In its latest requirement update for 2023, the VA has made significant changes regarding jumbo loans for eligible veterans. One notable change is the elimination of the need for down payments. Now, regardless of price, veterans can purchase a home without any down payment. This rule only applies if no other VA loans are active at the time of application.

Additionally, veterans can utilize their eligibility for VA loans multiple times, provided they have paid off any previous loans. While veterans are exempt from monthly mortgage insurance regardless of their loan-to-value ratio, they are still subject to a funding fee, which may vary depending on whether it’s their first or subsequent use. However, veterans who receive 10% or more in disability payments from the VA can have the funding fee waived.

VA loans are a great option if you’re eligible due to their generally lower interest rates than conventional loans. Indigo Mortgage, a reliable resource for veterans, offers highly competitive rates that have helped numerous New Mexico veterans save thousands of dollars on their mortgages. Contact us or visit our Albuquerque office to find out more.

1% Down Payment Available A Quick Overview of Jumbo Loans in 2023