For veterans and service members, the VA allows financing of up to $4 million with a remarkable feature of 100% financing. This is a significant advantage, especially for those who qualify based on their entitlement. However, it’s crucial to be aware of potential challenges. Veterans with entitlement shortages, perhaps due to a previous VA loan or loss, might find themselves needing to bring in a down payment to cover the difference.

An important threshold to keep in mind is the VA loan limit, which is set at $766,550 in 2024. Any loan exceeding this limit falls into the category of a Jumbo loan. Jumbo loans, including those for million-dollar homes, have distinct underwriting requirements compared to regular VA loans and often come with higher interest rates.

When contemplating a million-dollar home purchase in Idaho using a VA loan, veterans should assess their entitlement status, potential down payment requirements, and the implications of entering the realm of Jumbo loans. Understanding these intricacies is crucial, and seeking guidance from a knowledgeable VA home loan expert, such as a broker or lender, is highly recommended.

For those navigating the complexities of these high-value loan options, Creekside Mortgage stands ready to assist. Reach out to us for any questions or concerns you may have regarding VA home loans or the process of securing a loan for a million-dollar home. Our team of experts is dedicated to providing personalized guidance to ensure a smooth and informed home buying experience.

Click here to watch a video about VA home loans.

Watch this video to learn more about the VA jumbo purchase program.

Explore VA Jumbo Purchase options in Idaho, Washington, Oregon, or get started and apply now.

Remember, Creekside Mortgage is here to address any questions or concerns you may have about VA home loans. Your dream home may be closer than you think!