Dallas FHA and VA Mortgage Rates and Payments Have Never Been Lower

Based on the current interest rates at the time this was written, homebuyers in the Dallas, TX area are able to purchase a new home for less per month than EVER before!!  Current FHA and VA 30 year Fixed interest rates are available as low as 3.25%.  This would put a 200k loan amount payment at only $870 per month including principal and interest – when you include the taxes, insurance, and FHA mortgage insurance, you’re total payment would be only $1646 per month (see the estimated breakdown below).  To put this into perspective, this is $330 less per month than someone financing the same amount just a few short years ago at 6 percent.  In this scenario, this homebuyer is able to purchase $55,000 more in home for the same principal and interest payment.

Example of Transaction Summary 

Purchase Price of $204000

  • 3.5% Down Payment – approx$7140 (FHA Requires 3.5% minimum down payment – VA loans have a ZERO Down Payment Option for eligible Veterans)
  • Adding Back in the Up Front Mortgage Insurance Fee FHA Charges of 1.75%

Total Loan Amount of $200,000

  • Principal and Interest Payment $870 per month based on current interest rates at 3.25% (rates and pricing vary from lender to lender) – Get a Quote Today from a Dallas FHA and VA Lender with the Lowest Rates and Fees in Town
  • Monthly FHA Mortgage Insurance $208 per month (required on all FHA loans – based on 1.25% factor)
  • Estimated Property Taxes $468 per month (based on 5616 per year)
  • Estimated Home Owners Insurance $100 per month (based on  1200 per year)

Total Monthly Payment $1646 

To Get a FREE Quote or Estimate Based On a Different Scenario or Purchase Amount – Click Here

 

So, this all sounds good, but how much does  this cost?  Each program has different down payment requirements.  The most common mortgage programs such as FHA has a minimum of 3.5% down, while Conventional mortgage programs require 3%-5% down.  Some mortgage programs such as VA (mortgages for Veterans) and USDA mortgages allow for ZERO down payment – 100% financing.

Closing Costs will vary from lender to lender.  The average lender origination fees in Texas in 2011 were over $1900 – not including title, recording, other 3rd party items and prepaid items such as first years insurance premium and escrow account setup.  HOWEVER, some Dallas lenders do have much lower fees – Click Here to See an Example of Low Fees and Breakdown on a new home purchase Transaction.

You’ll want to plan on having another 5-6k to cover the closing costs and prepaid items required to close on a new home.  You can negotiate that the seller contribute part of all of this amount at closing.  FHA will allow up to 6% of the sales price towards closing costs – VA will allow up to 4% – Conventional will allow up to 3% (unless you’re putting down more).

Also, some lenders rates are so LOW that they also give you a “lender credit” to cover costs to close on the home.  For example, this example based on current market rates at 3.25% would have a lender credit of over $1700.  That is more than enough to cover all the lender fees and some of the  title and third party fees.

Click Here to Discuss Getting Pre-Qualified for a New Home Purchase with a Dallas Mortgage Expert Today

 If you’re in the Dallas area, the time to purchase a new home has never been more optimal!! You can purchase a home with a lower monthly payment and interest rate than ever before.  With 30 year fixed rates at 3.25% currently, you can’t rent a home for less per month.  Down payment and closing costs will vary from one program and lender to the next, but there are local Dallas lenders with exceptionally low lender and origination fees.  Contact us today with questions about buying a home in the Dallas area by completing the short form below.

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About admin

Josh is an experienced Mortgage Loan Officer and Sales Manager with a passion to help the consumer navigate the mortgage process most effectively. He believes that the success of a mortgage experience lies in the fundamentals of experience, knowledge of programs and guidelines, and relationships. As a result, Joshua has created customers for life that are fiercely loyal due to his high standard of “world class” customer service. He is honest, motivated and driven to be the best mortgage loan officer in Dallas, Texas. Josh works to help real estate agents grow their business through a variety of marketing, branding, and lead generation strategies. Josh works with real estate agents, brokers, local financial advisors and attorneys in a 100% referral based platform. Josh has been described by others as a visionary with a strong background in developing and directing teams, marketing and branding. He sets the bar for high integrity, and his customer service skills are second to none. Josh can be reached at josh@joshcampbellmortgage.com or 214-929-1733 Specialties Conventional and Government Mortgage Financing, FHA, VA, USDA, Jumbo, Super Jumbo, Second Mortgages, HELOC, Mortgage Market Analysis, Marketing, Branding, Low Interest Rates, World Class Customer Service, Business Partner Development and Relations
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