We're in the Memorial Day spirit, and we figured of all the blogs we could post today, the most relevant/beneficial would be a blog about the many options available for veterans when it comes to buying a home. Veterans have a significant advantage over the average buyer when it comes to purchasing or refinancing a home.
A VA (Veterans Affairs) loan is guaranteed by the US Department of Veterans Affairs and is offered by many private lenders. The great thing about a VA loan is it requires a 0% down payment (most loans require anywhere between a 3.5% to 20% down payment). It also doesn't require private mortgage insurance, which is typically required for any loan with less than a 20% down payment.
The VA loan also allows veterans 103.3% financing or a 20% second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI (private mortgage insurance), more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.
Here at The Sodhi~Knight Group, we love our veterans. We truly appreciate all of the sacrifices made by current & active military and their family members. We're pleased to announce that we will cover any home inspection costs incurred by veterans purchasing homes when being represented by one of our agents.
If you have any questions about VA financing, please feel free to call us 24/7 at 702.796.4790. To search for homes for sale or rent in the Las Vegas area, click here.