What is a Virginia Jumbo Loan?
Virginia Jumbo Loans to $15 Million
Your mortgage is considered to be a Virginia Jumbo Loan if the face value exceeds the conforming loan limit. In 2018, that limit is $453,100 for most single family homes, and multi unit investment properties. In some counties in Virginia, the high balance limits go up to $679,650. If you are looking for a Virginia jumbo loan over the high balance limit, it is considered to be a Super Jumbo loan.
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Virginia Jumbo Loan lenders have become more flexible with requirements. There are some incredible rates available right now.
Virginia Jumbo Loan Qualification Requirements
Whether you are looking to purchase a home, or to refinance the one you are in, there are specific minimum requirements. These larger, non-government guaranteed Virginia Jumbo Loans are typically sought by high wage earners. To be able to qualify for Virginia jumbo loans you must have relatively strong credit. Most borrowers have some down payment available, typically between 5 and 10%. Lenders are also generally looking for you to have some cash reserves. That just means you can show them that you have a few payments (typically 3 to 12) in the bank. About half of the payments need to be pretty liquid, like in your checking or savings account. The rest is fine in your retirement savings.
Virginia Jumbo Loan Types
A Super jumbo loan has a face value that is more than the conforming high balance Virginia Jumbo Loans. They max out at about $15 million. There is no guarantee on the super high value loans because they are beyond the standard loan size.
High Balance Jumbo Loans
If your Virginia Jumbo Loan has a value of between $453,100 and $679,650 it is considered to be a High Balance Conforming loan. These can still be conventional mortgages, Fannie Mae and Freddie Mac guaranteed loans. The property values in each county set the jumbo loan limits. If you are looking at property in a high cost area, it may fit into this category.
FHA Virginia Jumbo Loans
An FHA Jumbo loan is an option if you don’t have a high enough credit score or the down payment cash for a high balance conforming jumbo loan. FHA allows you to purchase your home with a 3.5% down payment or to refinance your current home for up to 97.75% the value.
VA Virginia Jumbo Loans
The Veterans Administration will guarantee mortgages up to $1 million in some areas of the country. In Virginia, most neighborhoods qualify for a maximum loan limit of $453,100. In Northern Virginia, limit increases to $679,650.
Stated Income Virginia Jumbo Loans
Self employed income is harder to verify. Deductible business expenses shown on your taxes can make it harder to qualify for a Virginia jumbo home loan. Good to Go Mortgage will take these expenses into account and work to solve your complex Virginia Jumbo Loan puzzle.
Good to Go Mortgage for your Virginia Jumbo Loan
- We solve complex Virginia Jumbo Loan puzzles. If your situation is out of the ordinary, count on us.
- You will have access to the best possible Virginia Jumbo Loan rates. Check Today’s Rates for Virginia Jumbo Loans.
- Your Virginia jumbo loan can be closed in just 30 days or even less, in some cases.
Good to Go Mortgage will get you the precise Virginia Jumbo Loan that is exactly right for your unique situation.