Obtaining a Las Vegas VA loan in Nevada
Many Veterans are not aware of the fantastic homeownership benefits available to them because of their service in the military. Using a Las Vegas VA Loan can help you take advantage of the benefits afforded to you due to your service in the military.
If the VA shows you have full eligibility, you may be entitled to use of your ZERO money down benefit for the purchase of a home. As of this date, a Las Vegas VA loan is the only loan out there of it's kind that requires ZERO money down up to a $424,100 loan amount. The guidelines also allow for a family member to gift you funds towards your closing costs or a down payment if you wish to apply one. The seller may also contribute up to 6% towards your closing costs. Combine a gift with seller contributions and you could essentially come in with no money out of pocket for a VA home purchase.
The VA also makes it possible for you to use your eligibility more than once. There is a funding fee added to the loan balance for the use of your VA eligibility. The funding fees were revised as of 10-11-2011. VA requires that first time users putting 0% down, pay 2.15% to VA. A second time user and any subsequent uses with ZERO down will pay 3.30%.
Some veterans may be exempt from paying the funding fee if they had a service-connected disability. If you have funds for money down, then the above funding fee decreases.
A VA loan will not have mortgage insurance which is a very nice feature and can save you money every month when you compare it to an FHA loan.
VA Refinances are also possible. They call these transactions IRRRLs or Interest Rate Reduction Refinance Loan.
Did you know VA also has extremely low down payment percentages for jumbo loans? Contact Casey and she can calculate for you the down payment for the home you are interested in buying.
To find out if you qualify for a
Contact Casey Moseman