A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. It's designed exclusively for veterans, active-duty service members, National Guard and Reserve members, and eligible surviving spouses. VA loans offer significant benefits including zero down payment, no private mortgage insurance (PMI), competitive interest rates, and more flexible qualification requirements than conventional loans.

Who is eligible for a VA loan?

VA loan eligibility includes: Veterans who served 90 consecutive days during wartime or 181 days during peacetime; Active-duty service members after 90 days of service; National Guard and Reserve members after 6 years of service (or 90 days of active duty); Surviving spouses of veterans who died in service or from service-connected disabilities. You must obtain a Certificate of Eligibility (COE) to prove your eligibility.

What are the benefits of a VA loan compared to conventional loans?

VA loans offer several advantages over conventional mortgages: No down payment required (vs. 3-20% for conventional); No private mortgage insurance (PMI), saving $100-300+ monthly; Lower interest rates, typically 0.25-0.5% below conventional rates; No prepayment penalties; More flexible credit requirements (often 580+ vs. 620+ for conventional); Seller can pay all closing costs; No loan limits for borrowers with full entitlement.

What credit score do I need for a VA loan?

The VA does not set a minimum credit score requirement, but most lenders require a score of 580-620. Some lenders, including Texas Mortgage Ninja, work with borrowers who have credit scores as low as 580. Higher credit scores typically qualify for better interest rates. Even with past credit challenges, VA loans offer more flexibility than conventional financing.

What is the VA funding fee and how much is it?

The VA funding fee is a one-time fee that helps fund the VA loan program. For first-time VA loan users with zero down payment, the fee is 2.15% of the loan amount. It drops to 1.5% with 5% down and 1.25% with 10% or more down. Subsequent use increases to 3.3% with no down payment. Important: Veterans with service-connected disabilities are exempt from the VA funding fee entirely.

Can I use a VA loan more than once?

Yes, the VA loan benefit is reusable. You can use it multiple times throughout your life. When you sell a home purchased with a VA loan and pay off the mortgage, your entitlement is restored. You can also have multiple VA loans simultaneously if you have remaining entitlement. This makes VA loans an excellent long-term benefit for military families who relocate frequently.

What is the VA IRRRL (Interest Rate Reduction Refinance Loan)?

The VA IRRRL, also called a VA Streamline Refinance, allows veterans to refinance an existing VA loan to get a lower interest rate with minimal paperwork. Benefits include: No appraisal required in most cases; No income verification typically needed; No out-of-pocket costs (can be rolled into the loan); Faster closing than standard refinances. You must already have a VA loan to use the IRRRL program.

What types of properties can I buy with a VA loan?

VA loans can be used to purchase: Single-family homes; Condos in VA-approved projects; Townhouses; Multi-family properties (up to 4 units) if you live in one unit; Manufactured homes on permanent foundations; New construction homes. The property must be your primary residence - VA loans cannot be used for investment properties or vacation homes.

How long does it take to close a VA loan in Dallas?

Standard VA loan closings take 21-30 days from accepted offer to closing. However, with complete documentation and a responsive team, closings can happen in as little as 8-14 days. Getting pre-approved before house hunting is crucial for faster closings. Texas Mortgage Ninja provides pre-approval within 24-48 hours of receiving your documents.

Do VA loans have a maximum loan amount?

For borrowers with full VA entitlement (never used a VA loan or fully restored entitlement), there is no maximum loan amount as of 2020. You can borrow as much as a lender will approve based on your income and creditworthiness. For borrowers with reduced entitlement, county loan limits may apply. In Dallas County, the 2024 conforming loan limit is $766,550.

Can I get a VA loan with a bankruptcy or foreclosure on my record?

Yes, VA loans are more forgiving of past credit issues than conventional loans. Typical waiting periods: Chapter 7 bankruptcy - 2 years from discharge date; Chapter 13 bankruptcy - 1 year of on-time payments with court approval; Foreclosure - 2 years from completion date. You'll need to demonstrate re-established credit and stable income during these periods.

What documents do I need to apply for a VA loan?

To apply for a VA loan, you'll typically need: Certificate of Eligibility (COE) or DD-214 for veterans; Statement of Service for active duty; Last 2 years of W-2s and tax returns; Recent pay stubs (30 days); 2 months of bank statements; Government-issued ID. Self-employed borrowers need 2 years of business tax returns and profit/loss statements. Your loan officer can obtain your COE directly from the VA.

What are VA loan closing costs in Texas?

VA loan closing costs in Texas typically range from 2-4% of the loan amount. These include: VA appraisal fee ($500-700); Title insurance and escrow fees; Recording fees; Credit report fee; Origination fee (up to 1%). The VA limits certain fees lenders can charge, and sellers can pay all buyer closing costs, making it possible to purchase with truly zero out-of-pocket expenses.

Can my spouse's income be used to qualify for a VA loan?

