BEST ANSWER
FIRST ANSWER
If you are planning to make Las Vegas your primary residence, you'll need to show:
* transfer orders to local base
* If either or both of your homes do not have at least 25% equity in them, VA now requires that you qualify for the mortgage payments on all of the properties you currently own in addition to the one you are considering purchasing along with other monthly debt obligations (even if you'll be renting the homes out of state).
* standard guidelines still apply (too many to list) but a min fico of 620, no more than 41% of income allowed for all debt, 2yr verification of income etc.
The good news is that VA still allows for seller contributions up to 6% of the purchase price(if negotiated) and VA is still available with $1 down.
Fri Jun 19 2009, 22:58