Conventional Loans in Dallas, Texas

The most common way to finance a Dallas home is to take out a conventional loan. Mortgages backed by the VA, FHA and USDA may offer unique benefits like more lenient credit guidelines and low down payments, but these days, more than half of all new home loans in north Texas are conventional mortgages.

Think you couldn’t possibly get approved for a conventional loan? Many would-be Dallas home buyers share this belief, but in truth, qualifying for this type of mortgage isn’t all that difficult. The standards are slightly higher in comparison to government-backed mortgages, but all you need to qualify is a decent credit score, a stable monthly income and a relatively low debt-to-income ratio.

With conventional financing, a down payment is required. If you put down at least 20 percent, you can avoid paying private mortgage insurance – but you could also get the keys to your dream home with as little as three percent down. And unlike government-insured loans, conventional mortgages don’t have special eligibility requirements such as military service history or geographic location. 

Multiple repayment options, including 15-, 20- and 30-year terms, are available, and home buyers can choose fixed-rate or adjustable-rate financing. Either way, conventional mortgages typically feature competitive interest rates – and the professional team at PRMI Dallas can help you get a great rate. If you’re looking to buy a home and want to learn more about conventional mortgages in Dallas, Texas, contact us today!