Yes, your spouse's income can be included in your VA loan application even if they are not a veteran. However, if your non-veteran spouse is on the loan, you may need to use joint VA/conventional financing in some cases, which could affect down payment requirements. It's often better to qualify on the veteran's income alone if possible to maximize VA benefits.

Why should I work with Carlos Sturrock for my VA loan in Dallas?

Carlos Sturrock at Texas Mortgage Ninja specializes in VA loans for the Dallas-Fort Worth area. Benefits include: Deep expertise in VA loan guidelines and Texas-specific requirements; 24-48 hour pre-approval turnaround; Closings in as fast as 8 days; Education-first approach with clear, honest guidance; Local presence at 5050 Quorum Dr., Dallas, TX; Direct communication throughout the process. Contact Carlos at (817) 690-9677.

An FHA loan is a mortgage insured by the Federal Housing Administration, designed to help first-time homebuyers and those with lower credit scores or limited savings achieve homeownership. FHA loans require as little as 3.5% down payment and have more flexible qualification requirements than conventional loans.

What credit score do I need for an FHA loan?

FHA loans require a minimum credit score of 580 for the 3.5% down payment option. Borrowers with credit scores between 500-579 can still qualify with a 10% down payment. FHA is more forgiving of past credit issues, making it a great option for those rebuilding credit.

What are FHA loan limits in Dallas?

FHA loan limits in Dallas County for 2024 are $498,257 for a single-family home. Higher limits apply for 2-4 unit properties. These limits are adjusted annually based on local home prices. If you need more than the FHA limit, you may need a conventional or jumbo loan.

What is FHA mortgage insurance (MIP)?

FHA loans require two types of mortgage insurance: an upfront MIP (1.75% of loan amount, can be financed) and an annual MIP (0.55% for most loans, paid monthly). Unlike conventional PMI, FHA MIP typically remains for the life of the loan unless you refinance to a different loan type.

Can I use gift money for my FHA down payment?

Yes, FHA loans allow 100% of your down payment to come from gift funds from family members, employers, or certain other approved sources. A gift letter documenting the source of funds is required. This makes FHA loans especially helpful for first-time buyers with limited savings.

Should I choose FHA or VA loan if I'm a veteran?

If you qualify for a VA loan, it's typically the better choice. VA loans offer zero down payment (vs. 3.5% for FHA), no mortgage insurance, and often lower interest rates. The only advantage FHA might have is slightly more flexible credit guidelines in some cases. Contact Carlos Sturrock to compare both options for your situation.

VA Loans Dallas TX | $0 Down Payment | Carlos Sturrock NMLS 2012593

If you’ve served in the U.S. military, you’ve earned one of the most valuable mortgage benefits available: the VA loan.

As a Dallas VA loan officer specializing in veteran home financing, I help active-duty service members, veterans, National Guard and Reserve members, and eligible surviving spouses purchase homes with zero down payment, no PMI, and competitive interest rates.

What Is a VA Loan?

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs. Unlike conventional mortgages that require down payments and private mortgage insurance, VA loans are designed specifically to help those who’ve served achieve homeownership with minimal out-of-pocket costs.

Key characteristics of VA loans:

VA loans require no down payment. You can finance 100% of the home’s purchase price, keeping your savings intact for moving costs, home improvements, or emergency reserves.

VA loans have no private mortgage insurance (PMI). Conventional loans with less than 20% down require PMI, which adds $100-300+ to your monthly payment. VA loans eliminate this cost entirely.

VA loans offer competitive interest rates. Because the VA guarantees a portion of the loan, lenders can offer rates that typically run 0.25-0.5% below conventional rates.

VA loans have more flexible credit requirements. While conventional loans typically require a 620+ credit score, VA loans can be approved with scores as low as 580.

VA loans limit closing costs. The VA restricts what lenders can charge, and sellers can pay all of your closing costs—making it possible to purchase with truly zero out-of-pocket expense.

Who Qualifies for a VA Loan?

VA loan eligibility is based on your military service. You may qualify if you meet one of the following criteria:

Eligibility for Veterans

You served at least 90 consecutive days of active duty during wartime, or 181 days during peacetime. If you served after September 7, 1980, you must have completed 24 months of continuous active duty or the full period for which you were called.

Eligibility for Active-Duty Service Members

You’ve served at least 90 continuous days of active duty. You can apply while still serving and use your Statement of Service in place of a DD-214.

Eligibility for National Guard and Reserve Members

You’ve completed at least 6 years of service in the National Guard or Reserves, OR you were called to active duty and served at least 90 days.

Eligibility for Surviving Spouses

You are the un-remarried spouse of a veteran who died in service or from a service-connected disability, OR you are the spouse of a service member missing in action or a prisoner of war.

To prove eligibility, you’ll need a Certificate of Eligibility (COE). I can obtain your COE directly from the VA portal, often within minutes, as part of the pre-approval process.

