VA Loan Frequently Asked Questions

Most lenders follow the 28/36 rule: your housing payment shouldn't exceed 28% of gross monthly income, and total debt payments shouldn't exceed 36%. For example, with $6,000/month income, you could afford approximately $1,680/month for housing. Use our mortgage calculator to get personalized estimates based on your income, debts, down payment, and Nevada property taxes.

Minimum credit scores vary by loan type:

• • FHA: 580+ (3.5% down) or 500-579 (10% down)
• • VA: No minimum (lenders typically require 620+)
• • Conventional: 620+ minimum, 680+ for best rates
• • Jumbo: 700+ typically required

Higher scores qualify for better interest rates. Even if your score is below these minimums, contact us—we may have options.

With complete documentation, most Nevada buyers receive pre-approval within 24-48 hours. You'll need recent pay stubs, W-2s, bank statements, and authorization to pull your credit. Pre-approval letters are valid for 60-90 days and show sellers you're a serious, qualified buyer. This gives you a competitive advantage in Nevada's active real estate market.

Pre-qualification is an informal estimate based on self-reported financial information. It doesn't involve credit checks or document verification.

Pre-approval is a formal commitment from a lender after verifying your income, assets, employment, and credit. This carries significantly more weight with Nevada sellers and agents because it demonstrates you can actually secure financing.

Down payment requirements vary by loan program:

• • FHA: 3.5% ($17,500 on a $500K home)
• • VA: 0% for eligible veterans
• • Conventional: 3-20% ($15,000-$100,000 on $500K)
• • Jumbo: 10-20% minimum

Higher down payments typically result in better interest rates and lower monthly payments. Many first-time Nevada buyers also qualify for down payment assistance programs.

Nevada closing costs typically range from 2-5% of the purchase price and include:

• • Lender fees (origination, underwriting, processing)
• • Appraisal ($500-$800)
• • Title insurance and escrow fees
• • Home inspection ($400-$600)
• • Credit report fees
• • Prepaid property taxes and insurance

Some costs can be negotiated with the seller or rolled into your loan amount depending on your loan program.

Yes! Lenders calculate your debt-to-income ratio including student loan payments. Even if your loans are in deferment, lenders will estimate a monthly payment (typically 0.5-1% of the balance). The key is keeping your total debt obligations below 43-50% of your gross income. FHA loans are particularly flexible with student debt, and some lenders offer specialized programs for borrowers with student loans.

Mortgage points (discount points) let you pay upfront to reduce your interest rate. One point costs 1% of the loan amount and typically lowers your rate by 0.25%.

Buying points makes sense if: (1) you plan to stay in the home long enough to recoup the upfront cost through monthly savings (usually 5-7 years), (2) you have extra cash available at closing, and (3) you want the lowest possible monthly payment. Run the numbers with our calculator or ask your loan officer for a break-even analysis.