Dallas Mortgage

Using an affordable home loan that matches your financial goals, purchase your dream home in Dallas, Texas.

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Our Dallas Mortgage Options

We work with Texas mortgage companies to offer various home loan options, including conventional loans, jumbo loans, VA loans, and FHA loans. 

Dallas Mortgage Process

Our team will guide you through every step of the process, from completing your loan application to receiving the keys to your Texas home. 

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Unlock Your Dream Home: Mastering Dallas Mortgage Options

The Dallas, TX, housing market is fiercely competitive, but thankfully, there are a variety of mortgage options available to help you afford your home purchase. 

Mortgage types include government-backed loans, such as Federal Housing Administration and Department of Veterans Affairs loans, as well as conventional mortgage products, such as conforming and non-conforming loans. 

We’ll match you to a mortgage lender who will provide a great rate based on your borrowing profile. 

Your Guide to Dallas Mortgage Requirements

All home loans have slightly different requirements, with government-backed loans having looser loan qualifications.

For a conventional mortgage, the minimum credit score is typically 620. A VA mortgage often has the same limit, though some lenders will accept lower. For an FHA loan, you can have a credit score as low as 500, but you must provide a 10% down payment. 

The higher your credit score, the more likely you will get the best mortgage rate available, so it’s important to pay down your debts, dispute any inaccurate information on your credit report, and use credit responsibly.

With a conventional Texas mortgage, you should strive to provide 10%, but you can find programs that allow as little as 3% down. Offering at least 20% upfront will eliminate private mortgage insurance, saving you money over time. 

A Federal Housing Administration loan will require 10% down if you have a credit score between 500 and 579 or 3.5% if you have a score of 580 or better. VA loan products don’t require a down payment, but the mortgage lender may request one based on your borrowing profile.

Lastly, your debt-to-income ratio typically needs to be 43% or less, though your lender may accept a higher DTI if you offer more upfront or have a better credit rating. 

Dallas Assistance Programs and Grants 

Those seeking a home loan in Dallas, TX, have various options to assist them with the upfront expenses of home ownership. 

The Texas Department of Housing and Community Affairs offers the My First Texas Home program, an option for veterans and first-time homebuyers who meet certain income limits and have credit scores of 620 or higher. 

This loan program offers low-cost, 30-year fixed-rate mortgages with low fees, as well as a 0% interest, 30-year second mortgage that can be used for up to 5% of the total loan amount. You can use this for a down payment, closing costs, or the funding fee for a VA loan. 

Emergency medical services personnel, educators, corrections officers, veterans, and police officers can take advantage of the Homes for Heroes program, provided by the Texas State Affordable Housing Corporation. This program provides fixed-rate mortgages and down payment assistance grants or loans for those who meet their credit score and income requirements.

Lastly, first-time homeowners can use mortgage credit certificates to access tax credits, which effectively reduces their interest rate. 

Why Choose Arnaiz Mortgage for Your Dallas Mortgage Needs?

We offer friendly service to those seeking to purchase their dream home, matching you to mortgage lenders whose programs meet your specific needs. We’ll take the time to get to know you and review your borrowing profile, such as your credit score and other factors, in order to find a mortgage company that can offer you a good rate.

Most importantly, we seek to demystify the process for our customers, guiding them through every step of the process of answering their questions about home loans. We strive to help Dallas, TX, homebuyers find mortgages with the features they need to purchase confidently. 

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Frequently asked questions about Dallas Mortgage

  • How do I qualify for a mortgage in Dallas?

    To qualify for a Dallas mortgage, you need to meet the credit score and debt-to-income ratio requirements of your mortgage company. You’ll need to provide a variety of paperwork to prove this, including bank statements, tax returns, pay stubs, a list of your debts, and identification information like your Social Security number.

  • What is the average down payment for a home in Dallas?

    The average homeowner puts down around 6%. According to the current average home price of $500,000 in Dallas, Texas, the typical homeowner puts $30,000 down.

  • Are there any first-time homebuyer programs available in Dallas?

    First-time homebuyers can utilize the My First Texas Home loan, which offers 30-year fixed-rate mortgages with up to 5% down payment assistance. Additionally, mortgage credit certificates can provide tax relief by reimbursing you for some of your interest payments.

  • What types of mortgage loans are available in Dallas?

    Borrowers in Dallas can access a number of different loan products, including VA loans, Federal Housing Administration loans, and conventional mortgages. Each has its own benefits and drawbacks; our loan officers will help you decide which product is right for you based on your borrowing profile and financial goals.

  • What is the process of getting a mortgage in Dallas?

    To get a mortgage, you’ll first seek pre-approval. This process identifies how much you can borrow, including details about your credit history, employment, and income. 

    Once you have preapproval and know how much you’re eligible to borrow, you’ll connect with real estate professionals to identify homes in your price range that meet your needs. After you put in an offer, you’ll complete the loan application. The seller accepts your offer, and you’ll put earnest money in escrow.

    The lender will begin processing your application to verify that all the details are correct. Your lender will order an appraisal to check that the home is worth as much as its asking price. If this comes back well, you move to the underwriting process, where everything will be double-checked for accuracy. 

    Once underwriting is done, you’ll schedule the close, where you’ll provide all the upfront expenses to the lender and sign the paperwork proving that the home is now yours.

  • How do Dallas mortgage rates compare to other cities in Texas?

    Rates in Dallas are slightly higher than for other cities. For example, Realtor.com puts Dallas rates barely above Austin. San Antonio has a rate similar to Dallas’s. However, there are several variable that impact your interest rate. Working with an experienced mortgage company like Arnaiz Mortgage can help you secure the lowest interest rate for your situation. 

    However, it’s important to note that Austin housing prices are higher than that of Dallas, meaning that while the rates may be lower, you might find it hard to find a home in your budget.