What You Need to Know About Qualifying for VA Jumbo Loans

Abstract

While jumbo loans generally have higher interest rates than a loan that falls within the conforming loan limits, VA jumbo loans tend to have the same interest rates as regular VA loans, although this will depend on the lender. Eligibility So who is eligible for VA jumbo loans? First you'll need to meet all the eligibility requirements for standard VA loans, meaning you'll need to be a service member, veteran, or surviving spouse of a service member or veteran. If you're entitled to use the VA Home Loan Benefit, your APM loan officer can help you get all the paperwork you need to get started. Credit score requirements VA jumbo loan requirements can be slightly stricter than lower-balance VA loans. For higher balance loans, the FICO credit score requirement can be as high as 720, as compared to around 580 for a lower-balance VA loan. If you've paid off your VA loan in full or sold the property that carried the VA loan, then you should still qualify for your full entitlement. Debt-to-income ratio The maximum debt-to-income ratio for VA jumbo loans is 50%. This means that your total monthly debts-including your VA jumbo loan mortgage payments, along with all your other bills-cannot exceed 50% of your pre-tax monthly income.