VA Loan Benefits Compared to Conventional Financing

Feature	VA Loan	Conventional	FHA
Down Payment	0%	3% – 20%	3.5%
Private Mortgage Insurance (PMI)	None Required	Required if <20% down	MIP required for life of loan
Typical Interest Rate	Lowest Available	Higher than VA	Mid-range
Minimum Credit Score	580*	620+	580 (500 with 10% down)
Closing Cost Limits	Yes – VA limits fees	No limits	No limits
Seller Paid Closing Costs	Up to 100%	3% – 6%	Up to 6%
Funding / Upfront Fee	2.15%**	None	1.75% UFMIP
Prepayment Penalty	None	Varies by lender	None
Loan Limits (Full Entitlement)	No limit	$766,550 (2024)	$498,257 (Dallas County)
Reusable Benefit	Yes – Use multiple times	N/A	N/A

* The VA has no official minimum credit score. 580 is a common lender minimum; some lenders accept lower scores.

** VA funding fee is 2.15% for first-time use with 0% down. Fee decreases with down payment. Veterans with service-connected disabilities are 100% exempt from the funding fee.

Bottom Line: For eligible veterans and service members, VA loans offer the best overall value with zero down payment, no PMI, and the lowest interest rates available.

Types of VA Loans Available

VA Purchase Loans

The standard VA loan for buying a primary residence. Use it to purchase single-family homes, condos (in VA-approved projects), townhouses, or multi-family properties up to 4 units (if you live in one). Zero down payment, no PMI.

VA IRRRL Streamline Refinance

The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans who already have a VA loan. It allows you to refinance to a lower rate with minimal paperwork, no appraisal requirement in most cases, and no income verification. It’s designed to lower your payment quickly and easily.

VA Cash-Out Refinance

Access your home equity while maintaining your VA loan benefits.

Replace your existing mortgage with a new VA loan and receive the difference in cash. Use the funds for home improvements, debt consolidation, or other financial goals.

The VA Loan Process: From Application to Closing

Step 1: Verify Eligibility We confirm your service qualifies you for VA benefits and obtain your Certificate of Eligibility (COE).

Step 2: Get Pre-Approved Submit your financial documents for review. I provide pre-approval within 24-48 hours, giving you a competitive advantage when making offers.

Step 3: Find Your Home Work with a real estate agent to find a home in Dallas, Fort Worth, or anywhere in DFW. Your pre-approval letter shows sellers you’re a serious buyer.

Step 4: Make an Offer Submit your offer with your pre-approval letter. VA loans allow sellers to pay your closing costs.

Step 5: VA Appraisal A VA-approved appraiser inspects the property to ensure it meets VA Minimum Property Requirements (MPRs) and confirms the value.

Step 6: Underwriting Your loan file is reviewed for final approval. Stay responsive to any document requests.

Step 7: Closing Sign your documents and receive the keys. Standard timeline is 21-30 days; we’ve closed in as few as 8 days.

VA Loan Requirements in Texas

Credit Score Requirements

The VA doesn’t set a minimum credit score, but most lenders require at least 580-620. Higher scores qualify for better rates. Even with past credit challenges like bankruptcy or foreclosure, VA loans may be available after waiting periods of 1-2 years.

Income and Employment Requirements

You need stable, reliable income sufficient to cover your mortgage and other debts. Most lenders look for 2 years of employment history. Self-employed borrowers need 2 years of tax returns.

Debt-to-Income Ratio

VA guidelines are more flexible than conventional, often allowing DTI ratios up to 41% or higher with compensating factors like excellent credit or significant cash reserves.

Property Requirements

The home must be your primary residence and meet VA Minimum Property Requirements for safety and livability. Investment properties and vacation homes are not eligible.

VA Funding Fee Explained

Most VA loans include a one-time funding fee that helps sustain the program. For first-time VA loan users with zero down, the fee is 2.15%. It can be financed into the loan. Important: Veterans with service-connected disabilities are exempt from the funding fee.

Why Choose Carlos Sturrock as Your Dallas VA Loan Officer

I specialize in VA loans for one reason: they’re the best mortgage option for those who’ve served, and I want to make sure every eligible veteran and service member knows how to use this benefit.

What I bring to your VA loan:

Local expertise. I know the Dallas-Fort Worth market, work with local real estate agents, and understand Texas-specific closing procedures.

Fast turnaround. Pre-approval in 24-48 hours. Closings in as fast as 8 days when everything is ready.

Direct communication. You work with me directly—not a call center. I’m available when you have questions.

Education-first approach. I explain every option so you make informed decisions. No pressure, no sales tactics.

VA loan specialization. This isn’t just another product I offer. VA loans are my focus and expertise.

Ready to Use Your VA Benefit?

The first step is a conversation. Let’s discuss your situation, verify your eligibility, and create a clear path to homeownership.

Schedule a consultation

Call: (817) 690-9677

Email: carloss@hometownlend.com

Office: 5050 Quorum Dr., Suite 600, Dallas, TX 75254

VA Loans in Dallas, Texas: Zero Down Payment Home Financing for Veterans