What is a VA Loan?
Are you a service-member in the U.S. military or veteran considering the purchase of a home in Henderson? Specific types of loans are available to you in Henderson, NV, and the surrounding area. Veterans Affairs loans, known commonly as VA loans, are provided by private lenders and insured by the federal government. Henderson VA loans have little to no down payments and affordable interest rates. At Vision Home Mortgage, we will help you determine if a VA loan, conventional loan or other financing option will give you the best rate for your lifestyle. Contact mortgage broker Tiffani Planck at Vision Home Mortgage today for a free consultation or with any questions you may have about VA Loans in Henderson, Summerlin, North Las Vegas and the whole state of Nevada!
Benefits of VA Loans in Nevada
A VA home loan is insured through the U.S. Department of Veterans Affairs, which gives lenders more security and allows you to attain more favorable terms. We are proud of the many benefits we can provide through VA loans in Henderson, Summerlin, North Las Vegas and the whole state of Nevada!
VA loans are one of the only home financing options that do not require a down payment. They do not require private mortgage insurance, so your monthly payment is lower than with a conventional loan. At Vision Home Mortgage, we will evaluate your finances to help you find competitive rates with terms that meet your needs. In addition to home purchase loans, you may also use a VA loan in Henderson, Summerlin, North Las Vegas, or anywhere in NV for refinancing a current home.
There are maximum VA loan amounts for both home purchase and refinancing. We will help you determine what amount is available to you dependent on if you live in Henderson, Summerlin, North Las Vegas or surrounding Nevada.
There are many benefits of a VA Loan, which is by the design of the Veterans Administration.
- You do not have to pay private mortgage insurance, or PMI
- Many loans have 100% financing (as long as the appraised value does not exceed the sale price) or 20% on your second mortgage
- No pre-payment penalties
- 0% down for disabled veterans
- 2.15% for veterans using their eligibility for the first time
- 3.3% for veterans utilizing subsequent use
- Closing costs are limited, allowing the seller to contribute to your closing costs
- VA funding fees of up to 3.3%, which go directly to the VA
How to Use a VA Loan
You can utilize a VA Loan in many different ways, including to purchase a new home or even refinance your current mortgage through the VA refinancing programs. Should you be a veteran in need of cash, a VA Cash-Out Refinance Loan can be used to transfer your home equity into cash for expenses such as remodeling your home, making home improvements or high-interest debt consolidation. Additionally, Interest Rate Reduction Refinance Loans (IRRRL) or streamline refinance loans can be used to take advantage of currently improved market rates.
How do I Qualify for a VA Loan in Nevada?
Applying for a VA loan to purchase a home in Nevada is easy. There are a few things to keep in mind to qualify:
- The purchaser must obtain a certificate of eligibility (COE). The Vision Home Mortgage team can help you obtain this.
- The home purchased must be occupied:
- The veteran or servicemember
- The veteran or servicemember’s dependent or spouse (for active duty only)
- The purchaser must have satisfactory credit (usually in the 600 range or higher). We can tell you after a quick financial evaluation if this or another type of loan is right for you.
- You may use the Henderson VA loan entitlement restored a second time if your prior loan is paid off. If you have previously used a Henderson VA loan, we can discuss specifics during your free consultation.
- Most veterans will qualify who have serve a full period of active duty and were not dishonorably discharged.
Nevada VA Loan Limits by County
|County Name||Single Family Home
($0 DOWN AND UP TO)
The Help You Need for Home Purchase in Henderson Nevada
At Vision Home Mortgage, we know that happy clients are lifelong clients. We love working with veterans and service-members to utilize unique lending programs available to them. If you live in Henderson, North Las Vegas, Summerlin or the surrounding area, contact Tiffani Planck today to schedule a consultation. We will help you find the right financing options for your needs!