If you are a Veteran looking at a high-priced home in the Pacific Northwest, do not assume you need a conventional jumbo loan and a 20% down payment. Qualified Veterans may be able to use a VA jumbo loan with zero down through Creekside Mortgage programs offering loan amounts up to $4 million.
I am Kerry Greenwald, owner of Creekside Mortgage and a Veteran. I have worked in mortgage lending for nearly 30 years, and one of the biggest misunderstandings I hear is that the VA benefit stops being useful once a home moves above a conventional loan limit. For Veterans with full entitlement, that is not how the program works.
What makes a VA loan a jumbo loan?
“VA jumbo loan” is a mortgage-industry term for a VA-backed loan above the normal conforming loan range. The Department of Veterans Affairs states that a borrower with full entitlement does not have a VA loan limit. That does not mean every borrower can receive any loan amount. The lender still has to approve the complete file, and the property must appraise for the purchase price.
Creekside Mortgage works with VA lending programs that may provide qualified borrowers with zero-down purchase financing up to $4 million. The $4 million amount is a lender-program maximum, not an automatic approval or a VA guarantee that every borrower will qualify.
Can you use a VA loan with zero down on a $3.5 million home?
Potentially, yes. A Veteran with full entitlement who qualifies for the payment may be able to finance 100% of a high-priced primary residence, provided the appraisal supports the purchase and the loan meets the selected lender’s guidelines. A $3.5 million home in Eagle, Idaho is a good example of a property that may sit well above conforming financing while still being considered for a VA jumbo program.
Zero down does not always mean zero cash at closing. Closing costs, prepaid taxes and insurance, discount points, funding fees when applicable, and any difference between the purchase price and appraised value can affect the final amount due. We show clients those numbers before they make an offer.
Why some Veterans keep their down-payment money
A conventional jumbo buyer may expect to put 15%, 20% or more down. On a $3.5 million property, 20% is $700,000. A qualified zero-down VA jumbo structure can allow a Veteran to keep that money available for reserves, investments, improvements, moving expenses or other priorities. VA loans also do not require monthly private mortgage insurance.
That does not mean zero down is always the best answer. Some borrowers choose to put money down to reduce the payment or improve the overall structure. My job is to show you the choices clearly so you can decide what fits your goals.
Can you pay your own taxes and insurance?
With some of our VA jumbo lending options, qualified borrowers may be allowed to pay their own property taxes and homeowners insurance instead of including those amounts in a monthly escrow account. This is not available on every loan. It depends on the lender, loan-to-value ratio, program and complete approval.
If you choose a non-escrow structure, you are responsible for paying the tax and insurance bills in full and on time. We compare the escrow and non-escrow options with you so there are no surprises after closing.
VA jumbo lending in higher-value Pacific Northwest markets
We help Veterans use VA jumbo financing throughout Washington, Oregon, Idaho and Montana. That includes Eagle, Idaho VA home loans, luxury properties in Lake Oswego and the Portland metro area, and homes in Bellevue and other higher-value Washington communities.
Other markets where higher loan amounts may be important include Sammamish, Seattle, Bainbridge Island, the Boise metro area and selected communities across Oregon, Idaho, Washington and Montana.
What a lender reviews on a large VA loan
- Full or remaining VA entitlement: Your Certificate of Eligibility helps determine whether zero down may be available.
- Income and employment: The payment must be supported by stable, documentable qualifying income.
- Credit and debt: The lender reviews the complete credit profile and monthly obligations.
- Residual income: VA underwriting considers the income remaining after major expenses.
- Assets and reserves: Large loans may require documented reserves even with no down payment.
- Appraisal: The VA appraisal must support the property value and confirm minimum property requirements.
- Occupancy: A VA purchase loan is intended for a home the eligible borrower will occupy as a primary residence.
Full entitlement matters
VA’s own guidance says full entitlement means there is no VA loan limit, as long as the borrower can afford the loan and the appraisal supports the value. If you already have a VA loan or have entitlement tied up from an earlier loan, the calculation can be different. Remaining entitlement and the applicable county conforming limit may affect how much can be borrowed without a down payment.
That is why we obtain and review the Certificate of Eligibility early. A quick conversation without checking entitlement can give a Veteran the wrong answer.
Why work with Creekside Mortgage on a VA jumbo loan?
Large VA loans are not handled the same way by every lender. Creekside Mortgage is a mortgage broker, so we can compare multiple VA lender programs instead of trying to fit every borrower into one bank’s rules. We have helped military families complete more than 8,000 VA loans, and our team understands the extra coordination that comes with a high-value property.
Start with our updated VA jumbo home loan page, review our complete VA purchase loan information, or estimate a payment using our VA loan calculator.
VA jumbo loan frequently asked questions
Does VA cap a full-entitlement loan at the conforming limit?
No. The conforming loan limit does not impose a VA loan cap on a borrower with full entitlement. Lender approval, program maximums and property value still apply.
Is there monthly mortgage insurance on a VA jumbo loan?
VA loans do not require monthly private mortgage insurance. A VA funding fee may apply unless the borrower qualifies for an exemption.
Can the seller pay closing costs?
A purchase offer may request allowable seller-paid closing costs and concessions within VA requirements. The final structure depends on the contract, appraisal and lender approval.
Can I avoid an escrow account?
Some qualified borrowers may have the option to pay taxes and insurance directly through selected VA jumbo programs. Availability must be confirmed for the individual loan.
Let us review the property and your VA benefit
If you are considering a home above $1 million—or approaching $4 million—call or text us before assuming a large down payment is required. We will review your entitlement, qualification and the property, then explain what is possible in plain language.
Washington and Montana: 360-571-5626
Idaho: 208-424-6770
Oregon: 503-445-1038
Author: Kerry Greenwald, Owner and Senior VA Loan Specialist, Creekside Mortgage, Inc. Veteran and mortgage professional with nearly 30 years of lending experience. Company NMLS 70358 | Kerry Greenwald NMLS 70269. Program availability, maximum loan amount, zero-down eligibility and non-escrow options are subject to borrower qualification, VA entitlement, appraisal and lender guidelines. This article provides general educational information and is not a commitment to lend.
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