How Veterans can use VA Jumbo Loans for Luxury Homes (updated 2023)

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Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust

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Corporate NMLS 477166

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.

[jersoncontreras]

I’m looking to get a jumbo loan in Glendale California for a property that cost $1, 300, 000 . I’m 80% diassabled through the va and I have a job so total income is lil over $100, 000 a year. This property is like a condo and would like to rent out the rest of the property and myself stay in the side house is this possible using the va jumbo loan ? Please let me know . This is a 3 house section property so I can rent the other two sections . So this is a great opportunity for me

[nicholassteiner]

Hey Jimmy, first off thank you for this content. It has really helped me out. I have a long question, but I can’t seem to find anyone with the answers.
I have a home that I have lived in for the past 3 yrs that is on a VA loan in Colorado. My family is growing and I need to find a bigger house, but my interest rate is so low that it would make a great rental property. I can rent it out right now for more than my mortgage, but a second home is so expensive right now and based on one of your videos I would have to come up with a crazy amount of cash to use my bonus allotment. My question is how does the rent offset the new mortgage or new purchase, and how come I could qualify for a jumbo loan on my first home without a down payment, but even though I can qualify for a jumbo loan now I can’t get 100% financing?

[j.b]

Good job. Thanks for your previous military service and now your VA loan service

[alb]

Would the interest rate be Jumbo also?