Veteran Administration Home Loans Above $417,000

With recent changes, it might make sense for a Veteran to consider using their VA Benefits when they are purchasing a home above $417,000!

Loans UP TO $417,000 are 100 percent, no money down loans with no monthly mortgage insurance. There’s a one time Guarantee Fee charged by the VA for insuring the loan (to see what your fee would be click here).

Now, for Veteran’s purchasing a home OVER $417,000 you might get better terms. To Calculate the down payment VA Jumbo Loans:

Take the purchase price, which for example purposes is $600,000. Subtract the maximum VA Guarantee amount of $417,000. In this case, $600,000-$417,000 = $183,000. The Veteran is required to make a down payment of 25% of the amount above the VA Guarantee (in this case $417,000). $183,000 x .25 = $45,750 downpayment, or just over 7.5%!

On a $500,000 purchase price with everything else being the same, $500,000 -$417,000 =$83,000. $83,000 x .25 = $20,750 Down payment, or just over a 4% down payment!

In addition, the Funding Fee is LOWER when you make a downpayment! 8o) Plus! Veteran’s have cheaper closing costs!

With the housing market offering such great values, and mortgage interest rates at an all time low… this might be the perfect scenario! We are talking to tons of veterans who moved here with less cash in their pocket from the sale of a previous home, and this is the perfect solution!

If you are considering a purchase in NC, and you want more information on VA Mortgage Loans, please call Steve and Eleanor Thorne 919-649-5058. We have the best mortgage rates available, and the lowest fees!