Are you trying to finance a home for a long time? Well, there can be several reasons why you would want a new house. Some might feel unsafe in the neighborhood or they might need more space due to changed lifestyle or increased family members. But the issue is purchasing a house is a little difficult because of the increasing real estate prices. That is why it is crucial to take assistance for buying a house. There are several home loan programs which you can resort to for seeking the perfect home of your dreams. However, the problem occurs because the loan programs have several eligibility factors which are a little difficult to fulfill. That is why the government-backed programs for home financing and refinancing assistance have become extremely popular. Right from the FHA, USDA, to the VA and the VA Jumbo loans, there are a number of options to avail.
Appreciating the efforts of a veteran towards the US military systems, the government has initiated the VA loan programs. This is basically the Veterans Administration Loan Program for the active duty personnel and the veterans. Now sometimes, the loan we need to finance or refinance our home is quite huge. In that case, the veterans may opt for the VA Jumbo loans in Texas. Conforming to a loan limit beyond $453,100 and up to $2,000,000, these loan programs are one of the best options for all aspiring home buyers with a background in the US Military. But you must remember that a down payment of 25% on the difference between the VA loan limit particular to your country and the purchase price is mandatory for these loan programs.
Here we have a few details you should always be aware of while applying for a VA Jumbo loan. Take a look.
Interest rates are vital to every loan program. Whenever you apply for a loan, you should know that you are required to repay the loan with a stipulated interest depending on the loan type availed and your mortgage lender. In the case of VA jumbo loans too, it is expected that you should pay the interest for the loan. The VA jumbo loans are a fixed-rate loan but a shorter-term or lower-interest rate is possible in this case without having to obtain extra equity from your property. This has been made possible with the VA Interest Rate Reduction Refinance Loan (IRRRL).
COE is not Compulsory
With the VA loan programs, you will not require a COE in order to be eligible for the loan program. The COE or certificate of eligibility is something that is essential for most of the loan processes but for the VA Jumbo loans, this is not compulsory. You can get yours if you are worried about the entitlement amount or need an assurance of the proof of your benefits but it cannot stop you from getting a loan from any VA approved lender.
So, what are you thinking? Before going ahead and finding the best mortgage lender in Houston, you should know about these. If you still need more details about the VA jumbo loans, you can reach out to a home loan lending site for more clarity and guidance.
Author Bio: Joan Gallardo, a Senior Loan Officer with +18 years of experience, here writes on a few things to be aware of before going for the VA Jumbo loans in Texas. Follow his blogs to choose the best mortgage lender in Houston.