As a veteran or active duty personnel, there is no other home loan program that would benefit you as much as the VA loans. Competitive interest rates, lower credit score requirement and less closing cost, all will sound attractive to you. But VA loan are capped at $424,100 in the State of Texas and if you need to borrow beyond that for your dream home, then there is VA Jumbo loan for you.
Lending experts such as Clear Lending (https://www.clearlending.com/en/) can help you through different stages of the loan process. But are you eligible for such a VA Jumbo loan? Let’s find out -
Eligibility Criteria for VA Jumbo Loans in Texas
- You will have to have a minimum credit score of 620 as against 530 for normal VA loans. Also, you are required to pay 20% of the loan amount exceeding $424,100 as down payment.
- You will have to have served in the military for minimum of 90 days during wartime and 181 days during peacetime. This 181 days period is specific to the periods from post WWII to Korean War, post Korean War to Vietnam War and a period of 181 days after the end of the Vietnam War.
- If you have been enlisted in the post-Vietnam era, then you must have served for at least 2 years. However, personnel who have served 90 continuous days in the Persian Gulf in active combat duty are also eligible for this loan program.
- If you have served in the Reserves or National Guard, then the minimum service requirement stands at 6 years to be eligible for this loan program.
- Surviving spouses of deceased veterans are also eligible for this loan program, provided they aren’t remarried.
If you have any doubts regarding your eligibility for VA Jumbo loans in Texas, you can seek help from Clear Lending (https://www.clearlending.com/en/) as they have been guiding veterans, active duty personnel and their families. They have also made a name in helping clients avail VA loans for low credit scores in Houston.
