Jumbo Loans and VA Loan Limits: Expanding Homeownership Opportunities with Morgan Financial

As a veteran or active-duty service member, you’ve earned the right to access the valuable benefits of VA loans. However, understanding VA loan limits and jumbo loans is essential to make the most of this mortgage option. At Morgan Financial, we specialize in VA loans and jumbo loans, and are dedicated to helping borrowers in Brevard County navigate the home financing process with ease. In this blog, we’ll explore VA loan limits and how jumbo loans can help you finance your dream home beyond those limits.

1.  VA Loan Limits Explained: VA loan limits are the maximum loan amount the Department of Veterans Affairs (VA) will guarantee without a down payment. As of 2020, there is no VA loan limit for eligible borrowers with full entitlement. This means that qualifying veterans and service members can purchase a home without a down payment, regardless of the price, as long as they meet the lender’s credit and income requirements.

2. Partial Entitlement and VA Loan Limits: For borrowers with partial entitlement, the VA loan limit still applies. In this case, the limit depends on the county’s median home price and may vary annually. It’s essential to understand your entitlement status to determine your loan limit.

3. Jumbo Loans for VA Borrowers: When you need financing beyond your VA loan limit, a jumbo loan can be the solution. Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). While VA jumbo loans still offer many of the same benefits as standard VA loans, they may require a down payment, depending on your specific situation.  That being said, it is possible for eligible and qualified Veterans and active duty service members to use a Jumbo VA loan to get 100% financing, at competitive rates, with no monthly mortgage insurance.  What a great option!

4. Advantages of VA Jumbo Loans:

• No need for private mortgage insurance (PMI)
• Lower down payment compared to conventional jumbo loans
• Flexible credit requirements

Talk With a Mortgage Expert!

Partnering with Morgan Financial: At Morgan Financial, we understand the unique needs of veterans and service members when it comes to home financing. Our team of experts is committed to guiding you through the process of securing a VA jumbo loan, ensuring you receive the best terms possible and a seamless homebuying experience.

Are you ready to explore your home financing options with VA loans and jumbo loans? Trust the experts at Morgan Financial to help you navigate the process and secure the financing you need for your dream home. Contact us today and take the first step towards expanding your homeownership opportunities with our dedicated support!