If you’re looking to buy a home in Dallas, you’ve undoubtedly been thinking a lot about your financing options recently. Property values have been on the rise in Dallas in recent months. Today, the average home in Dallas sells for just over $238,000 (according to Zillow.com).
Yes, the homebuying process can be financially stressful, and even emotionally exhausting at times. But don’t be discouraged! With a VA loan, you can land a great deal on a beautiful Dallas home. And when you partner with an expert mortgage broker, you can simplify and streamline the process of securing a loan.
What Are VA Loans & How Are They Financed?
VA home loans can provide eligible ex-military service members and surviving spouses with some financial assistance during the homebuying process. They can also provide financing solutions to veterans who are interested in renovating, repairing, or adapting a home.
These loans are largely funded by the Department of Veteran’s Affairs (VA). However, the application and lending process for VA loans is facilitated by banks and private lenders.
Types of VA Loans
There are a few different types of VA home loans. Each one comes with its own particular eligibility requirements and benefits.
Here are three types of VA home loans that can make it easier to buy a Dallas home:
Purchase loans. These loans can enable you to buy a home with an affordable mortgage and no down payment.
Interest Rate Reduction Refinance Loan (IRRRL). Have you already taken out a VA loan? If so, this option can allow you to refinance your existing loan to secure a lower interest rate. (This loan option is also sometimes referred to as the Streamline Refinance Loan).
Adapted Housing Grants. This financing option provides veterans with service-connected disabilities to pay for the adaptation or modification of their current residence.
The Importance of Finding the Right Lender
As mentioned above, you’ll need to partner with a bank or private lender in order to receive a VA loan. And when it comes to buying homes in Dallas, your best bet is always to work through a private lender. In contrast to big financial institutions, private lenders will approach your loan application with care and attention.
At the same time, not all private lenders are created equal. At Mortgage Solutions Financial, we’ll make sure that you’re connected with the most flexible and affordable VA loan options. If you’re looking for a Dallas home, Mortgage Solutions Financial can help get you started on the right foot!
Apply for VA Loans for Your Future Dallas Home
Curious to learn more about how a VA loan can simplify the homebuying process in Dallas? If so, contact our office today and we’ll provide you with everything that you need to know!