Jumbo Va Loan

A loan for an amount greater than the allowable 100% financed amount. It is determined by subtracting the maximum allowable 100% financed amount from the purchase price and financing 75% of the difference. Example: maximum allowable VA Loan - $110,000. Sale price - $130,000. Difference is $20,000;75% of the difference is $15,000. Total jumbo loan - $110,000 plus $15,000=$125,000. Required down payment - $5000.