What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing stability. In contrast, an adjustable-rate mortgage (ARM) typically starts with a lower rate but may change over time based on market conditions.

What credit score is required to qualify for a mortgage?

Lenders typically prefer a credit score of 620 or higher for conventional loans. Government-backed loans like FHA and VA may accept lower scores.

Can I refinance my mortgage to lower my monthly payments?

Yes, mortgage refinancing can often reduce monthly payments by securing a lower interest rate or extending the loan term.

How much down payment do I need to buy a home?

The down payment requirement varies but often ranges from 3% to 20% of the home's purchase price. Certain loan programs, such as FHA or VA, may have lower down payment options.

What is the mortgage approval process like?

The process involves pre-approval, application, document verification, underwriting, and closing. Pre-approval helps determine the loan amount you can afford.

What's the difference between pre-qualification and pre-approval for a mortgage?

Pre-approval is a more rigorous process involving a comprehensive review of your credit, income, and other financial factors, resulting in a firm commitment from the lender for a specific loan amount.

Eroica Financial Services | FHA & VA Loans in Dallas, TX

FHA & VA LOANS

FHA loans are insured by the Federal Housing Administration and are designed to help first-time homebuyers and those with lower credit scores. VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans, service members, and their families.

Our team of experts will work with you to determine if an FHA or VA loan is the right option for your unique financial situation. We’ll guide you through the application process and keep you informed throughout the process. We pride ourselves on our commitment to providing exceptional customer service, timely responses, and competitive rates.

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At Eroica Financial Services, we offer FHA and VA loans for those looking to purchase or refinance a home. These government-backed loan programs offer flexible credit and income requirements, making them a great option for many individuals and families.