Are you looking to buy a larger, more luxurious home in San Antonio? If you’re an active military member or veteran, you could be eligible for a VA jumbo loan. A VA jumbo loan is a conventional mortgage that exceeds the VA conforming loan limits set by Freddie Mac and Fannie Mae. In San Antonio, the conforming loan limit is $647,200 – and any amount exceeding that is considered a jumbo loan.
Keep reading to learn more about VA jumbo loans!
Am I Eligible for a VA Jumbo Loan?
To be eligible for a VA jumbo loan in San Antonio, you need to be an active military member or veteran. Besides, the house you want to buy should be in San Antonio and be your primary residence. Moreover, besides the typical VA loan eligibility requirements, a VA jumbo mortgage will have other guidelines, including:
- Tighter debt ratio requirements
- Higher-income requirement
- Reserve requirements
- Tighter credit standards (usually above 620)
Does a VA Jumbo Loan Require a Down Payment?
The benefit of a conventional VA mortgage is that you can buy a home and put down $0. But a VA jumbo loan might require a down payment since the lender will be taking on more risk by offering a larger mortgage amount. However, if you have your full VA loan entitlement, you don’t need a down payment, regardless of the loan amount.
Is There a Loan Limit for VA Jumbo Mortgages?
Technically, there isn’t a jumbo loan limit in San Antonio since there’s no maximum VA loan amount set by the government. Lenders set the limit based on their guidelines and eligibility requirements. Some lenders offer up to $1 million in jumbo loans, while others go above that amount for well-qualified borrowers.
Get a Jumbo Loan and Buy Your Dream Home in San Antonio!
VA jumbo mortgages are great as they allow you to buy a high-end home that you otherwise wouldn’t be able to afford with a conventional loan. If you’re considering buying a home in San Antonio, consult our real estate agents. We’ll help you find high-end homes for sale in San Antonio that suit your preference and lifestyle!