How to Find the Right Mortgage for Your Budget in Dallas

By Steven Thomas | Refind Realty

Hi, I’m Steven Thomas with Refind Realty. If you’re planning to buy a home in Dallas, figuring out the right mortgage is just as important as choosing the right house. I’ve worked with hundreds of homebuyers across DFW, and one thing’s clear—your loan should fit your budget, not stretch it.

Here’s how I help my clients find mortgage options that keep them comfortable, not cash-strapped.

Start With a Real Budget

Before you talk to a lender or start scrolling listings, get clear on your actual monthly comfort zone. Just because a bank says you can borrow a certain amount doesn’t mean you should. A good rule of thumb is to keep your monthly housing cost (mortgage, taxes, insurance) around 28 to 30 percent of your gross monthly income.

For an easy way to calculate this, check out my New Construction Home Guide, where I walk through budgeting and finance tips before buying.

Get Pre-Approved the Smart Way

A pre-approval gives you clarity on what you can afford—and shows sellers you’re serious. But not all lenders are equal. I always connect my clients with lenders who offer low fees, transparent communication, and strong reputations.

Ready to take the first step? You can Get Pre-Approved through my trusted network. It only takes a few minutes, and you’ll have a real number to work with.

Compare Mortgage Types

Here’s a quick breakdown of your main options:

• Conventional Loans: Great if you’ve got strong credit and a solid down payment.

• FHA Loans: Easier to qualify for, lower down payment, ideal for first-time buyers.

• VA Loans: Zero down if you’re eligible. A great option for veterans.

• USDA Loans: For rural areas (some parts of North Texas qualify), no down payment required.

• Adjustable-Rate Mortgages (ARMs): Lower initial rates, but they can increase over time. Good if you don’t plan to stay long-term.

If you’re not sure which fits best, I go over these options during my New Construction Webinars. Even if you’re buying a resale home, the same rules apply.

Factor in Local Costs

Buying in Dallas isn’t like buying in Austin or Houston. Our property taxes are higher, and HOA fees can vary widely depending on the neighborhood or community. That’s why I always recommend looking at your all-in payment—not just the principal and interest.

Want to explore new neighborhoods? Check out Dallas-Fort Worth New Construction Homes to see what’s available and where your budget fits best.

Ask About Special Programs

Many buyers are surprised to learn they qualify for grants or down payment assistance. Texas offers several programs through My First Texas Home and other state agencies. Local lenders often offer niche products too.

And if you’re buying a new construction home, don’t forget to ask about builder incentives—lower rates, covered closing costs, and more. My clients using the Refind Realty Rebate Program have saved thousands on their purchase.

Don’t Forget to Look Ahead

Choose a mortgage that fits not just where you are today, but where you’re headed. Planning to start a family soon? Switching jobs? Buying more real estate down the line?

These life changes matter when locking into a 15 or 30-year commitment. That’s why I take time to understand your bigger picture, not just your credit score.

Final Thoughts

Choosing a mortgage is a big financial decision, but it doesn’t have to be stressful. When you have the right guidance—and the right team—it becomes a straightforward step toward your next home.

If you need help comparing mortgage options, or want to connect with a great local lender, I’m here to help.

Download the Lone Star App here: https://lonestarliving.hsidx.com/@sthomas
You're Always Home With Refind Realty.

FAQs

What’s the best mortgage for first-time homebuyers in Dallas?
FHA loans are a popular choice thanks to their lower credit and down payment requirements.

How much should I spend on a mortgage each month?
Ideally, no more than 30 percent of your gross monthly income, including taxes and insurance.

Is a fixed-rate or adjustable-rate mortgage better?
For most buyers, a fixed-rate mortgage offers long-term stability. ARMs may work if you plan to move within a few years.

Can I buy a home in Dallas with no money down?
Yes. VA loans and USDA loans both offer no-down-payment options if you qualify.

How do I apply for down payment assistance in Texas?
Programs like My First Texas Home and city-specific grants can help. I’ll guide you through the process.

Do builders offer lower mortgage rates?
Yes. Many new construction communities offer incentives like interest rate buydowns and covered closing costs. You can learn more in my New Construction Webinar.