What are the Top 3 Home Loan Options in Dallas, Texas?

What are the Top 3 Home Loan Options in Dallas, Texas?

Buying a house can be an exciting experience. It comes with its own ups and downs but in the end, it is worth the trouble. If you are looking to buy a house in Dallas, Texas, then you have come to the right place. One of the key aspects of buying a property in this state is to apply for one of the home loans Dallas TX. It helps you narrow down your search for a property that fits your financial bracket as well as signals to sellers that you are a serious buyer. The process of owning a home is quite lengthy; therefore, you need to choose a home loan that fits your needs and aspirations. 

Let’s take a closer look at the top 3 home loan options in Dallas, TX which can make your dream of homeownership a reality. 

Choose the Best Home Loans in Dallas TX to Reap the Most Benefits: 

VA Loan: Welcome Home Soldier!

Applying for a VA loan is no different than applying for a regular mortgage loan but it comes with some additional perks.  You can apply for these home loans Dallas TX, if you are a veteran, an active service member, a National Guard member or a surviving spouse of a veteran. The VA loan option offers you the following exclusive perks: 

  • VA loans offer you 100% financing which helps cover down payment and other costs. 
  • You don’t need to apply for private mortgage insurance (PMI). 
  • You can also help your fellow veterans by paying a VA funding fee of 0% to 3.3%. 

Eligibility Criteria for VA loans: 

  • A copy of your license or other form of official verification document. 
  • You will also need to apply for a Certificate of Eligibility which will be issued by the Department of Veteran Affairs.  
  • In case of National Guard, your Reserve and Guard points or DD-214 statement. 
  • If you are an active service member, you will need a declaration of service which you show to lenders. 
  • You will need to add 2 years of pay stubs and W-2s. 
  • Your most recent bank statements. 
  • In case of disability during active service, your letter of disability awards. 

Unlock the Door to Homeownership As First time Home Buyers: 

Are you ready to become a firs time homeowner in Dallas, Texas? The process of becoming a homeowner has never been easier especially in the state of Texas. The reason why so many first-time home buyers are choosing this state to call home is due to a number of reasons. One of the most important reasons is that Texas is a zero-income tax rate in the U.S. This helps save money in the long run as residents don’t pay state tax on personal earnings. On top of that Texas offers loads of incentives and programs to first time home buyers such as Texas State Affordable Housing Corporation (TSAHC), Texas Mortgage Credit Certificate Program (MCC) and My First Texas Home program. These home loans Dallas TX makes it easier for first time home buyers to make a decision. 

You can also apply for First Time Home Buyers Program by Dream Home Mortgage; it offers the following benefits:

  • Only 3.5% Down Payment: To become a homeowner in Dallas, Texas, with this program you only need a 3.5% down payment for the house. This low rate helps you save up easily which helps you save time and resources. 
  • Building Equity in Your House: Due to the low-down payment, you can easily apply for a mortgage application and start building equity on your house. With each payment, you build equity which creates financial stability. 
  • Unlock Tax Benefits for First Time Home Buyers in Texas: More and more first-time home buyers are choosing Texas their ideal location to buy a house. This is because you can get deductions in the mortgage interest and on top of get even benefit from low real estate taxes. 
  • Get $15,000 Grant from Down Payment Assistance Program: If you are worried about scrapping together money for a down payment then you are in luck. You can apply for the Down Payment Assistance Program which offers you $15,000 grant money which goes towards paying for the mortgage. All you have to do is prove that you have never owned a house before and that you have adequate 3 years’ worth of rental history. This program caters to low-moderate income households. 

Federal Housing Administration (FHA) Loans: 

If you are a first-time home buyer who has low FICO scores of 580 and high Debt-to-Income (DTI) ratio of 57%, then you might be eligible for FHA loans. These loans are government backed and are tailored for low-to-moderate income households. You can get the following benefits by applying for FHA loans: 

  • Easier to Qualify For: Due to lenient eligibility standards, applying for a FHA loans, even with your bad financial history, seems within your reach. 
  • Lower Down Payment:  This is one of the main reasons why this loan option was initially introduced.  It has been estimated that around half of all first-time home buyers can’t buy a house due to no funds for a down payment. Therefore, FHA loans only require 3.5% down payment. 

Secure Better Loan Terms with Dream Home Mortgage!

Buying a home in Dallas, Texas has never been easier. This is all thanks to multiple first-time home buyer programs and loan options which make homeownership easier. If you want to gather more information or simply want professional guidance, you can head over to Dream Home Mortgage. With over two decades of experience under the able leadership of Mr. Hussein Panjwani, Dream Home Mortgage has helped thousands of families achieve their dreams of homeownership. You can also start your journey by booking a free 30-minute consultation session. Avail the best home loans Dallas TX and start your journey on the right note!