Are There Jumbo VA Home Loans?
If you have full entitlement, you don’t have a home loan limit!
Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment and the VA will guarantee to the lender that if you default on a loan that’s over $144,000, they will pay them up to 25% of the loan amount. You have full entitlement if you meet any of these requirements.
You have full entitlement if at least one of these is true:
- You’ve never used your home loan benefit, or
- You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
- You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full
Does this mean you can get any loan size you want?
It depends. If you apply and are eligible for a VA-backed home loan, you’ll receive a Certificate of Eligibility (COE). This is the document that tells us that you have VA home loan eligibility and entitlement. But we will still need to approve you for a loan. We will determine the size of the loan you can afford based on your:
- Credit history
- Income
- Assets
- Debts
