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VA loans in the Dallas, TX area are a loan program sought out by millions of veterans each year due to their attractive 100% financing option and extremely low interest rates.
If you’ve served in the military and you’d like to buy a new home or refinance the one you’re currently living in, keep reading, because this type of loan is better than a regular mortgage…and it’s only available to veterans.
VA Home Loans in the Dallas, TX Area
This federal loan program is arguably the best potential homebuyers can hope for. The VA Home Loan program has the following advantages:
Who Is Eligible To Participate In The VA Home Loan Program?
There are a few basic requirements inquirers need to meet to qualify for this loan program.
Although there isn’t a fixed minimum income required to qualify for this loan program, you should be able to provide proof of a reliable and steady income that covers your monthly expenses. This means that the VA requires applicants to have a sufficient level of income remaining after paying their monthly bills to cover other smaller expenses, such as food, transportation, and various emergencies. According to the residual income requirements of this program, borrowers need to be able to manage their monthly mortgage payments without problems.
You have to be aware that the VA will decide upon the eligibility of applicants. Still, veterans, military employees, and their families can check the basic requirements of this program.
If you:
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VA Certificate of Eligibility (COE)
After you are sure you qualify for a VA Home loan, you have to apply for a Certificate of Eligibility (COE). This certificate serves as proof for the private lender to have the certainty that you are approved to get a VA-guaranteed loan. The COE can be obtained online, either on the eBenefits or the government VA website. Nonetheless, you can also obtain it through your chosen lender, as most of them offer this type of help to their clients.
Coming back home from the army isn’t easy, hence the mental health issues and civilian life problems many veterans have to put up with. As many of these people have no home to return to, the U.S. government designed the VA Home Loans program to support veterans who wish to become homeowners. Launched back in 1944, this program has helped millions of veterans and their families purchase a home by offering them special home financing options. The government itself doesn’t give VA Home loans, but rather, they are provided by private lenders. The federal government offers private lenders a guarantee, which serves as an incentive for them to provide veterans with affordable financing conditions.
Benefits of a Military Home Loan
The VA Home Loan program offers its participants several excellent advantages.
Homebuyers can benefit from a purchase loan whether they intend to buy their first home or have previously owned real estate properties. This loan is available with zero percent down at signing. Moreover, being guaranteed by the federal government, it doesn’t require borrowers to get private mortgage insurance. The VA Purchase Home Loan is the best solution for all people who want to buy a home but can’t afford the regular interest rates on the market.
Cash-out refinance loans enable homeowners to withdraw cash from their home equity. This allows them to pay for various emergencies or purchase items they need immediately. You can use this type of loan to repay your other debt, to pay your school tuition, or to renovate your house.
The last type of loan you can qualify for in this program is the Interest Rate Reduction Refinance Loan (IRRRL) or the Streamline Refinance Loan. You can use this loan to refinance an already existing VA loan, the result being a lower interest rate or the shift from a variable-rate mortgage to a fixed-rate mortgage.
Moreover, this umbrella program offers some specialized modules, such as adapted housing grants for disabled veterans and the Native American Direct Loan (NADL) Program. The NADL enables veterans in this category of population to access home buying, improvement, or construction financing.
How To Find A VA Lender in Dallas
Once you know you can participate in this program and you have your Certificate of Eligibility, you need to search for the right house to purchase. As soon as you find it, you’ll need to find the best private lender to complete the transaction. Since not all lenders offer the same interest rates and conditions, you should take your time and do your research carefully.
Depending on your personal financial conditions, you’re going to be offered various interest rates. When making your choice, you need to ask these lenders about all other fees, so that you can compare your options properly. For instance, if you intend to repay your loan in advance, you may not want to sign up with a lender who penalizes you for early payments.
Other variables could influence your choice. You should decide whether you want an adjustable or fixed rate, as well as the duration of your mortgage.
For questions about a VA Loan in the Dallas TX area, please call a VA Loan specialist at 214-658-1703
Additional Helpful Information
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