VA Jumbo Purchase Loans - Solutions for Veterans that Conventional loan don't offer

VA Jumbo Purchase Loans - Solutions for Veterans that Conventional loan don't offer.


This sounds a little backwards from what you may have thought, seen or heard in the past about VA Loans, specifically VA Purchase Loans. VA now allows higher loan amounts up to $1,500,000, and VanDyk Mortgage offers these throughout California and Washington.

Conventional Loans require more equity for Jumbo loan amounts over $417,000 for purchase of a home or condo than typical VA requirements.  True Jumbo Conventional Loans require at least 20% down payment to purchase a home, and more if you exceed $1m.

The VA Jumbo loan allows Veteran purchasers many options for reduced downpayments vs conventional options.

VA Jumbo rates are typically lower than True Jumbo Rates and Fannie Mae Jumbo or High Balance Rates on 30 year fixed rate loans. Call for an updated quote today - 760-752-4480.

There are a couple scenarios below of how VA Jumbo Loans can help Jumbo Borrowers who are Veterans or Active Duty Military Personnel in the purchase of a home:

Scenario 1. You want to buy a home for $825K in San Francisco. A conventional loan will require at least 20% downpayment, You have the money, but would prefer to keep it in the market to recapture what you have lost in the last couple years.  In comes the VA Jumbo loan to the rescue. Since the county limit is $625,500 in San Francisco, we can offer a VA Jumbo loan up to $775K with just $50k down payment (yes, under 6.1% down).   Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved! How about putting $50k vs $163K down. and getting a better rate sound?


Scenario 2. You want to buy a home in Long Beach for $900K. Since the county limit is $625,500 for a Los Angeles VA Loan, and VanDyk allows VA loans over the county limit, Our VA Jumbo Purchase loan for Long Beach would only require a $68,625 downpayment (7.625%). Problem solved.

Scenario 3. You want to buy a home in Oakland for $600K. Since the county limit is $625,500 for an Oakland or Alameda county VA Loan, your VA Jumbo Purchase loan for Oaklandwould only require zero downpayment. Conventional loans would require 10% down in Oakland, and FHA loans have Mortgage Insurance, which increases your payment.   Problem solved for our Veteran.

Scenario 4. You want to buy a home for $1m in San Francisco. A conventional loan will require at least 20% downpayment (if not more),  In comes the VA Jumbo loan to the rescue. Since the county limit is $625,500 in San Francisco, we can offer a VA Jumbo loan with a $94K down payment (yes, under 10% down). Our VA jumbo loans are typically a 30 year fixed rate, and never a prepayment penalty. Problem Solved!

As you can see, working a VA Loan pro can really make a difference. Veterans have never had more options or ways to utilize their VA benefit to Purchase or Refinance their homes in California.

There are many more situations and scenarios that VA Loans can help whereas conventional loans may not. Please don't hesitate to contact us if you think your VA Benefit could help you a Refinance or Purchase your home.

Here is a recent post regarding the new VA Loan Limits 2012.

These examples show some of the ways that a VA Jumbo Loan can help, and in ways that many lenders don't offer. VanDyk Mortgage offers VA Jumbo Loans up to $1,500,000 in all areas that we service. Many VA Lenders limit VA Loans to the county limit for your area, or a max of $650K, VanDyk is not contained to these limits. Even in areas with a lower VA Loan Limit, we still offer the VA Loan up to $1,500,000, as long as there is a sufficient combination of entitlement and equity to meet the guideline of 25%.

You do need good credit for VA jumbo loans, and must be able to fully document your income, but that should come as no surprise in today's lending world.

VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.

We are your VA Jumbo Direct Lender and FHA Jumbo Direct Lender and we offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Jumbo Streamline refinance, FHA Jumbo Purchase, FHA Streamline, VA, VA Streamline, VA Jumbo purchase, VA Jumbo Refinance, VA Cashout refinance, FHA Rehab 203K, VA, Conforming &Jumbo Loans.

Direct lender offers VA Jumbo loans up to full county loan limit

VanDyk Mortgage is a VA Direct lender offering VA Jumbo loans up to your full county loan limit.
(and beyond!)

VanDyk Mortgage allows you to borrow up to your full County Loan Limits and beyond. Our VA Jumbo loans are not capped at $417,000, $625,500, or $650K. This may sound strange, but many VA lenders do not offer VA loans above 417K, 625,500, or 650k.

Why $650K you ask?  It doesn't correspond with any VA County Limit .  This has to do with the lender's investors and warehouse financing.  Warehouse financing is basically the Lender's line of credit that is used to extend mortgage loans. Many lenders are constricted by their warehouse lender's guidelines to the $650K limit or $417K, without regard to actual VA Loan Limits or VA Loan Options available to Veteran Buyers and Refinancers.  VanDyk Mortgage allows you to borrow up to your full County VA Loan Limits for 2012 and also in some cases we can make a VA Jumbo Loan up to $1.5 million. (these do require equity or down payment). Please call for details on the VA Jumbo Program, it allows Veterans to purchase and refinance properties in higher cost areas in California and Washington such as Los Angeles, San Diego, San Francisco, Seattle, Bellevue, Kirkland, and more.

VA Loans not just for First Time Homebuyers

VA Home Loans are not just for First Time Homebuyers anymore. With increased VA Loan limits compared to years past and enhanced VA refinance options, VA Home Loans offer current Veteran Homeowners two opportunities.

Veterans looking to purchase a new home (ie move up VA buyer) can now take advantage of much higher VA Loan limits to purchase their primary home. We will discuss VA Loan limits further in this article.

Refinance your Non-VA Loan into a safe, fixed rate VA loan (with no mortgage insurance, and up to 90% of your homes value, and this amount can include cash out).

Veteran Homebuyers in the greater Seattle-Tacoma-Everett area can borrow up to $458,850 with our VA Jumbo Loans. Vets in Los Angeles and Orange Counties can qualify for 100% VA Financing up to $625,500. San Diego Vets can go up to $477,000 with no money down, while much of the Bay Area has a much higher VA Loan limit of $626,500 (San Francisco, San Jose, Oakland, Fremont, Santa Clara, Pleasanton, Sunnyvale, etc). We are a Direct VA Lender offering VA Home Loans and VA Jumbo Home Loans in every state we service. Check your counties VA Loan limits on our main site, www.vandykfunding.com. We have been making VA Loans since 1987, go with the VA Loan Pros at VanDyk Mortgage.

Check out some of our other articles on VA Loans.