Nevada VA Loan Guide for Veterans
Nevada is home to a vibrant community of veterans, active-duty service members, and their families, all of whom can take advantage of the unique benefits offered by VA loans.
VA loans in Nevada provide an incredible opportunity for veterans to become homeowners with no down payment, competitive interest rates, and no private mortgage insurance, making it easier to achieve the dream of homeownership.
Whether you’re interested in the bustling city life of Las Vegas, the outdoor lifestyle in Reno, or a quiet retreat in rural Nevada, this guide will help you navigate the VA loan process.
From eligibility and application to local programs and property tax exemptions, you’ll find the support you need for a smooth homebuying experience.
What are VA Loans?
VA home loans, offered by the U.S. Department of Veterans Affairs, are tailored to assist eligible veterans, active-duty service members, and certain surviving spouses in achieving homeownership. These loans eliminate common barriers by removing the need for a down payment and private mortgage insurance (PMI), which lowers both upfront costs and monthly payments.
One of the primary benefits of VA loans is their competitive interest rates, often lower than those of conventional loans, providing significant savings over time. Additionally, the program features more flexible credit requirements, making it an appealing option for those who might struggle to qualify for other types of loans.
VA Loan Benefits
VA loans offer distinct advantages, making them an exceptional choice for veterans, active-duty service members, and eligible surviving spouses. Key benefits include:
No Down Payment
Unlike conventional loans that often require a down payment starting at 3% or more, VA loans remove this hurdle, enabling buyers to allocate funds toward other priorities, such as investments or savings goals. For military families, this can be a game-changer.
Lower Interest Rates
Lower rates mean significant savings over the life of the loan, reducing monthly payments and overall costs. This advantage also increases purchasing power, allowing veterans to afford higher-value homes without exceeding their budget.
Flexible Credit Guidelines
While credit score requirements vary by lender, VA loans often accept scores as low as 620. They also allow for higher debt-to-income (DTI) ratios and provide shorter waiting periods after financial setbacks like bankruptcies or foreclosures.
Limited Closing Costs
Sellers can pay all the buyer’s loan-related closing costs and contribute up to 4% of the loan amount in concessions. Additionally, VA borrowers are exempt from certain fees, further reducing out-of-pocket expenses.
No Private Mortgage Insurance (PMI)
This saves veterans hundreds of dollars annually and maximizes their purchasing power, allowing them to afford more home within their budget. FHA loans, which require both upfront and monthly mortgage insurance premiums, also lack this advantage.
Lifetime Eligibility
VA loan benefits are available for a lifetime, allowing eligible borrowers to reuse them multiple times as long as entitlement criteria are met.
Whether purchasing a first home, upgrading to a larger property, or buying a vacation home, veterans can rely on VA loans at every stage of life. Even if a prior VA loan default occurred, eligibility can often be restored by repaying the loan or reclaiming entitlement. This ensures long-term access to affordable financing options.
Nevada Homebuyer Programs
1. Las Vegas – Southern Nevada Homebuyers Assistance Program
The Southern Nevada Homebuyers Assistance Program provides financial assistance to first-time homebuyers in Las Vegas, offering down payment and closing cost support.
- Offers up to $15,000 in down payment assistance.
- Available for first-time homebuyers in Clark County.
- Provides a low-interest loan with deferred payments.
Learn more about this program.
2. Reno – Reno Homebuyer Assistance Program
The Reno Homebuyer Assistance Program helps low to moderate-income first-time buyers with down payment and closing cost assistance.
- Offers up to $15,000 in down payment assistance.
- Available for first-time homebuyers in Reno.
- Requires a homebuyer education class.
Learn more about this program.
3. Henderson – Henderson Homebuyer Assistance Program
Henderson’s Homebuyer Assistance Program helps low-income individuals and families purchase homes in the city by providing down payment and closing cost assistance.
- Provides up to $15,000 in assistance.
- Available for first-time homebuyers with income limits.
- Offers a 0% interest loan for down payments.
Learn more about this program.
