The Best Jumbo Loan on the Market in Broward County
Want to know who has The Best Jumbo Loan on the Market in Broward County? The Veterans’ Administration (VA) does! While the VA loan has some prerequisites (Namely you have to have served your country, etc.) Lenders and Borrowers often overlook the power and the benefits offered by a VA loan.
Why do I think the VA loan is The Best Jumbo Loan on the Market in Broward County?
1. Pricing – Because the VA creates a guarantee for lenders, Jumbo VA loans are generally priced similar to conventional (<$417,000) VA loans.
2. Down Payment - The VA program essentially provides a guarantee to insure lending institutions for 25% of the value of a VA Loan. The Veterans can make full use of this guarantee by securing 100% financing up to $417,000. However, in my opinion a much underutilized provision of VA guidelines, is that the Veteran can supplement the VA’s guarantee for a Jumbo loan amount (Loans > $417,000). This means the Veteran only has to guarantee 25% of the amount over and above $417,000 limit in the form of a down payment. Example: On a $517,000 loan, the Veteran is responsible for $25,000 Down payment ($517,000 - $417,000 = $100,000 x 25% = $25,000 down payment.) This equates to a 4.83% down payment without mortgage insurance. Show me another Jumbo loan that has <5% down payment (without mortgage insurance) that is priced very well?
That is why I believe The Best Jumbo Loan on the Market in Broward County is a VA loan if you qualify?
If you would like more information about The Best Jumbo Loan on the Market in Broward County or any other VA loan program please visit: http://www.bradgreenleaf.com/ or contact me at the number below.
Alterra Home Loans
7777 Glades Road #202
Boca Raton, FL 33434
Florida ID # LO305 NMLS # 277151
Alterra Home Loans NMLS ID # 836798