Mortgage Blog

Naples VA Jumbo Mortgage

While there is no limit on the amount of money you may borrow to purchase your home, the Veteran’s Administration (VA) does limit the amount they will guarantee for a VA loan. For VA high balance loans, you will be required to have a better credit score than other VA programs, and you will also need to have more of a down payment.

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Understanding Naples VA Jumbo Home Loans

Veteran’s and active military personnel who serve in the Army, Air Force, Navy, Marines, Coast Guard or National Guard may qualify for a VA-backed loan. It is important to understand the VA does not make these loans, instead they provide the lender with a guarantee of payment of the loan.

On average, a property in Naples, FL is selling in amounts exceeding $500,000. The maximum “conforming” loan amounts are currently set at $453,100 meaning the VA will guarantee loans of up to that amount using traditional mortgages. However, if you purchase a home and need to finance more than that, you will be using a VA jumbo loan and it is important to understand how that would work.

Since the VA loan guarantee amount is currently $453,100, you will have to come up with a small down payment. To determine the amount of your down payment, you will have to take the loan amount, subtract the VA loan limit max and then calculate your down payment. Let’s assume you purchase a home where you will need a loan of $850,000 the formula would look like this:

Purchase Price:                          $850,000

VA Loan Limit:                            $453,100

Balance Above max:               $396,900  Veteran to cover 25 cents of every dollar above max limit

Down Payment:                         12% 

Down Payment Amount:     $99,225

Loan Amount:                              $750,775

NO Monthly PMI payment and low VA interest rates.

This means the eligible party will need to qualify for Naples VA jumbo home loans to be able to purchase their home. The first step in this is knowing your credit score which must be at least 600 to meet eligibility requirements. Core Mortgage Financial are experts in getting veteran approved for VA mortgages while maintaining DU automated approval. Debt to income ratios generally cannot exceed 60% to maintain automated approval. Our experts will explain DTI and automated approval process when you contact our team.  

Contact our team now using the online form at Naples VA Mortgage

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Veterans, their spouses, or active military personnel who are interested in purchasing a home using the Naples VA jumbo mortgage program need to work with someone with a great deal of experience handling VA jumbo loan programs since they are often more complicated than a traditional VA loan. That’s when you can count on Core Mortgage Financial.

If you are seeking to refinance or purchase a home in Naples, Florida, we have prior service  loan originators that are experts at Naples VA mortgages ! Our VA specialists standing by to take your call 24 hours 7 days a week. Please do not hesitate to call us NOW at (239) 514-2674!  

Contact Us today using our online form to inquire about a Naples VA Mortgage

Your Florida VA home loan team!

Helpful Terms Defined:

Mortgage: 
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note: 
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

 

Department of Veterans Affairs

The Core Mortgage Financial is NOT affiliated with any governament agency including the Department of Veteran Affairs. 

  NMLS #1753702/ Rates, Programs, Guidelines are subject to change without notice

 

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