Benefits of VA Jumbo Loans over Conventional Loans in Texas

If you love luxury, are eligible for VA loans and have the means to do so, you aren’t likely to settle for an ordinary home. And in such cases, your home mortgage would mean a jumbo loan. Here, you have to choose between conventional jumbo loan and VA jumbo loans. If you ask for suggestion from experts such as Clear Lending (www.clearlending.com), they would always suggest you the later.

VA jumbo loans in Texas have offered a great option for veterans and others eligible for this program to build their dream home. This loan program offers many benefits over conventional jumbo loan and here are some of the major benefits you should know about -

• Credit Score – For a conventional jumbo loan, you need to have an extremely good credit history. You won’t even qualify for this loan program if you don’t have 710+ Credit Score. VA Jumbo home mortgage program allows you to borrow with a credit score of 620.

• Down Payment – Both conventional loans and VA jumbo loans in Texas require a down payment of 20%. But in case of VA jumbo loan, you will have to pay 20% of the amount exceeding $417,000 (the upper threshold for VA loans). So if you are applying for $800,000, you would need to pay $160,000 as down payment in conventional loans whereas you pay only 20% of $383,000 which is $76,600 in case of VA Jumbo loans.

• Lower Interest Rates – There is nothing that attracts you more than the lower interest rates when you are looking for home mortgage and VA jumbo loans have always had slightly lower rates compared to conventional home loans.

If you have any doubts regarding VA jumbo loans in Texas or would like to know more about this program, you should get in touch with agencies such as Clear Lending (www.clearlending.com) as they not only help in finding home loans for high debt ratios but also make sure you get the best deals.   You can also know about VA loans for low credit scores in Houston from them.