Las Vegas VA Home Loans
Please see my updated blog post (Las Vegas VA Home Loans 2014)
The VA Loan is one of the best kept secrets in lending. In the past, many 100% financing options overshadowed this mortgage loan, but recently we have seen a tremendous resurgence especially in the Henderson and Las Vegas, NV areas. The VA Home Loan is the only true 100% financing option available in the Las Vegas mortgage market. This loan is quite simple to understand and qualify for.
VA Home Loan Features:
- No down payment
- No income limit
- The loan is guaranteed by the government (This is the bank’s reassurance that in case of default they may still be able to recoup their money)
- No upfront or monthly mortgage insurance
- This loan may be assumed by a qualifying person
VA Home Loan Requirements:
- Military veterans, active duty persons, and members of the national guard or selected reserves are eligible.
- Qualifying persons must submit VA Form 26-1880, along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the National Guard or reserves) to the VA Eligibility Center (I can help you with this using our ACE System).
- Based on the applicant's length and type of service, VA issues a certificate for each person determined eligible to apply for a VA guaranteed home loan.
- A VA Funding Fee is required to be paid to the VA (this fee can be financed into the mortgage loan).
- Automated Certificate of Eligibility (ACE) System:
- Gone are the days of having to request a Certificate of Eligibility through snail mail. Now, our office has direct access to the VA's Automated Certificate of Eligibility (ACE) system. In most cases, we can pull a Certificate of Eligibility in a matter of minutes.
VA Funding Fee (Please note, these funding fees are current as of loans prior to 9/30/11; there is a potential funding fee change pending as of 10/01/11):
A VA funding fee is required to be paid to the VA for funding the loan. This fee covers administrative costs to the VA for providing this benefit. This fee is a percentage based on the total financed mortgage loan amount. Currently the VA funding fee is:
|
VA Funding Fee Chart (Current as of 12/05/11, however there are potential changes pending) |
Funding Fee % |
Reservist FF % |
|
Purchase Loan Zero Down (includes HARMS) |
2.15% |
2.4% |
|
Subsequent Loan (incl. HARMS) |
3.3% |
3.3% |
For example, if you are active duty military and have not previously used your benefit before, you are financing $100,000 for the purchase of a new home with the VA Zero Down Home Loan. Your VA Funding Fee (2.15%) would be $2,150.
Do I always have to pay the VA Funding Fee?
No. If you have a Service Related Disability or for some refinances the Funding Fee is waived.
Do I have to use the Zero Down Benefit?
No, you can also use the benefit with 5% or 10% down or more at a discounted funding fee.
So, as long as I am a qualified Veteran can I get a Zero Down Home Loan?
Well, you still have to qualify for a VA mortgage loan like you would a regular mortgage loan, i.e., employment qualifications, income qualifications, provide ability to repay, etc., but the VA makes many exceptions for veterans.
What is the Las Vegas VA Loan Limit?
You may use the zero down benefit up to a $417,000 purchase price. The VA will insure a portion of the loans for home purchases made up to $1 million. However, the qualifying veteran is required to cover 25% of the difference above $417,000.
For example, if you are buying a Las Vegas home for $480,000 with a VA Loan, the VA will fully insure the first $417,000 and then they will insure the remaining $63,000 as long as the Veteran comes in with 25% or $15,750 of that $63,000.
I am a veteran and I think I am eligible for the VA Zero Down home loan but I have more questions. What do I do now?
I would be happy to answer questions. You can call me at 702-808-8328. You can also visit my lender website to get more information on a VA Zero Down Home Loan. Las Vegas, Henderson, and North Las Vegas, Nevada VA Home Loans Lender.
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