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With Millennial Home Loans quick online loan application, determining if you qualify for an VA Jumbo Loan and for how much, has never been easier.

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VA Jumbo Loans.

You Served, You Earned It!

Veterans and Current Military Personnel Can Use Their VA Eligibility to Obtain a Jumbo Loan Amount, With Less Down Payment Required Than a Typical Jumbo Loan

VA Jumbo Loans Program Guidelines

Loan Purpose

  • Purchase
  • Refinance: rate-term and cash-out

Credit Profile

  • 640 minimum middle credit score for all borrowers on the loan
  • No foreclosure or short sale within two years of contract ratification date
  • No Chapter 7 bankruptcy discharge within one year of contract ratification date
  • Maximum mortgage delinquency permitted in the last 12 months: 1 x 30 day late; only with a 680 or high middle credit score and an Automated Underwriter approval

Loan Amount

  • With zero down, the maximum loan amount is the standard conforming loan limit, which is currently $647,200, or VA High Balance loan limits
  • Down payment required when the purchase price exceeds the standard conforming or High Balance loan limit. Down payment is 25% of the amount exceeding the standard conforming or High Balance loan limit
    • Example: If the VA loan limit for a county is $647,200, this means that if the Veteran has full entitlement, VA will provide a 25% guaranty on the loan up to $647,200. If a Veteran has a contract to purchase a home in the amount of $550,000, the lender may require the Veteran to make a down payment of 25 percent of the $65,650 ($550,000 – $647,200) difference, which would be $16,412, providing the lender a full 25% guaranty.

Funding Fee

  • Funding Fee is waived for Veterans receiving VA related disability income and surviving spouses of Veterans who haven’t remarried
  • Funding Fee Calculations are as follows:
Type of VeteranDown Payment% for First Time Use% for Subsequent Use
Regular MilitaryNone2.30%3.60%
5% or more but Less than 10%1.65%1.65%
10% or more1.40%1.40%


  • As determined by Automated Underwriting System or AUS with DTI ratios up to 65%. Requires a Desktop Underwriter “Approved/Eligible”
  • No manual underwrites permitted

Property Type

  • Owner-occupied properties
  • Existing attached and detached single-family residences
  • New construction with permanent financing only
  • PUD’s (i.e. Townhomes)
  • Condo-units. HUD, VA, FNMA or FHLMC approved project


  • Owner occupied only
  • All borrowers on the loan must have ownership in and occupy the property
  • Non-married Partners, not permitted on the loan request
  • No co-signers permitted

Property Valuation

  • Full VA appraisal with interior inspection and photos


  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs

  • 0% down payment required
  • Seller contribution toward buyers closing costs and escrows up to 4% of the purchase price
  • Down Payment and Closing Cost can come from flexible sources including family member gifts and loans against a 401k retirement account


  • Amortization period: 30-year fixed rate
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