Are you an aspiring homeowner? Then, you should understand a few things. Obviously, you will need the right capital to fund your new home. If you don’t have the entire amount as savings, then you can always resort to the home mortgage lenders who can provide you with lucrative loan options at great interest rates. In order to qualify for such loans, you have to have a good credit history. And you will also need to pay a certain share of down payment. But not everybody can meet all the required conditions while applying for such home loan options. Then, what is the solution? Well, there are several loan options for these conditions too.
There are several home mortgage programs which you can avail with a poor credit history or insufficient down payment. And if you happen to be a veteran or an active duty personnel, then it is a great thing because you can avail the VA Jumbo loans in Texas. The VA Jumbo loans refer to those loan amounts which exceed beyond the conforming limit of $453,000. And you can avail a loan amount till $2,000,000 at 100% refinancing. However, you just need to make a down payment of 25%.
Here, we have 3 things that you need to check before availing the VA Jumbo loans. Take a look.
1. Down Payment
When it comes to the traditional VA loans, you don’t have to make any down payment but the Jumbo loans have a compulsory down payment requirement where you have to pay a certain portion of the difference amount between the county limit and the loan you want. So, be prepared to make this payment in case you opt for this loan and check the amount you need to save.
2. Credit Score
Next, you have to make sure that you are aware of the credit score that this kind of loan option requires. Although it is a credit history flexible loan, you will still need to have a certain level of credit score. Make sure there is the minimum amount of 620.
3. Eligibility Quotient
You must remember that the VA loans are available only for the veterans and the active service members although excluding the ones who have been dishonorably discharged and other surviving spouses if they have served 90 active duty days during a war or 181 days during peacetime, have provided 6 years of serve as a National Guard or in the Reserves, or has been a spouse of someone who was killed on duty and have not remarried since then.
So, after checking these concerns, if you think this is the right one among the home loans for bad credit in Houston, then opt for it today.
Author Bio: Joan Gallardo has an experience of 18+ years as Senior Loan Officer and here, he writes on 3 things to check while considering the VA Jumbo loans in Texas. Follow his blogs to know about the other home loans for bad credit in Houston.