Dallas VA Loan for Home Buyers Seeking a Home Mortgage

Dallas VA Loan for Home Buyers Seeking a Home Mortgage

The city of Dallas vaunts a great tradition as a modern city with cosmopolitan spots like hotels and restaurants, besides being an inspiration to a long-running TV series of its name. Dallas is also a sizable metropolis that comes number three in size, next to Houston and Austin in its home state. Because Texas has been a camping ground for military personnel performing their national duties, it is no wonder that veterans usually opt to extend their stay here long after their retirement. This is why one can become another home-owning veteran among the nearly two million in the larger state who already reside here. The VA loan makes this possible.

Qualification for Dallas VA loan

Pre-qualification for a VA loan Dallas is as easy as presenting a Certificate of Eligibility (COE) and appraising the target residence. The COE is one of the essential documents that ex-servicemen must have if they are going to secure a home deal. It shows the income and credit aspects of the borrower’s career. It also confirms that the former military person has ever served in active duty for ninety consecutive days. Alternatively, the applicant ought to have been in active service for a hundred and eighty one days in times of peace.

There are usually loan officers as well as experts in certified websites who can aid in the procedure of getting through the pre-qualification stage in time for a VA loan. They offer guidelines on what the income stipulations for the state are so that the veteran does not go for a residence that is overboard the highest amount that the Veterans Affairs Department can guarantee. The current highest par is $1000000 while the minimum limit for the single unit is $417000.


Home appraisal is one of the most important of all early stages of the qualification process for Dallas VA loan. It is usually a prerogative of the lender rather than the first time buyer, to solicit for a valuation agent. The person coming to conduct the appraisal must be a certified expert, and thus the reason the VA itself must procure the professional under the request of the lending company. After this, the lending party arranges for a meeting with this professional, together with the veteran. The assessment usually incorporates the following items:

  • The current condition of the home, though not exhaustive. Meticulous inspection should be conducted by a home inspector under the buyer’s initiative.
  • A comparison between the property and other immovable assets in its neighborhood that have recently changed hands, under similar terms, to ascertain its feasible value.
  • Provides a report of findings, which includes the current value and state of the saleable property.

Next the VA endorses the property as meeting all eligibility and guarantor-limit guidelines. In most cases the habitable conditions of the premises, including an environmental assessment, require further exhaustive evaluation. This is why a residential inspector may come handy for the buyer through the help of a certified website.

The Loan Process

Dallas VA Loan for Home Buyers Seeking a Home MortgageThe Dallas VA loan carries the same formulae of payment like the equivalent national plan. There is the zero money down allowance and 100 percent loan-to-value dispensation, meaning no additional costs other than interest. The maturity period for the Adjustable Rate Mortgage (ARM) VA goes for 15 years, though the fixed-rate option is available for the longest duration of 30 years. The current loan limits that the government can guarantee for the Dallas VA loan is $417000.

Therefore the Dallas VA loan is the perfect program for the resident of Texas who has served in the army. It helps veterans to own homes even when the real estate market experiences a credit crunch with impact on prices. In fact, there is no other loan dispensation other than the civilian USDA that offers such encouraging benefits.


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