Dallas VA Mortgage
VA Home Loan FAQ
Dallas VA Loans
How do I obtain a VA home loan?
Our Dallas mortgage experts have listed the steps necessary to obtain a Dallas VA home loan:
- Find a home. Discuss the purchase with the seller or their appointed selling agent and sign a purchase contract conditioned on the approval of your VA loan.
- Team Candy loan officer provides you with your Certificate of Eligibility. If your Certificate of Eligibility is available, you will be permitted to fill out a loan application. If you do not have a Certificate of Eligibility, the lender can acquire one on your behalf.
- All necessary credit and income information will be pulled by your Team Candy loan officer. At this time, the lender will request Veteran’s Affairs, VA, to allocate a licensed appraiser to establish the reasonable value of the property you wish to purchase. A Certificate of Reasonable Value will then be supplied.
- A decision will be rendered by Team Candy. If your credit score and income requirement are met, Team Candy will approve the home loan.
- Attend the closing. At the closing, your Team Candy loan officer or closing attorney will explain all of the loan terms and requirements. You will be instructed on where and how to make each monthly payment.
- Sign the note, mortgage, and other related papers. The keys are officially yours!
What are the advantages of a VA home loan?
There a several advantages of a VA Home Loan:
- No required down payment*
- No mortgage insurance premiums
- Right to prepay without penalty
- Assumable mortgage
- Equal opportunity
- And many more!
Am I still eligible for a VA Loan after declaring bankruptcy?
You are not automatically disqualified from a VA home loan if you and/or your spouse have declared bankruptcy. The following guidelines apply:
- Bankruptcy may be disregarded if it was discharged over two years ago
- If the bankruptcy was discharged between one and two years ago, it will be difficult to determine that you and/or your spouse are a satisfactory credit risk. Both of the following credit requirement must be met in order to receive a satisfactory rating:
- You and/or your spouse have restored a satisfactory credit rating, and
- The bankruptcy was caused out of you and/or your spouse’s control (reasons such as unemployment, hospital bills, etc.)
- If the bankruptcy was discharged within the past year, it usually is not possible to conclude that you and your spouse are satisfactory credit risks.
Does having a VA loan limit my right or ability to sell a property?
No, having a VA loan does not limit a veteran’s right or ability to sell a property. A veteran is permitted to sell the property to a veteran or non-veteran at any given time. Although, if the loan was closed anytime after March 1, 1988, and it will be assumed, the requirements of the assumer must be reviewed and approved by the chosen lender or VA.
*Statement based on loan amount of $175,000, 360-month loan term, 4.5% Dallas mortgage rate and 4.5972% Annual Percentage Rate.