Texas Jumbo VA Loans
Thank You for Your Service
Texas Jumbo VA Loans aim to give veterans and active-duty personnel the opportunity to purchase high value properties. This is a guide for what you will need to know if you want to get in on this special program.
91 Days Wartime Active Duty
181 Days Peacetime Active Duty
6 Years Reserves
6 Years National Guard
The spouse of a service member who was killed in the line of duty
You are issued a Certificate of Eligibility (COE) by the VA. It provides verification you meet these Texas Jumbo VA Loan requirements. This COE is an absolute requirement. If you don’t have yours yet, Good to Go Mortgage can help you get it.
Texas Jumbo VA Loan Value
Texas Jumbo VA loans are more than the standard 2018 VA Loan Limit of $453,100. The face value of the loan must be more than $453,100, after you make your down payment.
Down Payment Requirement
Usually, a down payment is required. The lender has the choice to set the amount of your down payment. The stronger the rest of your application is, the lower your down payment requirement.
Prequalify Today for Your Texas Jumbo VA Loan – How much does your down payment need to be?
Texas Jumbo VA Loan Qualification Requirements
There are certain requirements for a Texas Jumbo VA loan. The nice thing is, the requirements are less strict than for other kinds of loans. This is because of the VA guarantee.
Your Credit Score
The VA does not set minimum credit score requirements. Each lender has their own requirements. The Dept. of Veterans Affairs lets the private lenders make their own rules. A credit score of 600 or so is usually the place to start. If your credit has had some issues in the past, Good to Go Mortgage knows how to solve complex mortgage puzzles.
You will have to wait to receive a Texas Jumbo VA loan after some types of credit problems. These are the waiting times:
1 year – Date of Discharge Chapter 13 Bankruptcy
2 years – Trustee’s Deed filed for Foreclosure or Date of Discharge Chapter 7 Bankruptcy
Your Income and Debts
Your debt to income ratio is important when you apply for a Texas Jumbo VA loan. Lenders can determine your ability to make your payments.
Residual Income is also measured. This calculation determines how much money you have left over at the end of the month.
Texas Jumbo VA Loans for Vets with a Disability
The Texas Vet Land Board (VLB) discounts the interest rate another 0.5% Veterans with a Disability.
As a US Vet, living in Texas, you have earned the right to access a Texas Jumbo VA loan to purchase or refinance your home. Good to Go Mortgage can help.