Dallas is a remarkable city that has a lot to offer to Veterans and their families. There are fifteen military bases in Texas and service members have access to numerous Veteran facilities. If you’re thinking about planting roots in Dallas and buying property with a VA home loan, this guide is for you! Below, we’ve provided some useful information on housing programs for Veterans and active military in Dallas, Texas.
Dallas, Texas VA Loans & Homebuyers Programs
Many Veterans and service members are attracted to Texas because of its strong economy, low cost of living, and reputation as being a military-friendly state. In addition, there are some great homebuyers programs that qualifying residents can take advantage of such as:
The VLB Veterans Housing Assistance Loan Program
This program was launched in the 80s in an effort to make purchasing a home more affordable for Veterans in Texas. Through this program, qualifying Veterans are able to purchase a home at a low-interest rate with little to no money down. There are also lower rates for Veterans who have a disability rating of 30% or more, home improvement, and land loans. For those who qualify, land loans can be obtained in an amount of up to $150,000 at a below-market rate with just 5% down.
The VLB Veterans Home Improvement Program
As part of the VLB Veterans Housing Assistance Program, Texas also offers Veterans the ability to take out a loan to make improvements to their home. Qualifying individuals can obtain up to $50,000 for a maximum 20-year payoff or a 10-year payoff for loans of $7,500 – $10,000.
Property Tax Exemption
When you’re a homeowner, you have to pay property taxes. In Texas, you can either pay property taxes annually or include payments with your mortgage. However, if you’re a disabled Veteran, you may be able to qualify for a tax exemption. According to the Dallas County website, “Veterans with qualifying service-connected disabilities are eligible for property tax exemptions.”
U.S. Department of Veteran Affairs Home Loan Program
If none of the above-mentioned options appeal to you, you can go the traditional route of applying for the VA loan program offered by the U.S. federal government. Service members and Veterans who qualify for this program are able to obtain a home loan with no money down and a below-market interest rate.
Find the Right Program for You
Not sure which option is best for you? Call our office today to discuss Dallas VA home loan programs.