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Henderson Homebuyer Assistance Program
This program offers down payment assistance to low- and moderate-income first-time homebuyers in Henderson.
- Up to $15,000 in down payment assistance.
- Available for low to moderate-income first-time buyers.
- 0% interest, deferred payment loan. Learn more about this program.
Henderson Affordable Housing Program
The Affordable Housing Program helps provide affordable homeownership opportunities to low-income households in Henderson.
- Down payment and closing cost assistance available.
- Supports first-time homebuyers and income-qualified families.
- Requires completion of homebuyer education. Learn more about this program.
Nevada Housing Division – Home at Last Program
Home at Last offers first-time homebuyers in Henderson down payment and closing cost assistance.
- Up to $15,000 in assistance.
- Available for first-time and repeat homebuyers.
- Includes competitive interest rates. Learn more about this program.
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Reno Homebuyer Assistance Program
The Reno Homebuyer Assistance Program provides financial assistance to first-time homebuyers with down payments and closing costs.
- Offers up to $15,000 in down payment assistance.
- Available to first-time homebuyers with low to moderate incomes.
- Requires a homebuyer education class. Learn more about this program.
Nevada Housing Division – Home at Last Program
This program offers down payment assistance for first-time homebuyers in Reno with moderate income.
- Up to $15,000 in assistance.
- Available for first-time and repeat homebuyers.
- Includes competitive interest rates. Learn more about this program.
City of Reno Down Payment Assistance Program
The City of Reno offers down payment assistance for eligible first-time homebuyers in the city to help reduce upfront costs.
- Up to $10,000 in down payment assistance.
- Requires homebuyer education class.
- Available to income-qualified first-time homebuyers. Learn more about this program.
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North Las Vegas First-Time Homebuyer Program
This program provides down payment assistance to first-time homebuyers in North Las Vegas.
- Up to $20,000 in financial assistance.
- Available to first-time homebuyers and qualifying households.
- Requires completion of a homebuyer education class. Learn more about this program.
Nevada Housing Division – Home at Last Program
First-time homebuyers in North Las Vegas can access down payment and closing cost assistance through this program.
- Provides up to $15,000 in assistance.
- Available for first-time and repeat homebuyers.
- Competitive interest rates available. Learn more about this program.
North Las Vegas Housing and Neighborhood Services
This program helps low-income families and first-time buyers with financial support to purchase homes.
- Up to $10,000 in down payment assistance.
- Income restrictions apply.
- Homebuyer education and counseling required. Learn more about this program.
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Carson City Homebuyer Assistance Program
Carson City’s Homebuyer Assistance Program offers financial support for first-time buyers, including down payment and closing cost assistance.
- Up to $15,000 in down payment assistance.
- Available for low- to moderate-income households.
- Requires completion of a homebuyer education class. Learn more about this program.
Nevada Housing Division – Home at Last Program
This program provides up to $15,000 in assistance for down payment and closing costs to first-time homebuyers in Carson City.
- Offers up to $15,000 in down payment assistance.
- Available for first-time and repeat buyers.
- Includes competitive interest rates. Learn more about this program.
Carson City Down Payment Assistance Program
Carson City’s Down Payment Assistance Program provides financial support for first-time homebuyers to help with purchasing a home.
- Offers up to $10,000 in assistance.
- Available to low-income first-time homebuyers.
- Homebuyer education class required. Learn more about this program.
VA Loan Eligibility Criteria
To qualify for a VA loan, applicants must meet certain service-related criteria set by the Department of Veterans Affairs (VA). These requirements ensure that veterans, active-duty service members, and their families have access to this benefit to assist in homeownership.
Eligibility Criteria:
- Veterans: Those who have completed active-duty service and received an honorable or qualifying discharge.
- Active-Duty Service Members: Current members of the military are eligible for VA loans.
- National Guard and Reserve Members: Must have served at least six years or completed 90 days of active-duty service during wartime.
- Surviving Spouses: Spouses of service members who passed away during service or from service-related conditions may be eligible for VA loan benefits.
