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Buying a Home in Las Vegas with a VA Loan

Call 702-843-6733 to get started buying a Las Vegas home with your VA loan benefit from the Veteran’s Administration! The team at Addicted Realty is always excited to work with veterans to achieve their homeownership goals. We work with VA Approved Lenders to help veterans purchase a home.
The Veterans Administration provides loan guarantees to Servicemembers, Veterans, and eligible surviving spouses. The loan guarantee allows private lenders to issue mortgages with more favorable terms and typically no down payment. The VA Loan benefit allows those who have served our country to become homeowners and live a part of the American Dream. This type of loan is provided as a benefit to those who have served our country and meet the eligibility requirements for the program. The borrower must have satisfactory credit, sufficient income to meet the monthly loan repayment, and a Certificate of Eligibility. The actual loan is made by a private lender, not the VA. The VA guarantees a portion of the loan, so in the event you can’t make your payments anymore, the VA pays the lender for the loss. This guarantee allows lenders to provide very favorable terms (low interest rate, no down payment) to the eligible Veteran or their surviving spouse. There is typically no down payment requirement and interest rates are typically lower than conventional loans. The current limit for VA loans in Clark County is $484,350. Visit www.benefits.va.gov for more information. As with all loans, the VA loan process is no different, documentation is very important. The lender will want to follow a paper trail for every aspect of your financial life. Make sure you can document the source of any money deposited into your bank accounts. Your income on your tax return should match the total of your W2 and 1099 income. Having paystubs that match the total is helpful as well. As with any loan program, a solid history of debt repayment is required to qualify for a loan. Make sure you pay all your debts on time.

Types of VA Loans

  • VA Purchase Loans
  • Cash-Out Refinance Loans
  • Native American Direct Loan Program
  • Adapted Housing GrantsM/li>

    Credit Requirements

  • Typically 580-640 minimum FICO *varies by lender and loan program

  • VA Funding Fee

  • Required to be paid at closing or financed into the loan
  • Varies depending on service classification, down payment percentage, and # of times VA loan benefit has been utilized.

  • Mortgage Insurance – Upfront Mortgage Insurance Premium (UFMIP)

  • None

  • Mortgage Insurance – Annual Mortgage Insurance (MMI)

  • None

Maximum Loan Amount

  • $484,350

  • Appraisal Required

  • Yes

  • Termite Inspection Required

  • Yes. Must be paid by the seller.

  • Current Rates

  • See sample current rates for FHA loans at www.bankrate.com

  • Debt-to-Income Ratios

  • Varies by lender

  • Rate Type

  • Fixed Rate
  • Variable Rate (3 yr ARM, 5 yr ARM, 7 yr ARM)

  • Term

  • 30 year
  • 15 year

  • Owner Occupancy Type

  • Primary Residence for Veteran (owner occupied)
  • Residence for eligible dependents for Active Duty Service members

  • Seller Contributions towards Closing Costs

  • Yes.
  • There are limits of what seller can pay for and the total percentage they can pay.
  • Addicted Realty is not a mortgage lender and does not provide mortgage or financing advice. The above information is provided as a courtesy to our clients and is not a substitute for guidance provided by a licensed mortgage professional. Always consult a mortgage professional, tax professional or attorney prior to signing any mortgage or financing related documents.
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