AB JUMBO LOAN

AB Jumbo Loan could be any loan of a higher amount than $417,000. If you wish to buy or refinance a home costing over $417,000 which is the normal maximum for a house, you can nevertheless do so by taking advantage of your AB status if you are a veteran living in a high cost area. The terms pertaining to AB Jumbo loans stipulate that you make a 100% down payment equal to the difference between the enhanced cost of the house and $417,000/-.

To illustrate the above scenario with an example for better clarity, say that as an eligible veteran you wish to buy a home for $427,000. as already stated above the maximum obtainable for a normal loan is only $417,000 with zero down payment. In this particular case you will have to make a down payment of $10,000 being the difference between the cost of the home you want to purchase and $417,000.

Provided you could come up with the down payment required, you would be able to now go ahead with the purchase by paying closing costs as well in addition to the $10,000 down payment and obtaining a mortgage for the balance amount of $417,000.

 
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