3 Major Facts on VA Jumbo Loans That You Should Be Aware Of By Now

Owing to the Veterans Administration Loan Program, now the veterans and active duty personnel can buy or refinance the VA Jumbo Loans in Texas. Jumbo loan size limits exceed beyond the conforming loan limit of $453,100. The VA borrowers looking to make their purchase of the new house with the help of Jumbo loans can do so till $2,000,000 at 100% refinancing which is available only up to the VA county loan limit. But a down payment amount of up to 25% will be required on the difference from the buying price to the VA loan limit for your county.

So, before applying for such VA Jumbo loans in Texas, you should be aware of certain crucial facts. Here, we have gathered a few of them. Take a look.

Down Payment

With the conventional VA loans, you might have to make a 0 down payment but the Jumbo loans require you to make a down payment of a certain share of the difference between the loan you want and the county limit. So, you must be prepared to make a down payment if you are seeking the VA loans.

Credit Score

As the name of this loan program suggests, this is a high balance loan. So, you should have a better credit score than the normal VA loans. You must have a minimum eligibility of 620 as opposed to 530 when it comes to the credit score requirement.

Eligibility

VA home loans can be available for the active service members, the veterans except for the ones who have been dishonorably discharged, and some surviving spouses in some special situations if you have served-

• 90 Days of Active Duty during Wartime
• 181 days of active duty during peacetime
• 6 Years in the Reserves or National Guard, Or
• If you are the spouse of a service person killed in the line of duty and you have not remarried.

If you have further queries about the VA loans for low credit scores in Houston, then you can get in touch with any real estate lending service today.