VA Loans for Jumbo buyers?04-23-2014
Happy Hump Day - Did you know that VA will allow the Veteran Buyer to pay for termite work required to obtain a clear termite report? It’s true! The purchase contract must clearly state what work will be paid for by the Veteran/Buyer and at what cost. As long as the details are clearly spelled out on the purchase contract, the amounts are listed on the HUD and the borrower has sufficient acceptable assets to do so, the Vet can pay for termite work. Keep in mind the Veteran Buyer can never be charged for the Termite/Pest inspection fee. Don’t overlook the benefit of this great loan product. •Zero down payment up to $500k purchase price in Monterey County •No Mortgage Insurance •$700k purchase price with approximately 7.5% down payment.... only $50k down •Today’s (4/23/14) interests rates for these loans are: -Under $417k loan amount = “aprox.” 4.125% with no points (with about $1K credit back to the VET) -Up to $650k loan amount = “aprox.” 4.25% with no points (with over $1k credit back to the VET) With Jumbo loans in Monterey County being anything over $484k, these VA loans can be a fantastic alternative to a jumbo loans for a VET. Attached above is a user friendly buyer flyer. Call or email if you have any questions or would like to know more about a VA loan.