The Servicemen’s Readjustment Act was established in 1944 to offer several benefits to veterans or their surviving spouses. One of these benefits was the VA loan program. VA loans are home loans guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee makes it possible for Henderson veterans to receive very favorable rates and terms compared to other mortgages. All American Home Mortgage, your premiere Henderson mortgage lender, is proud to offer veterans some of the best rates and terms on Henderson VA loans.
Most veterans, military, and spouses of deceased military members will be able to take advantage of the VA loan program. Eligibility will vary depending on service status of the applicant. Veterans will be eligible to use the program immediately if prior service requirements have been met. Active-duty members become eligible after roughly 6 months of service. National Guard and reservists will reach eligibility after 6 years. If either are called to active duty, eligibility will be reached after only 181 days. A Certificate of Eligibility (COE) is required by all VA loan applicants.
Henderson VA Loan Benefits:
- 100% financing
- VA funding fees can be financed with the loan (up to 3.3%)
- No private mortgage insurance (PMI)
- No pre-payment penalty
- Closing costs limited by VA regulation
- Up to $424,100 loan amount (certain counties may be higher)
There is no minimum credit score required for a VA loan however most Henderson mortgage companies typically want to see a score of at least 620. Since there are no strict requirements, we can be flexible with each of our clients depending on other factors such as income and down payment availability. Be prepared to provide W2 statements and pay stubs during the application process to verify your income. You will also need to submit various documentation that outlines assets such as checking accounts, savings accounts, and other financial investments.
In addition to competitive mortgage options for the purchase of a new home, veterans also have access to refinancing options through the VA loan program. Homeowners in need of cash for expenses such as home improvements, remodeling, or high-interest debt consolidation can take advantage of cash-out refinance loans. Interest Rate Reduction Refinance Loan (IRRRL) are also available to improve the interest rate on a current VA loan. IRRRLs are commonly referred to as VA Streamline Refinance Loans.
At All American Home Mortgage, we are proud to help veterans throughout Nevada achieve their homeownership goals. For more information on Henderson VA loans or to begin the prequalification process, contact us today.