For veterans and service members looking for a Las Vegas mortgage, Blackmon makes the VA home loan process a simple and cost-effective way to secure your piece of Nevada real estate. Partially guaranteed by the U.S. Department of Veterans Affairs, VA loans are mortgage options that offer buyers several financial benefits when compared to conventional loans.
- Interest Rates Are Typically Lower
- No Down Payment
- No Private Mortgage Insurance
- Lenient Borrowing Requirements
- No Specific Minimum Credit Score
What Is A VA Home 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?
VA home loans are a type of mortgage loan specifically designed for active-duty military members, veterans, and eligible surviving spouses. These loans are offered by private lenders but are guaranteed by the U.S. Department of Veterans Affairs, which makes them a favorable option for eligible borrowers. VA home loans typically offer competitive interest rates and require little to no down payment, making them more accessible for qualified borrowers. Additionally, VA home loans do not require private mortgage insurance (PMI), which can save borrowers on monthly payments.
However, borrowers must meet certain eligibility criteria, including military service requirements, to be eligible for a VA home loan.
Who Qualifies For A VA Home Loan?
Not all who serve in the military can qualify for a VA loan. While you must meet specific criteria, our Las Vegas mortgage brokers will help you in determining 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.
- 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
Although the road to homeownership can sometimes present challenges, at Blackmon Home Loans, we make it simple and easy to understand. Our team of experts will walk you through each streamlined step.
- 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.
- Make An Offer. Once you find your dream home, your real estate agent will help you negotiate the contract with the seller.
- 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.
- Closing. At your loan closing, you’ll sign documents and get the keys to your new home.
Apply For A VA 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. If you’re a veteran, service member or reservist, contact us today and get started on your VA home mortgage.