A jumbo loan is a term used to describe a loan amount that is greater than the current conforming loan limits. The Federal Housing Finance Agency sets these limits yearly on a per-county basis. For 2023, the base loan limit for most of the country is $726,200. In more expensive counties, like New York and Los Angeles, the limit can be as high as $1,089,300.
No, with a VA jumbo loan a down payment usually isn’t required unless you currently have an outstanding VA mortgage or had a prior VA loan that went into loan default where a claim was made.
Qualifications are based on your credit, income, assets, and VA eligibility. The same as qualifying for a non-jumbo VA mortgage. However, more stringent credit and income standards may be required for jumbo loan amounts.
Our maximum $0 down VA loan amount is $4,000,000, but technically the VA doesn’t have a maximum amount they will guarantee.