Prior to the financial crisis of 2007-2012, many lenders were offering no down payment loans. However, after the housing market tanked, this option largely disappeared. As the VA mortgage loan program still offers the no down payment option to borrowers in Texas, eligible home buyers can channel the extra cash into their emergency funds. These emergency funds can be used to pay for repairs or renovations, among other expenses.
Dallas mortgage loan programs, like the VA mortgage loan, also offer other unique benefits. Unlike FHA loans and other low down payment loan programs, there is no private mortgage insurance (PMI) with VA mortgage loans. Apart from assisting home buyers with their monthly cash flow, no-PMI mortgage loans also decrease the long term costs of owning a home.
http://dallas.churchillmortgage.com/info-article/reputable-dallas-mortgage-lenders-discuss-the-benefits-of-va-loans/
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