Home Buying in Las Vegas>Question Details

Richardcvn, Home Buyer in Las Vegas, NV

We have been approved with Bank of America for Va Home loan but we are now hearing that its not easy to find homes that will accept this type of loan.

Asked by Richardcvn, Las Vegas, NV Thu Sep 10, 2009

we are looking in the n.w. part of vegas and have found several that really seem like homes we would be interested in.

Help the community by answering this question:


VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible servicemembers and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

As an approved lender for the VA Home Loan Guarantee Program, U.S. Bank can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don't meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.

> Benefits and Considerations
* Low or No Down Payment
A VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.

* Lower Monthly Payments
Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.

* Simplified Approval Process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.

Reference Link: http://vastreamlinemortgage.net/loan-process/
3 votes Thank Flag Link Wed May 13, 2015
FHA loans are government-insured loans that could be a good fit for homebuyers with limited income and funds for a down payment. Bank of America, an FHA-approved lender, offers these loans, which are insured by the Federal Housing Administration (FHA).

Web Reference: http://fhamortgageinfo.com/
2 votes Thank Flag Link Wed Jul 22, 2015
The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government-insured mortgage loans. These loans have features that may make them easier for first-time homebuyers to obtain.

We have the lowest requirements to qualify:
>Be a citizen of the US 18+ y.o.
>Have a verifiable form of income.
> Have an active checking account.

Bank of america va loan pre approval - http://loans.bankofamerica.com/en/articles/government-loans-…

Bank of america va loan credit score requirements - http://valoanguidelines.org/credit-score-requirements/
2 votes Thank Flag Link Wed May 6, 2015
Hi Richard,

It's not necessarily that it's hard to find homes that will accept VA, as it is an issue with competition from cash and conventional buyers or the home's condition not being able to be appraised for VA.

Cash sales typically offer the fastest close and potential problems from appraisal, such as an inoperable HVAC, pool, or other items. That can push back conventional, VA, and FHA offers.

It isn't impossible by any means, but you do have to be aggressive and make sure you're looking at all the opportunities that are available. With sales these last few months often topping those from the boom record years, you do have to be persistent in your home search, and why having a hard working agent can be a plus.

Hope that helps, and if you have any other questions, just get in touch.

Web Reference: http://RobertaLaRocca.com
1 vote Thank Flag Link Thu Sep 10, 2009
Almost every SFR homes are VA Approved however, in some counties you will find lenders will have lending limits.
0 votes Thank Flag Link Sun Jun 7, 2015
I can assist you!!

Angela Valenzuela, Realtor
0 votes Thank Flag Link Wed May 27, 2015
As a military spouse and a full time REALTOR, I can relate!! It took us months of writing MUTLIPLE contracts above and beyond list price but Roberta is right on with her answer. The cash investors are VERY hard to compete with. You will find multiple offers being presented within hours of these homes being listed. I have even called to check availability on properties to find out they already have 12 offers already. So just make sure that your agent CALLS to check availability for you. Just because it is showing active on the internet--does NOT mean it is available. When we got stationed here, we took our "8 days" of house hunting--which turned into nearly 6 months!! I specialize in worldwide military relocation, have been licensed in numerous states and I have NEVER seen VA buyers have such a hard time trying to get these banks to accept their offers until I got to Vegas. The only advice I can give is to stay persistant, stay aggressive and try and stay patient!! If you need any further assistance, I would be honored to assist you and THANK YOU FOR YOUR SERVICE TO OUR COUNTRY!! Ginger Lynn Jones
ginger.jones@cox.net (Email)
0 votes Thank Flag Link Thu Sep 10, 2009
Dear Richard,
I just recently closed a VA loan and it was actually a very smooth deal. As long as you can get the seller (most likely a bank) to agree to VA financing you should have no problems w/a VA loan. The offer must be written correctly to gain the seller's (bank or REO MGR.'S attention. If you're not working with a Realtor exclusively, please call me and I will be happy to help you find a perfect home. You can also search my website at:
Good Luck!
0 votes Thank Flag Link Thu Sep 10, 2009
You are absolutely right! This market has changed so much...I am hearing from agents all over town that they are putting in so many offers for their buyers who are going VA or FHA and not even getting a response back. One buyer I know personally has put in 50 offers...some $20,000 over list and still nothing. It's coming down to who knows who in the offices that are actually listing the bank owned homes. Investors coming in with cash offers are getting the homes....what about the people who actually want to buy and occupy the homes?????
0 votes Thank Flag Link Thu Sep 10, 2009
In addition to what Damon said below, there is also some really smokin' good deals on already built new homes in the NW that will have no problems accepting your VA financing. They'll probably even pay your closing costs. Let me know if you need more info.

Good luck,

John A. Brassner, MBA, REALTOR®
Residential and Commercial Real Estate

Prudential Americana Group, REALTORS®
10777 West Twain Ave, Suite 105
Las Vegas, NV 89135
Cell: 702-808-9816
Fax: 702-995-0488
Email: john@john4realty.com

NevadaRealEstateCenter.com, 8REOS.com
0 votes Thank Flag Link Thu Sep 10, 2009
Las Vegas is experiencing a strong seller's market and there is a lot of competition for homes. There are certain properties such as a recently flipped property that will favor VA over FHA, but there's still big competition from cash buyers. There are a few strategies that an expereinced buyer's agents will use to get you a home. Feel free to contact me if you're not already working with an agent.

Damon Botticelli
Realty One Group
(702) 523-7713
0 votes Thank Flag Link Thu Sep 10, 2009
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