The VA Zero Down Home Loan is one of the best kept secrets in lending.  In the past, many 100% Financing options have over shadowed this mortgage loan but recently we have seen a tremendous resurgence of the VA Loan in the Las Vegas area.  This loan is quite simple to understand and qualify for as long as you are a Veteran with the VA Loan Entitlement.

VA Home Loan Features:

• No Down Payment
• No Income limit
• The Loan is Guaranteed by the Government (This is the banks 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

New VA Loan Limits:

Ginnie Mae who is the government chartered corporation that insures VA Loans has raised their loan limits.  The new loan limit for VA Loans is $650,000.  This new loan limit is terrific for the Las Vegas market, as the prices are a bit higher than the rest of the country.  Even though the VA Loan limits have been raised, loans that are above the conforming loan limit, $417,000, do not carry the same guidelines as a traditional VA Loan.  The qualifying veteran is required to cover 25% of the difference above $417,000. 

For example, if you a 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.

Other Key Items To Note For VA Home Loans:

• If a Veteran has a service related disability, they may be able to waive the VA Loan Funding Fee.
• In community property states, non-borrowing spouses debt must be accounted for.

You can find more information on my Las Vegas VA Loans Here.