VA program helps vets get jumbo mortgage loans

The Department of Veterans Affairs offers programs that permits banks to lower loan requirements for home-buying vets—but many vets do not know that those programs often cover so-called “jumbo” home loans, too, according to a report in the Wall Street Journal.

The agency offers loan programs that can help vets get loans that are far bigger than the “conventional loan”—or small to medium-sized mortgage—available in their area, the report notes. These programs, which allow vets to get low- or no-down payment loans at reasonable interest rates, are often the only way a vet can buy in high-cost areas.

“VA-guaranteed loans can go even higher than other government-backed loans in some high-cost areas.” The article noted the VA can help a vet to get a no money down loan on as much as a $1.05 million loan in the expensive San Francisco Bay area.