Grove Mortgage Home Loans | Dallas Texas | NMLS #396191

VA loans in Dallas, Texas

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Buy a home or refinance your VA mortgage with the best Mortgage Broker in Dallas, Texas.

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VA Home Loans

Texas VA home loans with $0 down payment and no PMI!

VA Loans help Service Members, Veterans, and eligible surviving spouses become homeowners.

The Veterans Administration (VA) guarantees a portion of the loan, enabling the lender to provide you with more favorable terms than most loans available.

VA Home Loans are provided by private lenders, such as banks and mortgage companies and the VA does not lend money itself. The VA loan guaranty is the "insurance" that they provide the lender.

If you qualify under the guidelines, you can buy a home with a lower interest rate than conventional fixed-rate mortgage and without any mortgage insurance (PMI).

We offer great low rates on VA Loans for Texas Veterans in the Dallas area.

VA Streamline Refinance IRRRL

Existing VA mortgages may be eligible to refinance their current VA home loan for an VA Streamline Refinance (IRRRL)

This Federally insured loan program was created by the Veterans Administration in order to help veterans and active duty members, who currently have VA mortgage.

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows Texas Veteran homeowners who have a existing VA home loan to refinance and take advantage of lower mortgage interest rates and monthly payment. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.

This VA loan guaranty program, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for.

You may see it referred to as a VA Streamline, VA IRRRL or a VA to VA Loan.

Jumbo VA Home Loans

High Balance VA Loans in Dallas

Jumbo VA Loans also know as High Balance VA Loan, and are for Texas Veterans who are wanting to use their VA benefit purchase a primary residence that exceeds the $548,250 conforming loan limit. We offer excellent interest rates on VA Jumbo Loans in Texas.

There is no maximum VA loan amount set by the government. The first type of loan limit is for Veterans that have full entitlement. The second loan limit is for Veterans who are using partial entitlement.

Down payment requirements of a Texas Jumbo VA Loan.

Veterans with full entitlement can borrow as much as a lender is willing to lend without the need for a down payment.

The differences with a full entitlement VA Loan and the partial entitlement VA Jumbo loan is if the Veteran has previously used their VA Eligibility.

If you have full entitlement available and want to purchase a home, there is now no loan limit under the Federal VA Loan program.

If you have partial entitlement available and want to purchase another home using your VA eligibility, there may be a loan limit and possibly a down payment will be required under the Federal VA Loan program.

Please give us a call and we will walk you through all the program guidelines and answer all of your questions.

VA Funding Fee for Texas VA Loans

Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. This reduces the loan's cost to taxpayers considering that a VA loan requires no down payment and has no monthly mortgage insurance.

The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether you make a down payment.

For a VA loan you have the option to finance it or pay it in cash, but the funding fee must be paid at closing time.

VA Funding Fee Exemptions

  • Veteran receiving disability compensation from the Department of Veteran Affairs, for a service-connected disability the fee is waived.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay or active duty pay.
  • A surviving spouse of a veteran whom died in service or from a service connected disability the fee is waived.
  • Are a spouse of a service person missing in action or a prisoner of war
  • As with any circumstance the VA is the final authority and can choose to make determinations on a case by case basis. The VA has the final say on who is exempt.

VA Loan Certificate of Eligibility (COE)

From the VA, it is one of the most important required document that will be needed for a new VA loan or a VA Refinancing loan.

It is a document from the VA that provides the Veterans available eligibility amount for the VA Loan Program and if the Veteran is exempt from the VA Funding Fee.

How do I obtain mine?

We can obtain it for you by using ACE (Automated Certificate of Eligibility). ACE is a web-based application that is able to determine the Veterans eligibility and issue it in a matter of seconds.

What Are the Benefits of a Dallas VA Loan?

  • 100% financing available with No down payment required as long as the sales price doesn't exceed the appraised value
  • No PMI (private mortgage insurance premiums)
  • VA Appraisal makes sure the property is worth what you’re paying for it and also ensures the property is Safe, Sound and Sanitary
  • Home Retention Help in the event of a financial difficulties down the road
  • State and Local Benefits – Possible Tax benefits for Disabled Veterans
  • Closing costs may be paid by the seller (up to 4% plus the Owners title policy)
  • Buyer informed of reasonable value from the appraisal of the property.
  • VA Appraisal makes sure the property is worth what your paying for it and also ensures the property is Safe, Sound and Sanitary
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
  • You don't have to be a first-time home buyer
  • Competitive Interest Rates
  • VA rules limit the amount you can be charged for closing costs
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies
  • Right to prepay without penalty
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder

Getting approved for a mortgage is simple

Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Dallas, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Speak with a Dallas Home Loan Specialist today

Grove Mortgage Home Loans of Dallas