In the Las Vegas real estate market, we have noticed that VA loans have made a comeback in recent months.  We had not seen VA loans much during the Las Vegas real estate boom, when appreciation was strong and mortgages were readily available to most homebuyers. But, with recent mortgage problems and challenges for buyers trying to take advantate of our “buyers’ market,” VA loans are a great choice for qualified buyers.  VA loans offer advantages for both Buyers and Sellers, and to the improvement of the real estate market.  In today’s real estate market, with the inventory of resale homes to choose from, many Las Vegas home sellers are considering paying buyers’ closing costs; this has not been the case in the past several years, as the market was so strong that sellers did not have to consider these types of incentives.  Las Vegas new home builders are also accepting buyers with VA loans in today’s market, as they realize that so many home buyers who qualify for VA loans are looking at the builders’ standing inventory.  Especially during the last quarter of the year, Las Vegas home builders want to liquidate their standing inventory before the end of 2008. In general, eligibility is limited to active and retired military personnel, as well as those who served in the National Guard or Reserves.  The loans can be used only for single family residences, multi-family properties of 1-4 units, condominiums and townhomes.  All income must be verified by W-2 forms, or, if self-employed, with full tax returns.  Employment records must be verified.  The Certificate Of Eligibility and a VA assigned appraisal are the major differences between VA and other loans.  The advantages to the veteran are several:  no down payment is required, no mortgage insurance premiums are needed and the buyer has a right to prepay without penalties or to assume an existing mortgage.  Seller concessions of up to 4% of the loan amount are allowed.  Loan amounts have increased to $417,000, and in higher priced areas like Hawaii and Alaska, the loan limit is up to $625,500.  For disabled veterans, property taxes may be reduced, as my VA funding fees.  The applicant’s actual credit score is not considered, as with conventional loans.  The VA looks at the last two years of payment history, judgments and tax liens and collection accounts.  Bankruptcies must have been discharged for 2 years.  The VA requires a funding fee of 2% of the loan amount, which can be rolled into the loans.  So, for eligible buyers, this is a great way to take advantage of today’s low home prices.  We have a lender who specializes in VA loans, and you can talk with her with no obligation.  Just call us at 1-888-876-8383 or email terrilvp@cox.net.  Las Vegas Properties