There are two things to consider when when talking about Jumbo Loans. One is the minimum amount after which something is considered a jumbo. The second is the maximum amount for a  jumbo mortgage.

In most cases people aren’t likely to have a limit on a this loan. Beginning in 2020, the VA guaranteed the same percentage of the amount for lenders, regardless of the loan size, as long as you had full entitlement.

If you have a partial entitlement, your Veterans Affair benefits guarantee works differently. Your maximum amount depends on whether you’ll be making a down payment or you have equity in your home. If this is your situation, the formula for maximum loan amount is the following:

(Remaining Entitlement + Down Payment/Equity) x

If you’re not making a down payment or have no equity, the following formula applies:

Remaining Entitlement x

Although the Veterans Affair doesn’t limit the amount you can borrow, the above formulas are the policy of most lenders when you don’t have full entitlement for standard Veterans backed mortgage. Reach out to VA LOANS XPRESS™ if you need any help determine we you are at.

While there’s no uniform number for this since the Veterans Affairs doesn’t limit how much you can borrow, most lenders consider a loan to be a jumbo mortgage if it falls above local conforming loan limits of $806,500, except monroe County Fl is 967,150.