Are you a veteran or a member of the U.S. military who needs a very large loan amount for your home? Good news! Rocket Mortgage® is proud to offer the VA jumbo loan for amounts over $548,250 – up to $2 million.
VA jumbo loans are a top benefit for veterans and military personnel because they have more flexible requirements and higher loan amounts than conventional loans. Contrary to popular belief, the Department of Veterans Affairs (VA) actually doesn’t write the mortgages.
Instead, the VA insures the loans that are written by banks and mortgage companies. Financing (or refinancing) with VA loans is only available for veterans and active members of the U.S. military or eligible reservists and surviving spouses.
A surviving spouse is defined as being the spouse of someone who passed in action or as a result of a service-connected disability. In general, surviving spouses can’t be remarried (with limited exceptions).
Let’s go over VA jumbo loans requirements and their benefits.