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Benefits for Veterans in the Las Vegas Real Estate Market

By Kathryn Bovard

VA loans and Las Vegas Real EstateWhat do veterans and Las Vegas short sales have to do with each other? You’re about to find out. This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri.

“Las Vegas, world renowned for its wildness, is actually a home to a growing population of families and retirees looking to enjoy the amenities of the “Entertainment Capital of the World.” In fact, many veterans and active-duty service members are finding out that it’s worthwhile to shop for a home in the Las Vegas area. As an option designed expressly for military homebuyers, the VA Home Loan program couples financial benefits with other services to make for a great way to finance that home. Combined with a short sale, a Nevada VA loan can help get military homebuyers the house they always wanted at a great price.

A VA loan in Nevada can finance 100 percent of a home’s value. The VA loan limit in Nevada is $417,000, and qualified borrowers will pay 0 percent down even when earning this maximum loan. This no-money-down possibility separates the VA loan program from traditional home financing options, which often come with down payments as high as 20 percent.

For all Las Vegas homebuyers, it’s never a bad idea to look for short sales on homes. Properties that are sold short are different than those that are foreclosed, but will likely be below market value since a bank or lender agreed to take a moderate loss in the sale. Using a Nevada VA loan for a short-sale home means the homebuyer will save even more money.
An additional perk of living in Las Vegas is the close proximity to Nellis Air Force Base. Active-duty personnel can also use a Nevada VA loan to buy a home on the base; veterans who want to be close to military life can use their benefits on a home just down the road.

The down payment feature is one of many upsides to VA loans, which come with negotiable interest rates and no private mortgage insurance. These two features work together to lower monthly payments so military homebuyers can more easily pay for their home. If VA loan borrowers decide to make prepayments on the loan, they will not be penalized for doing so.

To take advantage of a Nevada VA loan’s benefits, complete a Certificate of Eligibility (COE). A COE is a simple form that confirms that you meet the initial requirements for the VA loan program. The COE is available from the VA website or from a VA-approved lender, like VA Mortgage Center or another national lending leader. Despite helping more than 19 million service members buy a home, the program is not available to all veterans and service members. Military members who may qualify tend to be in one of three groups:

-Service members who served for 90 days during wartime or 181 days during peacetime while on active duty.
-Members of the National Guard or Reserves who served for at least six years.
-Spouses of service members who died while serving or due to a service-connected injury.”

If you would like to contact James, go to james@vabenefitblog.com.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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  2. Dos and Don’ts for Selling Your Home in the Las Vegas Real Estate Market
  3. Which mortgage is best in the Las Vegas Real Estate Market?

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