Did you know that a Veteran with VA eligibility can use a VA mortgage on a Jumbo Purchase?  The benefits of this program makes it the Ultimate Jumbo.  The borrower is required to put down 25% of the loan amount above $417,000 in Maricopa county, but that is minimal compared to typical jumbo mortgages.  Many jumbo programs require 25% – 30% down in Arizona.  The VA funding fee is only 1.25% if the veteran puts down 10% of the purchase price, even if they are a subsequent VA user.  That is the cheapest form of mortgage insurance I know.  If they put down 5% the funding fee is 1.5% which is almost as cheap.  There is no monthly VA fee on a VA mortgage like on an FHA mortgage or conventional with less than 20% down, which helps keep their payments down.

The big advantage to this program is that a veteran can get a conforming rate on a jumbo product with a lower down payment.  Imagine a purchase price of $650,000.  A veteran could purchase that property with $58,250 cash out of pocket, a  4.25%  30-year fixed interest rate with a  4.50% APR and have a principle and interest payment of only $2,954.72!

The message I’m sending is simple: if you have jumbo listings or veteran buyers, I have a program that could benefit them and you. If you don’t maybe this information can help you get some.  Call me, I’ll help.

Mike Moshofsky

PrimeLending, A PlainsCapital Company
1201 S. Alma School Rd.  Suite 8950
Mesa, AZ 85210
Direct   480-346-8383
Cell        480-332-8545
Fax         866-908-6596
E-mail   mmoshofsky@primelending.com
NMLS# 176573