Military Families & Veterans: First Steps to Buy or Sell in Las Vegas
First, You want to choose an experienced Realtor and Lender to help make the process as smooth as possible.
1. Assess Your Needs:
Begin by evaluating your family's specific requirements. Consider the number of bedrooms and bathrooms you need, your desired square footage, and any particular features like a backyard or garage. Also, think about your budget and how much you can comfortably spend. Proximity to schools, workplaces, and essential amenities should play a crucial role in your decision-making process, ensuring convenience and quality of life for your family.
2. Understand Benefits:
Familiarize yourself with the various benefits available to veterans and active-duty military members. One of the most significant advantages is the VA loan program, which allows you to purchase a home with no down payment and provides competitive interest rates.
These loans also do not require private mortgage insurance (PMI), making them an attractive option for military families. It's vital to explore all benefits to maximize your buying power and make informed decisions throughout the process
3. Get Pre-Approved:
Connect with a lender who specializes in military financing to start the pre-approval process. Pre-approval gives you a clear understanding of how much you can borrow, helping you set a realistic budget for your home search. A pre-approval is vital to starting the process.
4. Select a Realtor:
Select a realtor who has experience working with military families and understands the unique challenges they face during the buying or selling process.
I specialize in this area and can provide tailored assistance, helping you navigate local market conditions and offering valuable insights to ensure you find the right home or get the best price for your property.
VA Loan Eligibility Requirements for Active Duty and Veterans
1. Time in the Service:
Active-duty service members need to have completed at least 90 consecutive days of active duty during wartime or 181 days during peacetime.
Veterans typically need at least 24 months of service, but shorter service periods can qualify if they were discharged due to a service-connected disability.
2. Reservists and National Guard:
Members of the Reserves or National Guard must have completed at least six years of service to be eligible for VA loans.
3. Discharge Status:
To qualify, applicants must have received an honorable discharge.
4. Documentation:
You need to obtain a Certificate of Eligibility (COE) from the VA to prove their eligibility. This can be done online through your VA Benefits portal or ordered through your lender. This is the most important document in order to utilize your VA loan.
VA Funding Fee and Exemptions
When looking at a home that is in an HOA or Commo
What is the VA Funding Fee?
The VA funding fee is a one-time payment required for most veterans, active service members, and surviving spouses when obtaining a VA-backed home loan. This fee helps sustain the VA loan program and protect taxpayers.
Standard Fee Amount:
The funding fee varies based on the loan amount, whether it’s your first VA loan, your subsequent loan and the type of military service. The funding fee doeas vary.
Funding Fee Exemptions:
You may be exempt from having to pay the funding fee if:
Recipients of the Purple Heart.
Those receiving service-connected disability.
Surviving spouses of veterans who died in service or due to a service-related disability may also qualify.
**To be exempt you must provide the correct documentation to your lender. Make sure you discuss this at the time of your pre-approval.
