VA Loans

At Blackmon Home Loans, we understand VA Loans and the Las Vegas home buying process, and we’re here to make it simple for you. VA loans are mortgage options that the Department of Veteran’s Affairs partially guarantees. Here’s what most borrowers don’t know about the VA mortgage program.

  • Interest Rates Are Typically Lower
  • No Down Payment
  • No Private Mortgage Insurance
  • Lenient Borrowing Requirements
  • No Specific Minimum Credit Score

What Is A VA Loan?

The Department of Veterans Affairs offers a $0-down mortgage option for eligible service members. Qualified individuals can use a VA-backed loan to purchase a primary residence or refinance an existing mortgage.

However, even the most seasoned borrowers and real estate agents are often unaware of the program’s unique benefits.

  • There is no limit on how many VA loans you can receive as long as you pay them off each time.
  • They are only for certain types of homes.
  • The mortgage must be for your primary residence.
  • They are available to borrowers despite foreclosure or bankruptcy.
  • There is no limit on how much you can borrow.
  • There are different types of VA loans.
  • You can refinance your current mortgage with a VA loan.

How Does This Mortgage Program Work?

The Department of Veterans Affairs doesn’t originate the loan; they back a portion of each mortgage against default. This VA-backed guarantee gives lenders the confidence to offer $0-down financing and lower interest rates without monthly mortgage insurance.

Who Qualifies For A VA Loan?

Not all who serve in the Armed Forces can qualify for a VA loan. You must meet specific criteria. Our Las Vegas mortgage brokers can help you determine your eligibility.

  • Served 181 days of active service during peacetime
  • Served 90 consecutive days of active service during wartime
  • Served more than six years of service with the National Guard or Reserves or 90 days under Title 32, with at least 30 of those days being consecutive.
  • Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

The Steps To Home Ownership

The road to homeownership can sometimes present challenges, but at Blackmon Home Loans, we make it simple and easy to understand. Our team of experts will walk you through each streamlined step.

  1. Pre-Qualification. You’ll need to find a VA-approved lender like Blackmon Home Loans. You’ll also need to get a Certificate of Eligibility demonstrating proof of service.
  2. Make An Offer. Once you find your dream home, your real estate agent will help you negotiate the contract with the seller.
  3. Go Through VA Appraisal & Underwriting. Once your contract is approved, your lender will order a VA appraisal. VA loans require that prospective property meets fair market value and the VA’s minimum property requirements.
  4. Closing. At your loan closing, you’ll sign documents and get the keys to your new home.

Apply For A Mortgage In Las Vegas

If you’re ready to buy a home in Las Vegas, Blackmon Home Loans is here for you. Our loan officers have over three decades of experience; we can save you time, money, and stress throughout the VA home loan process. Contact us today and get started on your home application.

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