Minimum Service Time Requirements:
- 90 days of active-duty service during wartime.
- 181 days of continuous active-duty service during peacetime.
- At least six years of service in the National Guard or Reserves, or a minimum of 90 days of active-duty service under Title 32 orders, including 30 consecutive days.
VA Loan Eligibility Calculator
How to Obtain a Certificate of Eligibility (COE)
Obtaining a VA Certificate of Eligibility (COE) is an essential step in securing a VA loan. This certificate confirms that you meet the service requirements established by the Department of Veterans Affairs.
How to Apply:
- Online: Use the VA’s eBenefits portal for a quick and easy application process.
- Through a Lender: Many VA-approved lenders can request your COE electronically on your behalf.
- By Mail: Complete and submit VA Form 26-1880 to the VA. This method may take longer.
Required Documents:
- Veterans: DD Form 214, which outlines your service history and discharge status.
- Active-Duty Service Members: A statement of service signed by your commanding officer.
- National Guard/Reserve Members: Point statements and proof of service, if not activated.
- Surviving Spouses: A marriage license and the veteran’s death certificate to verify eligibility
Nevada Housing Market Overview
Nevada’s housing market offers a variety of living options, from the bustling urban life of Las Vegas and Henderson to the scenic beauty of Reno and Carson City. The state’s favorable tax policies, low cost of living, and vibrant lifestyle appeal to a diverse range of homebuyers, including veterans. The median home price in Nevada is approximately $390,000, providing affordable options in various regions.
| City | Average Home Price | Average VA Mortgage Payment* |
|---|---|---|
| Las Vegas | $420,000 | $2,758 |
| Henderson | $460,000 | $3,010 |
| Reno | $450,000 | $2,940 |
| North Las Vegas | $370,000 | $2,414 |
| Carson City | $330,000 | $2,165 |
The VA mortgage payment is based on a 30-year fixed loan at 6.5% interest with zero down payment. Actual payments may vary.
Nevada VA Loan Limit
$766,550
Veterans with full entitlement can borrow up to the lender-approved amount without a down payment. For veterans with partial entitlement, the loan limit for most counties in Nevada is $766,550. Always consult with lenders to confirm your specific loan eligibility and options.
Nevada Housing Programs for Veterans
Nevada Housing Division – Home at Last Program
The Home at Last Program provides financial assistance to help eligible veterans purchase homes in Nevada.
- Offers down payment and closing cost assistance.
- Provides competitive mortgage rates for qualifying buyers.
- Available to veterans and active-duty service members.
Learn more at the Nevada Housing Division website.
Habitat for Humanity Nevada – Veterans Housing Program
Habitat for Humanity Nevada partners with veterans to provide affordable homeownership opportunities through home construction and renovation projects.
- Veterans can contribute “sweat equity” to reduce costs.
- Offers affordable mortgage options and financial support.
- Promotes stable, long-term homeownership for veterans.
Visit Habitat for Humanity Nevada for more details.
Nevada Disabled Veteran Property Tax Exemption
This program provides property tax relief for veterans with service-connected disabilities in Nevada.
- Offers a full property tax exemption for qualifying disabled veterans.
- Extends eligibility to surviving spouses of disabled veterans.
- Reduces the financial burden of homeownership for veterans.
Learn more through the Nevada Department of Veterans Services.
Types of VA Loans
The Department of Veterans Affairs offers several loan programs designed to help veterans, active-duty service members, and their families achieve homeownership.
VA Purchase Loan
The VA Purchase Loan allows veterans to buy homes with no down payment and competitive interest rates.
- 100% financing with no down payment required.
- Covers single-family homes, VA-approved condos, and multi-unit properties.
- Offers lower interest rates compared to conventional loans.
Learn more about the VA Purchase Loan.
Interest Rate Reduction Refinance Loan (IRRRL)
The IRRRL helps veterans refinance their current mortgage to secure a lower interest rate and reduce monthly payments.
- Requires minimal documentation and no appraisal.
