VA Loans Las Vegas
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
Benefits of VA loans
- No required down payment when purchasing a home.
- You aren't required to purchase Private Mortgage Insurance (PMI).
- Your closing costs can be paid for by your sellers. This includes Appraisals, Escrows, and the Title.
- If you want to refinance your home you can do so at up to 100% of its value.
- There is less risk for the lender (since VA loans are insured by the Government) and they are more lenient with approvals.
- Disabled veterans can avoid paying the Funding Fee if they have received a disability payment or are at least 10% disabled.
- Your VA loan entitlement can be used to refinance an existing conventional, FHA or USDA home loan without any mortgage insurance.
Are you eligible for a VA Loan?
Any individual that has served in active duty and has been discharged honorably can apply for a VA loan. You are eligible to apply if you meet any of the following requirements:
- You've served at least 181 days during peacetime.
- You've served at least 90 days during wartime.
- You've served in the National Guard or Army Reserves for at least 6 years.
- You've received disability payments from the VA.
- You're a spouse of a service member who has lost his/her life while serving the Country.
What is a VA Funding Fee?
The VA Funding Fee is a fee paid directly to the Department of Veteran's Affairs that guarantees your loan and ensures its low cost. This fee can be from 1.25% - 3.3% of the total loan amount and will depend greatly on the amount of money contributed as a down payment. This funding fee depends on several other factors as well, such as your current status (retired, reserve, guard, or active duty), and whether it is your first VA loan, second VA loan, or a cash-out refinance. This funding fee can be included in your loan and compiled into your monthly payments Contact us today to find out what the VA Funding Fee would be for your situation