Qualify for a VA Home Loan
One of the major pluses to qualifying for a VA Home Loan is you usually do not have to have money for a down payment as long as the home is within county loan limits. Va loans have the lowest interest rates of all programs and no mortgage insurance EVER!
In Nevada, that means you can borrow for a mortgage of up to $484,350 and in 2020 the limit will be removed. In most cases, a minimum credit score of 580 or higher is needed for a VA loan, and since they are underwritten by the Department of Veteran’s Affairs, the loans do not require mortgage insurance. Most Veterans don’t know they can have more that one VA loan at a time.
VA benefits for writing a home mortgage are available to active, retired, previous and certain familial relations to service personnel. It is a great way to get a low interest, zero down loan on your dream home. VA Loans do still have some closing costs involved and in many cases, your Mortgage Broker can recommend a trusted Realtor that can help you negotiate for the seller to pay some if not all of the closing costs for you. Closing costs can also be financed into your loan if needed.