- Lowers monthly payments by reducing interest rates.
- Features low closing costs, often rolled into the loan.
Learn more about the IRRRL.
Cash-Out Refinance Loan
The Cash-Out Refinance Loan enables veterans to access their home equity for home improvements, debt consolidation, or other financial needs.
- Allows up to 100% of home equity to be accessed.
- Can refinance both VA and non-VA loans.
- Offers flexible use of funds to meet financial goals.
Learn more about the Cash-Out Refinance Loan.
Native American Direct Loan (NADL)
The NADL program assists Native American veterans or those married to Native Americans in purchasing, building, or improving homes on federal trust land.
- Requires no down payment.
- Offers competitive interest rates and reduced closing costs.
- Specifically designed for homeownership on federal trust land.
Learn more about the Native American Direct Loan.
VA Renovation Loan
The VA Renovation Loan combines the cost of home purchase and renovation into a single loan, helping veterans finance repairs and upgrades.
- Funds essential repairs, including structural and system upgrades.
- Supports modernization projects like energy-efficient improvements.
- Rolls renovation costs into the loan for simplified financing.
Learn more about the VA Renovation Loan.
Energy Efficient Mortgage (EEM)
The VA EEM helps veterans finance eco-friendly home upgrades to improve energy efficiency and reduce utility costs.
- Covers energy-efficient improvements like solar panels and insulation.
- Works seamlessly with other VA loans for combined financing.
- Helps reduce long-term energy expenses.
Learn more about the VA EEM.
Property Taxes in Nevada
Nevada offers property tax exemptions for disabled veterans and their surviving spouses. The exemption amount depends on the veteran’s disability rating and eligibility status.
| Disability Rating | Exemption Amount |
|---|---|
| 100% | Full exemption on primary residence |
| Partial Rating | Varies by county regulations |
| Surviving Spouses | Eligibility depends on local rules |
To learn more about your eligibility and apply, contact your local county tax assessor’s office or visit the Nevada Department of Veterans Services.
Frequently Asked Questions
What are the benefits of a VA loan?
VA loans offer several advantages, including no down payment requirement, competitive interest rates, and no private mortgage insurance (PMI). These benefits make homeownership more accessible and affordable for eligible veterans and active-duty service members.
What is the VA funding fee?
The VA funding fee is a one-time charge paid to the Department of Veterans Affairs to help sustain the loan program. The fee varies based on factors like military category, down payment amount, and whether it’s a first-time or subsequent use of the benefit.
Can I use a VA loan more than once?
Yes, you can use your VA loan benefit multiple times. There’s no limit to the number of VA loans you can have, provided you have sufficient entitlement and meet other eligibility criteria.
Do I need a Certificate of Eligibility (COE) to apply?
While having a COE can streamline the application process, it’s not mandatory to start. Lenders can often obtain the COE on your behalf during the loan application process.
What credit score is required for a VA loan?
The Department of Veterans Affairs doesn’t set a minimum credit score for VA loans. However, individual lenders may have their own requirements, typically ranging from 580 to 620.
Can I use a VA loan to buy a second home?
VA loans are intended for primary residences. However, if you have sufficient remaining entitlement, you may be able to use a VA loan to purchase another primary residence, even if you still own a previous one.
Are there closing costs with a VA loan?
Yes, VA loans do have closing costs, which can include appraisal fees, title insurance, and the VA funding fee. Some of these costs can be negotiated with the seller or rolled into the loan amount.
Can I refinance my current mortgage with a VA loan?
Yes, the VA offers refinancing options, such as the Interest Rate Reduction Refinance Loan (IRRRL), which allows you to refinance your existing VA loan to secure a lower interest rate.
Is private mortgage insurance (PMI) required for VA loans?
No, VA loans do not require PMI, which can result in significant savings compared to conventional loans that typically require PMI when the down payment is less than 20%.
Can I use a VA loan to buy a multi-family property?
Yes, VA loans can be used to purchase multi-family properties with up to four units, provided you occupy one of the units as your primary residence.