Contrary to popular belief, any qualified veteran and active military personnel can get a zero down VA jumbo loan above the conforming loan limit of $484,350 (depending on county loan limit restrictions). Some lenders have their own loan limit restrictions as well but when you inquire about VA jumbo loans through VAloanlending.com, you will always have the opportunity to get a VA loan up to the maximum loan amount that VA allows. The larger the loan, the more you will save as well.
County Limit vs Maximum Loan Amount
Many confuse these two subjects as one in the same. There are quite a few realtors and Loan Officers out there that, believe it or not, don’t even know you can get a VA jumbo loan over $484,350 but even more, don’t realize that you can borrow over the County Loan Limits. If you are not working with a well experienced VA Loan Specialist that can differentiate the two, you would be walking into a very large mistake, one that could cost you hundreds of thousands of dollars in higher interest payments, larger down payment requirements, possible costly monthly mortgage insurance premiums or even the chance of not qualifying as standard Jumbo loans have much more stringent credit qualifying requirements.
Quite simply, the difference between VA County Loan Limits and Maximum Loan amount has to do with your down payment. VA sets a limit in each county that restricts the amount you can borrow with Zero down payment requirements. That doesn’t mean you are limited to that loan amount. If you have the ability to put money down on the home and as long as that amount is equal to or greater than the 25% guaranty over and above that VA county loan limit, you can borrow over $1.6 Million.