Las Vegas Real Estate News | Las Vegas Now

Helping Those Who Have Served

The Las Vegas metro area has long been a prime destination for home seekers nationwide. Despite the economic difficulties of the last 18 months, prospective home buyers with solid credit are finding great deals throughout the area. Government home loans are proving especially powerful for those wanting to own a home in the Las Vegas area.
The popular VA, FHA and USDA loans are making it possible for families of all incomes and backgrounds to achieve home ownership in preferred locations. The loan programs include a variety of benefits.

VA Loans

Many veterans use the VA mortgage program because of the zero money down option, low monthly rates, and other significant financial benefits. In addition, there are no prepayment penalties, private mortgage insurance charges, or upfront costs. Veterans can save about $100 to $300 over conventional borrowers on monthly payments because of these attractive features. Qualified borrowers can secure a loan up to $417,000 without a down payment. Sellers can cover up to 6 percent of closing costs and concessions.

Applying

Interested applicants must fill out a Certificate of Eligibility, which details to what extent a borrower may participate in the program. It’s important for Las Vegas service members and veterans to find a mortgage lender qualified to work with VA loan.

USDA Loans

The U.S. Department of Agriculture offers a unique loan guaranty program for persons looking to buy a home in rural areas. The USDA mortgage program is also a no-money-down loan. It allows for 100% financing, does not require mortgage insurance and has lower monthly payments than many conventional lending options.

Applying

The potential new home must be in an eligible rural district of Nevada. Las Vegas itself would not apply, but surrounding suburbs might. Applicants must meet credit and salary requirements.

FHA Loans

The FHA loan does not have a no-down-payment option, but it is open to everyone. The minimum down payment on an FHA loan is 3.5 percent. These government-backed loans offer competitive interest rates, low closing costs and less stringent qualifying standards. Low and middle-income families can apply because there are no income limits. If a down payment is difficult to manage, families can choose to use gifted or borrowed money from relatives or friends.

Applying

Fill out the FHA loan application. The Federal Housing Administration has many resources. They can point interested applicants to knowledgeable FHA lenders. Lenders look for adequate, not just exceptional, credit ratings. They do require families to prove that their debt is not too high in comparison with their income.

Making the Move

All three programs have a lot to offer. Las Vegas is an excellent place to take advantage of those benefits. Think it over and talk with expert lenders in your area.

Thanks and I wish you all the best,
Brandon Fischer
VABenifitsBlog.com