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4 Reasons You Should Choose VA Jumbo Loans in Texas by Alice Campbell
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4 Reasons You Should Choose VA Jumbo Loans in Texas |
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“Here in this write-up, we take a look at the four advantages of opting for VA jumbo loans in Texas over conventional jumbo loans.” The VA home loan program is meant to offer uniform significant benefits over conventional home loans to veterans and other buyers in Texas. Naturally, it is the right choice for most people who are eligible for it. The VA jumbo loan does quite the same for individuals who wish to avail a jumbo loan and yet enjoy the benefits that come along with VA loans. Lending companies such as Clear Lending (https://www.clearlending.com/en/) always suggest this loan to its serving or retired uniformed personnel. Here are the four reasons why you should choose VA jumbo loan in Texas over conventional jumbo loans. Take a look. - Higher Threshold - As a veteran, you are well aware of the VA loan program. It allows you to borrow without having to make any down payment and is also lenient in terms of credit score, as one can qualify for this loan with credit score as low as 530. But it has a threshold of $424,100. What if you want to buy yourself a larger property? This is where VA Jumbo loans in Texas allow you to borrow up to $1,000,000. So if you have a credit score of 620 or above, you can use this loan to buy yourself a larger and better property.
- Lower Down Payment – There is a myth associated with a VA Jumbo loan and that is you are required to pay 20% of the amount as down payment. This isn’t true as you will enjoy the benefits of 0% down payment for the loan about up to $424,100which is the threshold of a VA home loan. For instance, if you borrow $600,000 to finance your property, you need to pay 20% of ($600,000 - $424,100) which comes to 20% of $175,900 or $35,180. But if you take a look at the overall loan that’s about 6% of your overall borrowing. You can’t dream of such attractive down payments with conventional home loans.
- Refinancing Option–The VA jumbo loan in Texas comes with a pre-approved refinancing option. This is termed as the VA Interest Rate Reduction Refinance Loan. By availing this, you will be able to refinance your existing loan if the rates drop. What is even more attractive about this refinancing option is the fact that you will be able to refinance up to 90% of your total loan amount that is unparalleled when compared with other conventional loans.
- Long-Term– Last but not the least, you can avail these loans for a longer term ranging between 15 and 30 years that allows you to substantially reduce monthly payments. This spreads your repayment over a longer period of time and hence, makes it easier for you.
Now, you can clearly see the benefits of availing VA jumbo loan in Texas over conventional jumbo loans. To ease the process of securing this loan and also get the best value for money, you should get in touch companies like Clear Lending (https://www.clearlending.com/en/)that take pride in being associated with veterans and their families and serving them in the best ways possible. About Author: Joan Gallardo, with his 18+ years of experience as Senior Loan Officer, has established a strong reputation in helping his clients avail VA jumbo loans in Texas. He writes regularly on topics such as home loans for low credit scores in Houston.
Related Articles -
VA Jumbo loans in Texas, Home loans for low credit scores in Houston,
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