Are you considering a VA home loan for your next home purchase in Las Vegas and wondering if you qualify? Let’s start by explaining who’s eligible. VA home loans are accessible to active-duty service members, veterans, surviving spouses of veterans, and veterans with service-connected disabilities, including those stationed at Nellis Air Force Base (AFB). To establish eligibility, applicants receive a Certificate of Eligibility (COE) as proof, which our Loan Officers at RCG Home Loans can assist you with.
1. Are Closing Costs Involved in VA Home Loans?
Las Vegas VA home loans involve standard closing costs, such as appraisal, title search, insurance, recording fees, and lender charges. Additionally, there’s a unique fee called the VA funding fee, a one-time payment directly to the VA to sustain the loan program. This fee’s amount depends on various factors:
- For first-time use, the funding fee for VA home loans is 2.125% of the total borrowed amount, rising to 3.3% for previous VA loan users. Disabled veterans over 10% may be exempt.
- Negotiating options exist to avoid paying the funding fee upfront, such as having the seller cover it or rolling it into the mortgage for payment over the loan term.
2. What Credit Score Is Needed for Las Vegas VA Home Loans?
Las Vegas VA home loans don’t mandate a specific credit score. While the VA loan program lacks a minimum score requirement, individual lenders do. At RCG Home Loans, our minimum FICO score for VA home loans is 580, providing greater flexibility for applicants. It’s important to note that different lenders may have varying prerequisites.
While no minimum score is required for Las Vegas VA home loans, a better credit score translates to better terms and rates. To gauge your standing, you can access your free annual credit report or consult an RCG Loan Officer for a free pre-qualification. If credit improvement is needed, our team can guide you through the process.
3. How Often Can I Use My Las Vegas VA Home Loan Benefit?
There’s no limit to the number of times you can use your Las Vegas VA home loans in your lifetime. However, these loans are exclusive to primary residences, and your entitlement (the guaranteed amount) is finite. If there’s a remaining entitlement, additional VA home loans might be feasible. Our Loan Advisor can assist in calculating your remaining entitlement.
Generally, selling the home financed by a VA home loan restores full entitlement. Nevertheless, a one-time entitlement restoration is available from the Department of Veterans Affairs for individuals who’ve paid off their VA loan yet retain ownership of the property.
4. Can I Have Multiple VA Home Loans?
Certainly! Las Vegas VA home loans can be used for primary residences, and service members often relocate. You can obtain a Las Vegas VA home loan for your primary residence and, if ordered to move, secure another for your new primary residence—provided your entitlement covers both properties, including those stationed at Nellis AFB.
The advantage of multiple Las Vegas VA home loans is the option to retain the old property as a rental while maintaining the original VA loan. However, re-qualification may be necessary, and borrowing limits might apply for the second loan based on your entitlement.
5. Can I Use a Las Vegas VA Home Loan to Purchase Land?
Las Vegas VA home loans don’t solely finance land purchases, but they do fund land when associated with construction. This loan allows you to purchase land intended for building, which could be beneficial for those stationed at Nellis AFB considering future homeownership plans.
Specific rules apply, and it’s best to discuss purchasing land with a Las Vegas VA home loan with an RCG Loan Advisor to fully understand the requirements.
6. Can I Refinance a Las Vegas VA Home Loan?
Absolutely! Las Vegas VA home loans are eligible for refinancing, offering options such as VA-backed cash-out refinances or Interest Rate Reduction Refinance Loans (IRRRL). RCG Home Loans assists with refinancing, not the VA.
Closing fees apply to Las Vegas VA home loan refinances, and a VA funding fee can be financed into the new loan amount. Consulting an RCG Loan Advisor ensures the terms and costs align with your financial goals.
Taking the First Step
Lending our support through Las Vegas VA home loans is our way of expressing gratitude to those who’ve served our country. At RCG Home Loans, we’re dedicated to simplifying the path to homeownership for you and your family. For comprehensive insights into VA loans, connect with an RCG Home Loans Officer by clicking here.