Veteran’s Administration Home Loans over $417,000
Did you know that you can get a VA Home Loan over the $417,000 limit? With Mortgage Insurance rates for jumbo loans being so high, a “VA Jumbo Loan” might be the most affordable option!
VA Home Loans require that the Veteran make a down payment equal to 25% of the Balance over $417,000. This means that if the Sales Price on a property is $550,000 the calculation looks like this:
$550,000 – $417,000 = $33,250 That means you are making about a 6% down payment! In addition to this, there’s no monthly PMI. On a Jumbo Conforming loan (where you made a 10% downpayment) your mortgage insurance premium could be $317.00 a MONTH!
With a VA Home Loan, the funding fee would be 1.5%. This means on our $550,000 sales price, with a loan amount of $516,750 the Funding Fee adds less than $45.00 a month to your payments!! WOW!
Every situation is different – but if you qualify we would strongly suggest that you consider a VA home loan for your next purchase!
Contact The Mortgage Mark with any Questions! http://wwwthemortgagemark.com/ mark@themortgagemark.com
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