There are many reasons why veterans and members of the armed forces move to the Greater Dallas Metro, like a thriving job market, low state taxes, and it is home to some of the nation’s biggest companies. All of this might explain why veterans set records last year in the area.
According to data from the Department of Veteran’s Affairs, VA home loans increased by 115% from 2019. Millennial veterans made up the bulk of that increase, followed by Gen Xers. Not only did VA loans break purchasing records, but DFW soared in VA refi’s by 886 percent.
VA loans, guaranteed by the federal government, are available to active duty members, reservists and veterans of the armed forces, and their near-record low interest rates have helped fuel the drastic increase, making homeownership more accessible to our servicemembers.
VA loans are popular because they offer:
- low or no money down.
- no monthly mortgage insurance requirements.
- lower closing costs.
- less strict qualification requirements than conventional loans.
- no prepayment penalty.
- More flexible credit underwriting
A borrower’s length of service or service commitment, duty status and character of service determine the eligibility for specific home loan benefits. Eligibility requirements include:
- Must be entitled to a Certificate of Eligibility (COE)
- Must live in the home. No investment properties.
- Must meet credit and income underwriting requirements.
You can learn more about our First United Mortgage Group’s Dallas Area VA programs and even get a free quote here.