What you need to know about getting a Veteran Home Loan in Las Vegas, NV.
Getting a Veteran Home loan is not as difficult or as time consuming as one may think in the hands of of someone who has the knowledge doing VA home Loans. There are more rules and guidelines that are in place with a home loan for VA, then FHA or Conventional Home Loans . This is to insure that the Veterans have enough income to qualify for the home payment and the maintenance and utilities for the specific home they are purchasing.
What are the benefits for a home loan for a Vet?
Vets that have served and has anything other then a dishonorably discharged on their DD214 or are currently on active duty and they have completed 24 months of continuous service are eligible for a VA Home Loan. If the Veteran was called up for service and served at least 90 days before being discharged and did not received a dishonorable discharge they are eligible for a Veteran Home Loan. The guaranteed Loan Amount in Las Vegas, Nevada is capped at $417,000.00. The VA Home Loan is not the lender ,but guarantees the loan to the lender in case of default. The Veteran can purchase a home with $0 dollars down and can have up to 4% sellers concession which is 1% more then FHA and Conventional seller concession limits. VA Funding fee is calculated based on several factors if the Veteran is putting less the 5% down the fee is 2.15% of the loan amount for Active Duty and Veterans, and 2.40% for National Guard and Reservists for 1st time use. If the Veteran has used their VA Home Loan Guaranty previously then the VA Funding Fee is 3.3%. The Veteran is exempt from the VA Funding fee if they have a 10% or more service related disability. Veteran's Widows that were married at the time of the Veterans death are able to get a VA Home Loan. If the Veteran is on Active Duty and has been overseas for at least 90 days from December 1st 2008 to May 1st 2010 will be still eligilbe for the $8,000.00 Tax Credit until April 30th 2011 to enter into a contract and will have to close by June 30th 2011.
Requirements for a VA Home Loan.
VA Home Loans requires the loan to be owner occupied, but if on active duty will allow the spouse to be occupied owner.
VA does not allow non spouse borrowers on the loan.
Minimum FICO Scores required is 620 and the DTI will be capped at 41%.
Military Service that have been discharged or retired will need to provide a copy of the DD214 or if on active duty a signed statement from the unit Commander.
Discharged or Veteran retirees will need Certificate of Eligibility or the lender can get for the Veteran.
Waiving of the VA Funding Fee will need proof of Disability either recorded on DD214 or VA-26-8261-A Veteran Status form with Claim Number.
Debt to Income Ratios is 41%, but may go up with extenuating circumstances, which includes assets, higher reserves, and high FICO Scores.
DTI will also include the following: Child support, Child Care, Alimony, Maintenance set asides and the required Residual Income based on location and family size and the loan amounts.
Maintenance cost is calculated at .14 cents per the the subject house square feet and will be included on determining the DTI ratios.
Fees a Veteran cannot pay.
1. Processing Fee
2. Underwriting Fee
3. Escrow Fee
4. Termite Inspection
Getting a Veteran Home Loan in Las Vegas, Nevada is not difficult or time consuming in the hands of someone knowledgeable!