Did you know that you may be able to move into a Texas home now with zero down if you are a veteran, active duty service member, or eligible surviving spouse?
A VA mortgage makes home ownership affordable and accessible with relaxed credit qualification requirements and affordable interest rates.
What is a VA Loan?
A VA mortgage is a type of home loan that is available to you as part of your VA benefits after meeting a specific service requirement.
The Department of Veterans Affairs (VA) insures this type of home loan. That guarantee makes the many advantages of VA loans possible.
VA Loans Offer These Benefits to Texas Homebuyers
If you qualify for a VA mortgage, these are the advantages you can look forward to:
- You can buy a home in Dallas or elsewhere in TX with zero down.
- The interest rate on your mortgage will be affordable even if your credit score is not ideal.
- You do not need to pay for private mortgage insurance (PMI) or monthly mortgage insurance premiums (MIP), even with no down payment.
- The maximum for the closing costs is 3%, if not paid for by the seller.
- If you are an eligible disabled veteran, the funding fee is waived.
- If you are applying for a VA Streamline Refinance loan, you may not need an appraisal.
With so many exciting benefits, you will not want to miss out on this chance to save money on a new home.
Are You Eligible for a VA Mortgage in Texas?
Do you qualify to buy a home with zero down, no PMI, and the other benefits listed above? Here are the qualification requirements you will need to meet:
- You must be a veteran, an active-duty service member or an eligible surviving spouse.
- Any military branch, the National Guard, or the Reserve all are eligible (so long as you were activated).
- You must meet requirements for your credit score, DTI ratio, and income, but these are relaxed compared to the standards for conventional financing.
- You must have served a certain minimum amount of time depending on your service era. For most eras, 90 days of active duty wartime service will meet this requirement, as will 181 days of continuous active duty peacetime service.
- You will need to furnish a Certificate of Eligibility (COE). We can help with this.
- You can only use a VA mortgage to finance a primary residence, not a second home or vacation home.
Apply for a VA Loan in Dallas or Beyond
Are you ready to call upon your VA benefits and move into a home in Dallas or elsewhere in Texas with zero down? We can walk you through the process of applying for a VA mortgage. To get started now, please give us a call today at (469) 886-8300 to schedule your consultation.