Jumbo Home Loans Up to $5 Million
A loan is considered a jumbo if it exceeds what is known as the conforming loan limit. The current conforming loan limit for a single-family home is $417,000. For Virginia borrowers, conforming “High Balance” limits range from $417,001 to $625,500 depending on your county of residence, as of December 31st 2014. Loans above this limit are considered a Super Jumbo loan.
Over the past few years, some lenders have decreased their Jumbo Loan offerings and have made them harder to obtain, but at Virginia Mortgage, we can get you the best rate possible on your Jumbo home loan.
Jumbo Home Loan Qualifications
In order for borrowers to qualify for conventional and super jumbo loans they must have strong credit, higher down payments, typically 10% and more assets (reserves).
Types of Jumbo Loans
- Super Jumbo – Super jumbos are loans that fall above the High Balance Conforming Jumbos and go up to $10 million or more. These loans fall out side of the standard loan sizes and are not insured nor guaranteed. With jumbo mortgage loans a borrower must have strong credit and may have to pay a slightly higher rate.
- High Balance Jumbo Loans– Loans between $417,000 and $625,500 are considered High Balance Conforming loans. These are still conventional, Fannie and Freddie guaranteed loans. The Jumbo limits are determined on a county-by-county basis deemed to be a “high cost area.” Rates with these loans are typically the same as conventional financing.
- FHA Jumbo Loans – FHA Jumbos are great options for those that lack the credit or down payment requirements of the conforming High Balance jumbo loans. FHA jumbo allows borrowers to refinance up to 97.75% of the home’s value or buy a home with as little as 3.5% down.
- VA Jumbo Loans – The Veterans Administration guarantees loans up to $1 million. In most areas in Virginia the maximum loan amount for a VA mortgage is $417,000. If you live in Northern Virginia the VA max loan amount goes up to $692,500.
Stated Income Jumbo Loans
Self employed and have income that is hard to verify? We understand as a business owner you have deductible business expenses that may make it hard to qualify for a jumbo home loan. Ask us about our stated income jumbo loan for highly qualified borrowers!
Have questions? Give us a call! (804) 282-8820. One of our mortgage specialists would be happy to answer all of your questions and get you started with a great low rate on your jumbo loan today!
Working with Virginia Mortgage Bankers
- We put YOU first. We are committed to getting every client the best possible deal on their jumbo home loan every single time
- Virginia Mortgage Bankers offers some of the most competitive jumbo home loan rates in the Nation!
- Fast and efficient, we close most of our jumbo loans in 30 days or less
- As a Virginia Mortgage Lender, we offer a variety of jumbo loans through 25 + lenders. We work with both conventional and non-conventional jumbo loans to get you the mortgage that meets your unique needs.