I've hit on VA Loans a few times here, to tell the truth they are my favorite loans to originate. I've said it before, if I had to pick only one type of loan to originate it would be the VA loan.
But... Did you know that you could borrow more than conforming limit currently $417,000 or the county loan limit if applicable under the VA Loan Program? It's known as the "VA Jumbo" and it does require a down payment. However the down payment is substantially less than a traditional Jumbo loan because you are only paying the 25% portion the guarantee doesn't cover. This is 25% of the difference between the determined maximum loan amount and the purchase price or appraised value, whichever is less. The math is tricky to explain so we won't get technical here but the VA Jumbo should be considered a valid option if you are a qualified Veteran and in the market to purchase or refinance a home.
|Photo by Harald Hoyer and used under Creative Commons license|