Las Vegas Home Buyer Resources - Financing Your Home

If you are planning on purchasing a home it is important to figure out the financing ahead of time.  Most real estate agents (myself included) will not start showing homes to a buyer until the financing is in place. 

Finding the right person to assist you with this process is the first step.  Call me if you need a lender referral. 

Here is a financing guide (opens a .pdf file)  put out by Trulia which gives you some financing basics.  It is a good place to start if you are just beginning to think about financing a home.

Looking for a Las Vegas home?  Call Cindy at 702-807-3339.

The Basics of Using a VA Home Loan in Las Vegas

 The Basics of Using a VA Home Loan in Las Vegas

Club Aliante located near Nellis AFB.

Thousands of military families must relocate   every year, and many desire to purchase a home in their new area. With Nellis and Creech Air Force Bases located near Las Vegas, the city is a popular residential area for military members and their families.

The VA Home Loan offers military members wishing to move to or needing to relocate to Nevada the perfect opportunity to do so for zero money down.

What are the Benefits of a VA Home Loan?

Because it is partially guaranteed by the Department of Veterans Affairs, the VA Home Loan program is able to offer veterans and active duty service members great benefits they wouldn’t find in other conventional programs. By securing a VA home loan, military members are able to benefit from:

•    Competitive interest rates
•    Flexible loan terms
•    High loan limits

Qualified military members may receive up to $729,000, which is an extra perk considering that home prices in Las Vegas may vary from $175,000 to higher than $275,000 depending on the neighborhood.

How Do I Qualify for a VA Home Loan?

Securing a VA home loan is a painless process with the help of a Nevada VA Loan Specialist. Because the business is so competitive, many lenders will tailor their services to you and solicit your feedback during the process. There is even a quick and easy process for prospective borrowers can use to determine how much they may qualify for.

To initially qualify for a Nevada VA Home Loan, applicants must meet one of the following requirements:

•    Have served for at least 3 months on active duty during war time or served for 181 days on active    during peacetime
•    Have served 6 years in the Reserves or National Guard
•    Be the spouse of a military member killed in action

Veterans and active duty service members must also submit a Certificate of Eligibility in order to qualify for a VA Home Loan. If an eligible military member doesn’t have their COE, they may either request one from the Department of Veterans Affairs by mail, or allow a VA Loan Specialist to obtain one through their online database.

To obtain financing, military members should be aware that most VA-approved lenders will desire a credit score of at least 620. If a veteran or service members score doesn’t reach the minimum or they have an imperfect credit history, they are still asked to apply for a home loan as they may still be eligible.

This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri.


Las Vegas Homes information is available through our Las Vegas MLS search or Las Vegas Home Finder service.  

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Financing a Home? Why Now is the Time to MOVE.

Mortgage blogger Dan Green says:

None of us can predict what where mortgage rates will go. Recession, inflation, whatever -- it's a big mystery. But, we do know with 100% certainty that guidelines will tighten effective December 13, 2008, and it will prohibit Americans from getting access to mortgages.

Read the rest here.

Private Mortgage Interest Now Deductible

Private Mortgage Interest (PMI) is now tax deductible. The Tax Relief and Health Care Act of 2006 (H.R. 6111) included provisions which allow homeowners to deduct their PMI on mortgages aquired after December 31, 2007. There are some caveats:

• Incomes under 100K means full deduction. Incomes over 100K get a smaller deduction.
• Only applies to mortgages aquired in 2007
• Tax break will only be for 2007 (unless there provisions are extended)

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