As a veteran in Texas, you could be eligible for a Jumbo VA loan. In order to be eligible, you need to be a veteran or in the active military. Furthermore, the home you want to purchase must be in Texas and you must plan to make the home your primary residence.
Jumbo VA Home Loan in Texas
What can you get with a Jumbo VA loan in Texas? You can purchase a home that exceeds the amount of $453,100. In addition, there are still excellent interest rates available for your purchase.
Down Payment Requirements
The benefit of a regular VA home loan in Texas is that as a veteran, you can purchase a home under $453,100 and put down $0. This is an amazing opportunity for a veteran to get into a new home. However, with a Jumbo VA home loan, you will be required to make a down payment if you go over the $453,100 amount. In essence, you will be required to put down 25% of any amount that goes over $453,100.
For example, when you make a home purchase of $475,000 you would not have to put anything down for the first $453,100. Then, for the price over that amount, you would have to pay down 25%. To figure the exact amount for this transaction, let’s do the numbers. The difference between $453,100 and $475,000 is $21,900. Twenty-five percent of this number is $5,475. Obviously, this amount is well below what would be required for a non-veteran Jumbo loan.
Contact Signature Lending Services Now
In conclusion, a Jumbo VA is a great option if you are interested in purchasing a more expensive home. If you want expert advice to guide you through the process and help you with a veteran’s home loan in Texas, contact Signature Lending Services. We are an industry leader. To get started with a Jumbo VA home loan, call (214)-681-3540.