VA Loans

What is a VA Loan?

A VA loan is a mortgage that is guaranteed by the United State Department of Veterans Affairs (VA).  The program is designed for American Veterans, military active duty currently serving, reservist, coast guard, and select surviving spouses (providing they have no remarried and the Veteran passed away due to something to do with their active duty in the service).  The loan can be used for the purpose of buying a primary residence of a single family, condo, multi-unit property, manufactured homes and new construction.  The VA doesn’t originate the loan only guarantees the loan.  VA does set the minimum rules on who can qualify and requirements of what may be offered under the program.  The VA does not set the interest rate on the loan the investor does.

Who is eligible for a VA loan?

The basic intention of the VA is to supply home financing for eligible veterans and help veterans purchase a home.

 What are down payment requirements and fees?

A VA loan is a true 100% loan which requires no down payment for the Veteran.  It is also a loan the requires no Private Mortgage Insurance(PMI).  A VA loan does have what is called a funding fee unless you have a 10% disability or greater form the military.  First time users of a VA if not disabled require a 2.2% funding fee which can be added to the mortgage amount.  Subsequent use is 3.3% of the mortgage amount.  You can use your VA eligibility as many time as you like as long as the previous loan has been paid off.

Maximum loan amount?

The Maximum VA loan guarantee varies by county but generally follows the conforming loan limit as of January 1, 2018 of $453,100 for a single family home.  You can go above the VA maximum loan amount but every dollar about the maximum requires the Veteran to put 25% down payment of the difference.  For example if the purchase price were $553,100, that would be a $100,000 difference therefore you would be required to put down $25,000.

Fees a Veteran is not allowed to pay:

A veteran can not pay an escrow fee (must be paid for by seller) and a requires a termite inspection not paid by the Veteran.

Get Pre-Approved for a VA Loan

If you are a Veteran and think you might be eligible for a VA loan, in Henderson, Las Vegas area or anywhere in Nevada please contact Bruce Singer at Vision Home Mortgage at 702-217-5525 or fill out this form on this page.