Even though a VA guaranteed loan doesn't have a maximum loan amount, lenders prescribe to the GNMA (Ginne Mae) standards and limit the size so that they can be sold in the secondary market.
A loan would be considered a jumbo loan when the loan amount reaches or goes above $453,100. Jumbo Loans with the VA can go up to $1,000,000 or more.
Differences with a regular VA Loan and the VA Jumbo loan would be the amount of down payment required. The VA has zero down up to $453,100 and for any amount over the $453,100 up to the loan amount the customer would be required to put 25% of that amount down at closing.
For example- Purchasing a $500,000 home:
No money down on the first $453,100, and only 25% of the difference between $453,100 and the $500,000 (which is $46,900). In this example the customer would have to put a down payment of $11,725 at closing.
|Loan Amounts||Down Payment Percent||Total Down Payment|
|Up to $453,100||Zero Percent||$0|
|$453,100 - $750,000||25% of the $333,000||$83250|
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