Veterans Affairs (VA) Loans

VA Home Loans in Dallas, Texas

The Veterans Affairs (VA) loan program was created in 1944 by Franklin D. Roosevelt as part of the Servicemen’s Readjustment Act, better known as the GI Bill of Rights. The VA Loan program was designed to offer long term financing to American veterans or select surviving spouses without requiring a down payment or stellar credit. The VA Loan has allowed over 24 million veterans to purchase or refinance a home!

VA Home loans in Dallas, Texas can be one of the most rewarding of all types of mortgage loans. These home loans are provided through the U.S. Department of Veterans Affairs and are guaranteed by the department.

Additionally, the VA has a lighter policy which allows some borrowers to qualify for the loan without meeting all the requiring factors.

This benefit makes it easier for veterans to achieve their dream of homeownership.

To qualify for the VA loan in Dallas, a borrower(s) would need to meet one or more of the following requirements:

  • Having served 90 consecutive days of active service during wartime or,
  • Having served 181 days of active service during peacetime or,
  • Six years in the national guard service or Reserves, or
  • You are a surviving spouse of an active service member who died in the line of duty or has a service-related disability as a result.

What are the VA Loan Limits in Dallas, TX?

As of 2020, those who qualify for the VA loan can borrow up to $510,400 without putting any money down in all Texas counties. Supreme Lending requires borrowers have a minimum 640 FICO score for qualifying for the loan.

Funding Fees

Almost every VA Loan in Dallas, TX has a funding fee. The Funding fee goes directly to the department to ensure the program keeps running for future generations of veterans and their families. The fee varies from borrower to borrower and does not apply for veterans with service-related disabilities.

The funding fee varies on usage and is typically 2.3% of the amount borrowed for first-time use. The fee is between 3.3% – 3.6% of the amount borrowed if a VA Loan has been used in the past or the borrower is a repeat buyer. The funding fee can be decreased by putting down 5% or more at the time of closing.

Advantages of a VA Loan

    No down payment

    VA does not require private MIP

    Limit on the amount of origination fees and closing costs that the lender can charge

    Limit also placed on appraisal fees

    No Monthly Mortgage Insurance Premiums

    VA Interest Rate Reduction Refinance Loans Available (IRRRL)

    No Prepayment penalties

   Up to 100% Seller Paid costs on purchase

Features of a VA Loan

    Borrower with eligibility remaining must have a Certificate of Eligibility from the VA

    VA does not require private MIP

    Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length

    Closing costs can be paid by the lender and the seller

 

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Disclaimer:

NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.