If your buyer is shopping for a FL Jumbo mortgage, that is, a loan amount in excess of the current Fannie Mae maximum of $417,000; they will typically require one of our FL Jumbo mortgage programs.  But, don’t forget to ask them if they are a US Veteran.  We offer a FL Jumbo VA home loan mortgage that may provide better benefits.

FL Jumbo loans usually require a large down payment of 20% or 30%.  This can be expensive when a new home buyer is looking at properties in the $450,000 and higher range.  A FL VA Jumbo mortgage allows the qualified Veteran to borrow higher loan amounts than the prospective current County limit allows under VA guidelines; and should allow qualified Veterans the opportunity to put less towards down payment; possibly saving them thousands of dollars, and at a much lower fixed interest rate.

Basically, the qualified VA buyer would need only put down 25% of the difference in the County VA loan limit ($417,000 in FL Counties) and the contract price.  For example, a qualified Veteran looking to purchase a $500,000 home here in Florida, would need to put at least $100,000 towards the down payment alone (based on 20%), if considering a typical FL Jumbo mortgage.  However, the same qualified Veteran might want to use his or her VA Entitlement and put as little as $20,750 towards down payment.  The VA Jumbo loan option could  save the buyer over $79,000!

Also, VA Jumbo loan fixed rates are usually always lower than a standard Jumbo mortgage fixed rate.  In fact, that’s why many standard Jumbo programs are available with adjustable rates – which makes the payment seem reasonable, for a short period of time.  But why risk it when you can enjoy a lower fixed VA rate?

Remember, the qualified Veteran advantages with a FL VA Jumbo loan, on their new home purchase

  • Lower down payment – saving your buyer thousands
  • Lower fixed rate is typical for VA Jumbo loans
  • No prepayment penalty
  • No monthly mortgage insurance required

Next time your buyer is looking to purchase a FL home and borrow more than $417,000; ask them if they are a Veteran.  And then call us, your Florida VA home loan specialists at 407.733.6425; or email sthaggard@embracehomeloans.com