Dallas stands out as a vibrant metropolis where business, culture, and community come together. The Dallas housing market is more accessible than ever, with home values averaging around $315,000. At the same time, a dramatic jump in inventory (over 50% in a year) gives you more choices and more negotiating power as a buyer. Whether you’re relocating, upsizing, or entering the housing market for the first time, Dallas offers an ideal backdrop for putting down roots and building the future you deserve.
As a current or former servicemember, Dallas offers you a world of mortgage advantages through the VA home loan program. VA home loans are government-backed, specifically designed to help Veterans, active-duty military personnel, reservists, and eligible surviving spouses purchase or construct their dream home, with no down payment required, no private mortgage insurance, and access to some of the best available rates.
There are several VA loan programs, each designed to meet specific needs, whether you’re buying a home, refinancing for a lower rate, or building a custom home from the ground up.
VA loan programs in Dallas are designed to help you reach a variety of homeownership goals, whether you’re buying, refinancing, or building.
The VA purchase loan is the foundation of the VA lending program and gives you an affordable, straightforward way to buy a home in Dallas. With no down payment required, no PMI, and flexible credit requirements (many lenders accept scores as low as 580–620), you can move into your ideal home sooner and save substantially every month and over the life of your mortgage. Loan limits are high: you can borrow up to $806,500 in Dallas with full entitlement and no down payment.
If you already have a VA mortgage, the VA IRRRL, also known as the VA Streamline Refinance, allows you to quickly lower your monthly payments or switch from an adjustable rate to a stable fixed rate. The process is fast, with minimal paperwork, and no appraisal is typically required. Additionally, you have the option to roll closing costs into the new loan amount, allowing you to maximize your monthly savings.
Dreaming of building a custom home in Dallas? The VA construction loan program combines land and build costs into one low-interest, zero-down mortgage. The VA’s “one-time close” loan helps you build on your own lot (or one you plan to purchase), provided you use a VA-approved builder. Enjoy all the core VA loan benefits, including no PMI and favorable terms, from design to move-in day.
To qualify for a VA home loan in Dallas, you’ll generally need to meet these criteria:
Q: What credit score do you need for a VA home loan?
A: Typically, lenders may want borrowers to have a minimum credit score of 620, unless there is a large down payment.
Q: Can you get cash out on a VA loan in Texas?
A: Unfortunately, in the state of Texas, you cannot refinance into a VA loan and receive cash from your equity due to the TX Section 50(a)(6) law. You can obtain a VA renovation refinance loan up to 90% of the loan-to-value, but the cash received is strictly for home improvements.
Q: How do I refinance my current VA loan in Dallas?
A: Consider the VA IRRRL (Interest Rate Reduction Refinance Loan). It’s a simple, streamlined option to lower your interest rate or switch to a fixed rate with less paperwork and no appraisal in most cases.
Q: What fees are not allowed on a VA loan?
A: VA non-allowable fees are costs that the VA has prohibited lenders from charging borrowers when issuing a loan, such as application fees, escrow fees, and prepayment penalties. Unlike traditional borrowers, VA borrowers are exempt from paying these fees on a VA home loan.
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