Veterans have the option of obtaining VA loan programs provided by private lenders but guaranteed by the VA. The guarantee insures mortgage companies against loss up to a specific dollar amount if a borrower forecloses on a property. Because of this guarantee, lenders can provide veterans options not readily available with other financing. Below is an overview of the benefits of VA loan programs in Las Vegas.
Benefits Of VA Loan Programs In Las Vegas
The most well-known features of VA loan programs are the options for no money down and no mortgage insurance. Veterans can borrow up to the entire price of a property being purchased, that is if the appraisal supports the price and the individual lender does not have a specific mandate for down payment. VA financing also enable veterans to buy a property by reducing the additional monthly expense of mortgage insurance, which is normally included in loans with low down payments. Other important benefits are...
- Similar closing costs to other loans.
- VA loans are transferable.
- No pre-payment penalty.
- Ability to roll in or reduce the VA funding fee for the loan.
Qualifying for VA Loan Programs
To obtain a VA mortgage, veterans must meet several criteria. The first set pertains to their actual service - war served, nature of service, and amount of time served. The second set includes the normal credit report and financial factors evaluated by mortgage companies. Veterans can call any bank offering VA financing to determine eligibility and obtain a pre-approval.
With a pre-approval ready, buyers may then start touring listings within their price range. Once a listing is found, an offer can be submitted subject to VA financing approval. With an accepted offer, veterans may then formally apply for a loan and lock in an interest rate. Once the loan is approved, the next step is the closing. After closing, the loan is reported to the VA. Veterans are only allowed one current VA mortgage at any given time.
This article is merely a brief overview of the benefits of VA loan programs in Las Vegas. To be directed to a local bank providing VA loan programs, contact Arina Hanciulesco at Keller Williams Realty at 702-212-2222 or firstname.lastname@example.org.