VA loans in Dallas TX are a loan program that is sought out by millions of veterans each year due to the 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 refinancing 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.
A Comparison Of VA Home Loans vs Regular Ones in Dallas TX
This federal loan program is arguably the best potential home-buyers can hope to get. The VA Home Loan program has the following advantages:
- No down payment at signing the agreement
- No Private Mortgage Insurance
- Very good interest rates
- Very good qualifying conditions
Who Is Eligible To Participate In The VA Home Loan Program?
There are a few basic requirements inquirers need to meet in order to qualify for this loan program.
Although there isn’t a fixed minimum income required to qualify for applying to this loan program, you should be able to make proof of reliable and steady income that covers your monthly expenses. This means that the VA requires applicants to have a proper level of income left after paying their monthly bills to cover for their 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, but veterans, military employees and their families can check these basic requirements of this program.
- Have 90 consecutive days of active service during wartime
- Have 181 consecutive days of active service in time of peace
- Have been part of the National Guard of Reserves for more than six years
- You are the widow or the widower of a service member dead in the line of duty
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 for the private lender to have the certitude 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 VA Home loans aren’t given by the government itself, but by private lenders. The federal government offers private lenders a guarantee, this being an incentive for them to offer veterans 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 they 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 out of their home equity. This allows them to pay for various emergencies or things they need to purchase 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 variable rate mortgage to a fixed rate.
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 allows the veterans in this category of population to have access to home buying, improvement or construction financing.
How To Find A Lender And Get Going
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.
There aren’t any minimum credit score requirements, but most lenders would require a minimum of 640. Depending on your personal finance 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.
There are other variables that could influence your choice. You should decide whether you want adjustable of fixed rate, as well as the duration of your mortgage.
The VA Home Loans program is meant to ease the process of purchasing a new home for citizens that have served our country. If you are one of them and you want to buy a home, you may be able to benefit from the VA.
Directions to VA Loan Academy in Dallas TX
Use the map below to either swing by or make an appointment with our office in Dallas.
Additional Helpful Information
Local communities we service in the Dallas, TX area:
Addison, Arlington, Balch Springs, Bedford, Carrollton, Cedar Hill, Coppell, Dallas, Desoto, Double Oak, Duncanville, Euless, Farmers Branch, Ferris, Flower Mound, Forney, Fort Worth, Garland, Grand Prairie, Grapevine, Heath, Hutchins, Irving, Lancaster, Lewisville, Mansfield, Mesquite, Murphy, Plano, Red Oak, Richardson, Rowlett, Sachse, Seagoville, Southlake, Wilmer, Wylie
Collin County, Dallas County, Denton County, Ellis County, Kaufman County, Rockwall County, Tarrant County
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