Private lenders provide Virginia VA Jumbo loans. The Department of Veterans Affairs (VA) will guarantee some of the loan. This encourages lenders to offer unique terms for these loans.

Since the programs offered by lenders are different from typical mortgages, here is a list of the Frequently Asked Questions we commonly hear at Good to Go Mortgage.

 

Frequently Asked Questions

What is the most I can borrow on a Virginia Jumbo VA loan?

The VA has no limit on the amount you can borrow. There are some limits if you don’t make a down payment. The limits are different in each county, based on the amounts the VA guarantees. A lender could let you borrow more than the limit, but you will probably have to make a bigger down payment.

Can I refinance my Virginia VA Jumbo loan on my current property?

Absolutely. You can refinance to either take cash out of your equity, or have your interest rate reduced.

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What’s a VA funding fee? How much will it be? Do I have to pay cash?

A VA funding fee is applied to pretty much all VA purchases or refinancing loans. The amount varies. The fee is influenced by:

  • how many times you have applied for a VA loan

  • your down payment

  • your type of service

A VA funding fee is usually rolled into your Virginia VA Jumbo Loan, so there is no cash payout.

What are the Virginia VA Jumbo loan interest rates?

Rates do vary. Good to Go Mortgage will make sure that you get the very best rate based on your situation.

Check Today’s Virginia VA Jumbo Loan Rates

What About Virginia VA Jumbo Loan Limits?

What if the conforming limit in your area is $453,100 and you want buy a $500,000 house using your VA benefit? This can still be done. The math is a bit complicated, but at Good to Go Mortgage we solve mystifying mortgage puzzles every day.

As a higher income veteran, you can shop for a higher priced home, and still use your VA home loan benefits. This program is extraordinary to allow you to get into that luxury property with the smallest down payment possible.

Good to Go Mortgage can help you secure that Virginia VA Jumbo Loan. Prequalify Today.

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