Myth Buster of the Week: Veterans can only buy cheap homes.
I recently had a veteran come in who thought he had to put 20% down on a $800,000 home because another lender had said he could only borrow up to $625,500, as with FHA and FNMA loans.
He was disappointed because he didn’t have 20% down, and the homes in the area he wanted were well above $750,000.
He was referred by a friend who had done his VA with loan with me and was glad to hear that we go higher, as high as the guidelines allow.
He bought the home he wanted in the neighborhood he wanted at a lower interest rate and 0 down (VA jumbo rates are 3.75% versus true jumbo at 4%).
Everyone was happy!
I love helping veterans, so if you know one who wants to buy for $100,000 or $1,000,000, please introduce us.