The Servicemen’s Readjustment Act (also known as the G.I. Bill) was established in 1944 to provide returning WWII veterans and surviving spouses with a number of benefits. One benefit still widely used today is the VA loan. VA loans are mortgages guaranteed by the United States Department of Veterans Affairs (VA) that allow veterans and active military personnel to purchase homes with excellent benefits, including 100% financing, no mortgage insurance, and limited closing costs. The McDaniel Mortgage Group is proud to offer VA loans to the many veterans in Dallas and surrounding Texas communities.

Before you can apply for a VA loan, you will need to meet eligibility requirements. Fortunately, most veterans, active military members, and spouses of deceased military members will be eligible. If minimum active duty service requirements are met, veterans can apply immediately.

Active duty service members need to complete a minimum of 6 months of service before becoming eligible. National Guard members and reservists will need to wait 6 years before the benefit is available to them. However, if called to active duty at any point, they will become eligible after only 181 days.

Anyone who intends to apply for a VA loan will need to obtain their Certificate of Eligibility (COE), which informs your lender that you have met the above requirements. It is important to note that the COE only verifies eligibility and does not guarantee loan approval. One of the easiest ways to get your COE is through the VA’s eBenefits portal. We are also happy to assist you with the process.

VA LOAN BENEFITS

• 100% financing (appraised value cannot exceed sale price)

• 100% VA Disabled Veterans pay NO taxes

• 580 minimum credit score

• No private mortgage insurance

• No pre-payment penalty

• Limited closing costs

• VA loans are subject to VA funding fees ranging from 0% to 3.3% of the loan amount. Borrowers can also finance these fees, bringing the maximum financeable amount up to 103.3%.

If you are currently using a VA loan, you can take advantage of various refinancing options. When refinancing, you can borrow up to 100% of the appraised value of the home. If you need extra cash for home improvements, debt consolidation, or other expenses, a VA cash-out refinance is a great choice.

The Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA streamline refinance, is available to veterans looking to lower their interest rate. This loan simplifies the borrowing process for those who want to take advantage of improved market rates.

The McDaniel Mortgage Group works closely with veterans throughout Texas with all their VA loan needs. Whether you are looking to purchase your very first home or are ready to refinance your current VA loan, our team is here to help. For more information on VA loans in Dallas, contact us today.