Jumbo Loans Now Available for Military Veterans

VA loans are great options for military members. They don’t require a down payment or mortgage insurance.

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We’re excited to be joined this time by one of our preferred lenders, Teresa Hagood of First Bank Mortgage. We’re going to be talking a little bit about VA loans and all the benefits they offer to those who qualify for them.

A VA conforming loan will lend you up to $424,100 for a home purchase if you qualify. The best part about this loan is that there is no down payment required. There are actually a lot of people around here who can qualify for this loan but have no idea it exists.

If you’re looking to buy a home with a VA loan that costs more than $424,100, you also may be able to qualify for a jumbo VA loan. The jumbo loan will cover you up to $1.5 million, but there is a down payment required. It’s typically around 5% of the purchase price. You’ll also need a minimum credit score of 620 to qualify for this loan.

Finally, VA loans don’t require you to pay any mortgage insurance. There is a funding fee, but it’s waived for disabled veterans.

If you’ve got any questions about VA loans or you’re curious whether you can qualify for one or not, give Teresa a call at (256)-227-7727 or visit her website, www.loansbyteresa.com.

If you have any other real estate questions or needs, we are always here to assist you. Just give us a call or send us an email today.

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