Acquire a VA Jumbo Loan in Albuquerque, NM
In return for honorable service in our armed forces, the United States government offers veterans and their spouses the opportunity to purchase a home using a Veterans Affairs home loan. If you are interested in refinancing or purchasing, an experienced loan officer at Infiniti Mortgage, LLC can help.
Advantages of a VA Mortgage Loan
VA loans are advantageous to many veterans, active service military and their spouses because they:
- Have low interest rates
- Do not require private mortgage insurance
An expert loan officer at Infiniti Mortgage, LLC can help you understand how these advantages will benefit you.
Eligibility Requirements to Acquire a VA Loan
In order to acquire a VA mortgage loan, you must be able to prove:
- Military eligibility determined by length of duty and discharge status
- Good credit with a score of 620 or above
- Sufficient income to support the loan
Additionally, you must use the home as your primary residence.
VA Jumbo Mortgage Loan Limits
There is no current ceiling for a VA jumbo loan. However, home loan lenders may limit the size of their loan to restrictions set by Fannie Mae in order to secure guaranty by the U.S. government. In New Mexico, that limit is $417,000.
Although there is a restriction placed on how much of a guaranty the loan has, home loan lenders may allow you to borrow more. Additionally, home loan lenders can determine whether or not they would like to collect the excess loan amount as a down payment.
Use an Experienced Mortgage Broker
Trying to obtain a VA mortgage loan can be a stressful experience if you attempt to secure the best rates and terms without help. An experienced loan officer will do the rate shopping for you, so you can worry about finding the home of your dreams or refinance your existing home loan.
At Infiniti Mortgage, LLC, we strive to make the process of securing a VA home loan as easy as possible. Set up an initial meeting with our experienced Albuquerque home mortgage loan officer today. Contact us to schedule an initial consultation.