Jumbo VA Loans in Wisconsin Illinois Minnesota Florida Chicago

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With loan amounts up to $1.5 million and interest rates significantly below comparable jumbo products, there's no better time to consider jumbo VA loans in Wisconsin, Illinois, Minnesota and Florida!

An eligible veteran is a person who served on active duty in the Army, Navy, Air Force, Marines, or Coast Guard, and who, (except for a service member on active duty) was discharged or released from active duty under conditions other than dishonorable; or Members of the Reserves and National Guard are eligible upon completion of 6 years of service; or Unmarried surviving spouses of veterans who died as a result of service or service-connected causes.

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Jumbo VA Loans in Wisconsin Illinois Minnesota Florida Chicago

  1. 1. Wisconsin Illinois Minnesota Florida Jumbo VA Mortgage Loan: Madison Chicago Milwaukee Jumbo VA Mortgage Loans in Wisconsin, Illinois, Minnesota and Florida Higher VA Loan Amounts at Lower Rates! With loan amounts up to $1.5 million and interest rates significantly below comparable jumbo products, theres no better time to consider jumbo VA loans! An eligible veteran is a person who served on active duty in the Army, Navy, Air Force, Marines, or Coast Guard, and who, (except for a service member on active duty) was discharged or released from active duty under conditions other than dishonorable; or Members of the Reserves and National Guard are eligible upon completion of 6 years of service; or Unmarried surviving spouses of veterans who died as a result of service or service-connected causes. Jumbo VA Loan Key Features Maximum loan amount $1.5 million on 1-unit, owner-occupied properties Purchase and refinance Owner Occupied Primary Residence Only No monthly mortgage insurance required Minimum 6-months reserves required for loan amounts over $417,000 Minimum 12-months reserves required for loan amounts over $650,000 Up to 100% LTV with full entitlement for loan amounts up to $417,000 Single-family residence, PUD, condominium (VA-approved), or 2-4 units eligible up to $417,000 Loans greater than $417,000: Single-family residence, PUD or condominium only Contributions may not exceed 4% of the value of the property as indicated on the NOV Normal discount points and payments of buyers closing costs will not be considered a concession for purposes of determining total concession Manual underwriting available Jumbo VA Loan Amount Calculation: If the loan amount is $417,000 or less please see our Conforming VA Loan page for details on our 100% VA loans. The maximum loan to value, inclusive of the VA entitlement, is limited to 75% of the lesser of the sales price or appraised value. For loan amounts greater than the conforming limit, (currently $417,000), this requires the borrower to provide a down payment. Example of the maximum LTV, loan amount and VA entitlement for jumbo VA loans: Property Value (lesser of sales price or appraised value): $1,000,000 Maximum loan to value without VA entitlement: 75% Maximum loan amount without VA entitlement: $750,000 Maximum VA entitlement ($417,000 x 25%): $104,250 Actual Loan amount (maximum loan amount + VA entitlement): $854,250 Required down payment: $145,750 Actual Loan to Value (LTV): 85.43%http://www.madisonmortgageguys.com/wisconsin_jumbo_va_illinois_jumbo_va_loans/index.htm[6/15/2011 2:01:54 PM]
  2. 2. Wisconsin Illinois Minnesota Florida Jumbo VA Mortgage Loan: Madison Chicago Milwaukee VA Eligibility Requirements Conforming VA Loans VA Streamline Refinance (IRRRL) Mortgage Programs 100% Financing (No Money Down) Programs First Time Home Buyer Mortgage Programs My Community Mortgage Government Loans including FHA, VA and Rural Housing Refinance Programs VA Mortgage Rates About Us Apply or Pre-qualify Online Contact Us Recent jumbo VA blog posts: Jumbo VA Mortgage loans With loan amounts up to $1.5 million and interest rates significantly below comparable jumbo products, there’s no better time to consider jumbo VA loans! Eligible borrowers include active military, veterans, reservists, National Guard, and unmarried surviving spouses of eligible service members. Jumbo VA mortgage loans are available to Wisconsin and Illinois veterans and are offered in major cities including VA loans in Chicago, Milwaukee and Madison. Purchase, refinance and cash out refinance VA loans available. No down payment (100% financing) required for loan amounts up to the conforming loan limits. Jumbo VA Loan Key Features in Wisconsin and Illinois: Benefits of a VA Mortgage Read the rest of this entry » Copyright © 2011 www.MadisonMortgageguys.com All rights reserved. Terms | Privacy Policy | Licenses | Contact Us INLANTA is a trademark of Inlanta Mortgage, Inc.http://www.madisonmortgageguys.com/wisconsin_jumbo_va_illinois_jumbo_va_loans/index.htm[6/15/2011 2:01:54 PM]

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