Need some help OB. I am finally moving back to Texas for work shortly. Looking to buy a home in the NE Dallas area. I am a Disabled Veteran so I will be using the VA home loan for the no fees and no down payment just like my current home (which I will be selling). When I purchased my current home I was single and kept it around 300k. Now I am married and we want bigger, with more land, and a pool. I have done quite a bit of research on the subject but having a hard time finding the exact mortgage we want. Prior to 2020, VA home loans where restricted in total amount before going to "jumbo". That limit was 520k where we are looking to move.
However, I have found the rule is no longer in place, but can't seem to find a lender that is up to date on it. Me and the wife from Nam more than qualify for a mortgage above 520k. We are not looking to go too much higher than that but it would be nice to be able to widen our search to houses in the 600-700k range without having to front the difference in cash in order to avoid the inflated jumbo rates. Essentially when I look at mortgages, if I keep it 520k or below I get 3.25% interest rates with nothing down. The second I go above 520k, I start seeing crap in the 4's with required down payments.
So, are there any OB's that work for or know of lenders that will meet our needs. A 30 year fixed VA Home Loan with 0% down between the range of 520-700k without inflating the interest rate into a jumbo loan? Also we would like low to no fees (previous home loan had like a 500 dollar funding fee). I have found nothing online that says I shouldn't be able to do this with the new VA Home Loan rules. Not to give too much personal information, but just assume you are dealing with borrowers with impeccable financials and more than enough income to qualify for a mortgage of that size. I am not saying that I won't be putting any money down, I just shouldn't have to in order to qualify. Currently am sitting at 3.75% but am hoping to get the new rate between 3.25-3.5%.
However, I have found the rule is no longer in place, but can't seem to find a lender that is up to date on it. Me and the wife from Nam more than qualify for a mortgage above 520k. We are not looking to go too much higher than that but it would be nice to be able to widen our search to houses in the 600-700k range without having to front the difference in cash in order to avoid the inflated jumbo rates. Essentially when I look at mortgages, if I keep it 520k or below I get 3.25% interest rates with nothing down. The second I go above 520k, I start seeing crap in the 4's with required down payments.
So, are there any OB's that work for or know of lenders that will meet our needs. A 30 year fixed VA Home Loan with 0% down between the range of 520-700k without inflating the interest rate into a jumbo loan? Also we would like low to no fees (previous home loan had like a 500 dollar funding fee). I have found nothing online that says I shouldn't be able to do this with the new VA Home Loan rules. Not to give too much personal information, but just assume you are dealing with borrowers with impeccable financials and more than enough income to qualify for a mortgage of that size. I am not saying that I won't be putting any money down, I just shouldn't have to in order to qualify. Currently am sitting at 3.75% but am hoping to get the new rate between 3.25-3.5%.
