VA Jumbo Loans
VA “jumbo” loans are simply VA loans but dealing with larger amounts of money. In this way, the same can be said of VA jumbo loans as is said of regular VA loans – they offer an incredible amount of options compared to conventional and FHA loans. Using a jumbo loan, you can purchase a home or refinance a home to get a lower monthly payment, consolidate your debt, improve your home, or simply pay off the home faster.
Your VA eligibility can be used for more than $417,000. Maximum eligibility amounts vary state by state, just like home prices, and in Hawaii and Alaska, veterans can get eligibility for over $625,000. Use the VA jumbo loan option to take full advantage of these amounts if your dream home requires it.
All the advantages of the VA IRRRL, but Jumbo-style, which means you can refinance a larger amount. The IRRRL, being a streamline refinance option, cuts out most of the underwriting process, taking the information from the previous loan, for the most part. This makes it not only much quicker, but also cheaper than a traditional refinance. Not every situation is right for the IRRRL, though, so follow the link and find out if it’s the best option for you.
The Jumbo version of Debt Consolidation. Using a loan to consolidate debt means getting more money from the loan than you still owe on the home for the purpose of paying off credit card debt and any other debt with a higher interest rate than your mortgage. This allows you to consolidate your debt into one manageable payment with a much lower interest rate. Use the Jumbo version for larger amounts.
Energy efficiency is something that can save a lot of money in the long run. Everything from solar panels to replacing windows to better insulation can lower your monthly utility bills and help your home be warm in the winter and cool in the summer. The VA EEM can get a veteran up to $6,000 to go towards energy-efficient upgrades in their home.
If you’ve been dutifully paying your mortgage payment for the last 10 years or more, you’ve got a considerable amount of equity built up in your home. The cash-out refinance option can take some of that equity and turn it into cash in your hands, allowing you to pay off a car, make a major expense, support a child at college, or just put it into savings for a rainy day.