A Veteran’s Administration or VA jumbo loan is used when a veteran needs a mortgage above $453,150, the current limit for conventional mortgages.
For veterans looking to purchase a home, the best reason to consider a VA jumbo loan is that the interest rate today is in the mid 4% range on a 30 year fixed rate; they would be hard pressed to find any other Jumbo priced so low.
The VA jumbo works best for the veteran who has 10% or more in VA disability as the funding fee is waived; that funding fee can some times be somewhat pricey depending whether the veteran has used their benefit before.
We have been able to help veterans with VA jumbo loans who wish to purchase or need a refinance to consolidate a 1st and 2nd mortgage, refinance out of a short term jumbo ARM (adjustable rate mortgage), or to do major home improvements.
The terms are all the same but there will be a huge difference in rates, and historically, Indigo Mortgage Colorado has lenders that offer the lowest rates available on the market for VA jumbo loans as well as other mortgage loans.
The best thing for a veteran to do if considering a VA jumbo loan is to simple call us and ask some questions, we will be happy to help any way we can. It’s another reason why it’s important to shop the mortgage around and to work with a local mortgage company.
Indigo Mortgage is a long standing mortgage company, serving home buyers in Colorado and New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage Colorado in Colorado Springs at 719-836-9500. Indigo Mortgage Colorado offers mortgages including Residential and VA Loans. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in Colorado and New Mexico.