Nevada VA Loans
For qualified veterans interested in purchasing or building a new house in Nevada, it has never been more affordable to do so than it is today. With a VA Home Loan, veterans are able to buy big, beautiful properties without having to supply a down payment on the home first. This is great for all veterans, especially those who may not have sufficient funds saved for a hefty down payment. While this is one of the biggest benefits of using a VA Loan to purchase a new house, it is by no means the only benefit available. Here are a few more additional benefits associated with a Nevada VA Loan.
No Monthly Insurance
With a VA Loan, a portion of your loan is guaranteed by the VA. This amount is up to 25% of the total loan and is how much your private lender will receive in the event of a default on the loan. This means you won’t be required to provide private monthly mortgage insurance because you are already insured by the VA.
Flexible Repayment Plans
The VA offers five different types of repayment plans: traditional ARM, hybrid ARM, traditional fixed, graduated payments mortgage and growing equity mortgage. Each type of repayment plan is there to suit different types of incomes and needs. For example, a traditional fixed is great for people who want stable payments month after month. A graduated payments mortgage would be better suited to first time homeowners and young couples that need more money in the beginning but will be able to handle higher payments as time goes on.
Minimal Closing Fees
While you will still have to pay the VA a one-time fee, it will never be more than 1% of the loan, and there are many cases where this fee will be waved. You will also be required to pay the closing fees associated with the loan, but the VA puts a cap on this amount so that you will never be hit with a huge charge at the end of the loan process.
If you are interested in obtaining a Nevada VA Loan, be sure to fill out our quick, secure form online. We would love to help you get started on a VA Loan today so you can start taking advantage of the great VA benefits.