First time Home Buyer in Dallas

Why a Veterans Affairs mortgage is the best for first time homebuyers in Dallas

The US government recognizes the reputation and respect that the military accords the country when it pursues its interest both at the domestic and international level. To ensure that those working in the military, the veterans and certain spouses of deceased military personnel lead comfortable lives, the government provides various welfare programs for them. One of such programs is the VA mortgage. The VA mortgage is designed for various military groups including: those working with the navy, army, navy etc. The veterans and spouses of those who perished whole offering a military service are also eligible for this program. The program has various benefits including zero down payment, zero mortgage insurance, low FICO scores etc.first time home buyer in Dallas

To qualify for this program you must have a certificate of eligibility (COE). You attach this certificate with the necessary military documents and send them to the approved lender you have chosen. The lender then will review you file and commence the underwriting process.

In terms of working history, the program has set various requirements. In this connection, in case you have served during peacetime, you need to have 181 days before applying for the loan. Those who have served during wartime are required to have worked with the military for 90 days. The VA loan has various requirements that make it an ideal option for Dallas first time home buyers. These include:

• They are offered in various forms– in terms of rates, you can either choose fixed rate or adjustable rate programs. The fixed rate programs are the best for people who want to stay in the mortgaged home for a long time. Additionally, the fixed rate program enables you to plan ahead on your loan repayment as the amounts you pay on monthly basis are predictable. Adjustable mortgage rate (AMR) is the best for people who intend to live in the mortgaged property for a short period of time. The AMR will change after a specified period of time in response to various market conditions. There are various kinds of homes that you can buy with a VA loan. These include: manufactured homes, condos, newly constructed homes etc.
• Flexible requirements-Just like any other mortgage program, the VA loan has various requirements. These include FICO scores, credit history and specific documents. However, when compared to other programs like conventional loans, the VA mortgage is flexible. This is because the mortgage is guaranteed by the Veteran Affairs department.
• Low closing costs-The VA has capped the closing limits that borrowers must meet. This approach makes it affordable and accessible to many first time home buyer grants Dallas. The money saved on closing costs can be utilized for other purposes.