Guide To The VA Loan for Las Vegas Home Buyers

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VA loans represent the most powerful lending program on the market for the vast majority of military home loan borrowers. These flexible, no-down-payment loans have helped more than 22 million service members become homeowners since 1944. VA Loans are attractive for many first time home buyer in Las Vegas and provide many advantages over conventional home loans.

VA Loans are nuanced as much as they're attractive. Even longtime VA borrowers aren't familiar with all of the program's unique benefits and quirks. Let's take a look at some of the key details:

Down payment and Loan Limits:

  • 100% financing up to the County Loan Limit.*

  • If the loan exceeds county loan limit, a down Payment equal to 25% of the difference between the county limit and the sales price is required.

  • Maximum loan amount of $1.5MM

Loan Program Types:

  • Conforming 30-year fixed rate mortgages

  • Conforming 20-year fixed rate mortgages

  • Conforming 15-year fixed rate mortgages

  • Jumbo 30-year fixed rate mortgages

  • Jumbo 15-year fixed rate mortgages

  • 5/1 ARMS

Eligible Property Types:

  • 1-4 units attached or detached

  • Single unit condominium

  • Townhouses

Eligible Borrowers:

  • Veterans and reservists who meet VA eligibility and entitlement requirements

  • Two veterans may be joint borrowers if both occupy the home**

  • Veteran and spouse (non-veteran) may be co-borrowers only***

  • Veterans who previously purchased under VA and sold may be eligible with the reinstatement of entitlement

  • One borrower may have two VA Loans simultaneously

Seller Credits:

  • Allowable to pay for closing costs, prepaids, and buydowns

  • Seller concessions up to 4 percent maximum

Other Facts:

  • No prepayment penalty

  • Veterans can pay nonallowables up to 1 percent if no origination or processing fees are charged

  • VA Loans may be assumable by qualified veterans through current servicers

VA Funding Fee Explained:

  • The VA Funding Fee is paid directly to the Department of Veterans Affairs and is the reason they can guarantee this no-money-down loan program.

  • The Funding Fee is automatically financed in your VA Loan and calculated into your payments.

  • The amount of the Funding Fee is determined by four different factors:

  • loan amount

  • type of service

  • down payment (if any)

  • whether or not you have used your VA Loan in the past.

The first step to getting a Las Vegas VA home loan starts not with playing with an online calculator but understanding your financial position and what you can afford.

Contact Steve Cowan to look at your financial situation, diagnose potential roadblocks before you ever call a REALTOR®, and help you understand your home buying options. Click here to get started.