Nevada

Branches located in Nevada

Las Vegas

Welcome to Nevada

Welcome to Nevada, where the vibrant lights of Las Vegas meet the rugged beauty of the Sierra Nevada mountains. Known for its thriving entertainment scene, expansive desert landscapes, and no state income tax, Nevada attracts tourists, businesses, and military families alike. From the entertainment capitals of the world to serene small towns, Nevada offers a rich blend of modern luxury and outdoor adventure.

Home to bustling cities like Reno and Henderson, as well as stunning national parks, Nevada is a state of contrasts. Veterans and their families benefit from the state's strong support network, including tax incentives, educational benefits, and housing programs. Whether you're drawn to the excitement of urban life or the peace of the great outdoors, Nevada provides countless opportunities to thrive. Let Military Home Spot Lending help you find the perfect home in this unique state.

Major Cities in Nevada

Nevada’s major cities reflect the state’s diverse lifestyle options and economic growth. Las Vegas stands as the entertainment capital, renowned for its vibrant nightlife and world-famous resorts. Reno, "The Biggest Little City in the World," offers a thriving arts scene and access to the Sierra Nevada’s outdoor recreation. Meanwhile, Henderson and North Las Vegas are known for their family-friendly communities and growing business hubs.

Quick Links To Other City Pages

Las Vegas

Henderson

Reno

Veteran Benefits in Nevada

Nevada offers a wide range of benefits for veterans, honoring their service with financial assistance, tax exemptions, housing support, and recreational perks. From property tax reductions to free access to state parks, veterans and their families can take advantage of numerous programs designed to ease the transition to civilian life and enhance their quality of living.

Want to fast track your approval?

Start with an Automated Approval

START TODAY

 

 

Nevada's Military Presence

Nevada plays a crucial role in supporting national defense through its diverse military installations. From testing facilities to air bases, the state’s strategic importance is underscored by its expansive desert landscape, ideal for advanced military exercises and operations. These installations not only bolster national security but also contribute significantly to local economies by providing jobs, housing, and community services for military personnel and their families.

• Nellis Air Force Base: Located northeast of Las Vegas, Nellis AFB is home to the U.S. Air Force Warfare Center, the Thunderbirds demonstration team, and critical Red Flag exercises. This base is pivotal for combat training and tactical development.
• Creech Air Force Base: Situated in Indian Springs, Creech AFB is known as the home of the Air Force’s drone operations, including the MQ-9 Reaper. The base plays a vital role in remote combat missions and unmanned aerial surveillance.
• Naval Air Station Fallon: Located in Fallon, NAS Fallon is the Navy's premier air-to-air and air-to-ground training facility. It is also home to the Naval Aviation Warfighting Development Center (NAWDC) and the famous "Top Gun" training program.
• Hawthorne Army Depot: Hawthorne serves as one of the largest ammunition storage facilities in the world. Located in western Nevada, it supports the military with ordnance storage and demilitarization.
• Nevada National Guard: With headquarters in Carson City, the Nevada National Guard provides essential support for state emergencies and federal missions, ensuring readiness for domestic and overseas deployments.

Nevada VA Loan Requirements

VA loan requirements in Nevada align with federal guidelines, ensuring veterans and active-duty service members can access favorable home financing. Eligibility depends on service conditions, discharge status, and general property requirements set by the VA.

To qualify for a VA loan in Nevada, you typically need to meet one of the following service requirements:

• 90 days of active service during wartime
• 181 continuous days of active service during peacetime
• 6 or more years of service in the National Guard or Reserves
• Unremarried surviving spouse of a servicemember who died in the line of duty or due to a service-related disability

In addition to these service requirements, VA loans in Nevada have other conditions, including:

• Funding Fee: A one-time fee that helps cover the cost of the VA loan program. This fee varies based on down payment, military category, and whether it’s your first or subsequent VA loan. Some veterans may qualify for an exemption.
• Occupancy Requirement: Veterans must occupy the property within 60 days of closing. Certain cases may allow exceptions.
• Primary Residence Use: VA loans are intended for primary residences only.

Speak with a Loan Officer for more details on qualification requirements.

Nevada VA Loan Limits

VA loan limits in Nevada reflect the state’s growing housing market. In 2023, the standard VA loan limit is $766,550 for most counties, with higher limits in more expensive regions. These limits can fluctuate based on housing demand and economic conditions.

It's important to note that VA loan limits do not cap the amount you can borrow but determine how much can be guaranteed without a down payment. With full entitlement, you can exceed these limits, provided the lender agrees, without requiring a down payment.

VA Loan Entitlement in Nevada

VA loan entitlement represents the portion the VA guarantees to lenders if the borrower defaults. This entitlement can significantly reduce the financial burden for veterans. There are two main types of entitlement:

• Full Entitlement: Veterans with full entitlement can borrow up to 25% of the loan amount with no down payment. This benefit enhances the purchasing power of veterans, making homeownership more accessible.
• Remaining Entitlement: If you’ve previously used part of your entitlement, the VA will guarantee 25% of the county loan limit minus the entitlement already used. In some cases, this may require a down payment.

Entitlement is a lifetime benefit that can be reused, subject to specific conditions. Consult with your Loan Officer to understand how entitlement can impact your home-buying process.

VA Loan Rates in Nevada

VA loan rates in Nevada fluctuate based on economic conditions, credit scores, and market trends. Typically, VA loans offer lower interest rates compared to conventional loans due to the government backing. This advantage allows veterans to secure more affordable financing options.

Types of VA Mortgage Programs in Nevada

• VA Purchase Loan: Available in fixed and adjustable-rate options, this loan is ideal for veterans looking to buy a primary residence with no down payment.
• VA Cash-Out Refinance Loan: Allows veterans to refinance up to 100% of their home’s value, providing cash for home improvements, debt consolidation, or other needs.
• VA Streamline Refinance (IRRRL): Known as the Interest Rate Reduction Refinance Loan, this option simplifies the refinance process, potentially lowering monthly payments or interest rates without extensive paperwork.

How to Get a VA Loan in Nevada

Applying for a VA loan in Nevada is a straightforward process. Follow these essential steps:

1. Apply for a Certificate of Eligibility (COE): This document verifies your eligibility for a VA loan. Your Loan Officer can assist in obtaining this through the VA portal.
2. Choose the Right Loan: Collaborate with your Loan Officer to determine the best VA loan option for your circumstances.
3. Find a Home: Work with a real estate agent to locate a home that fits your needs and budget.
4. Property Appraisal: A VA-certified appraiser will evaluate the home to ensure it meets VA requirements.
5. Loan Approval and Closing: Once approved, your lender will finalize the loan, and you can proceed to closing and move into your new home.

Real Estate in Nevada

Nevada's real estate market offers a diverse array of housing options, from bustling urban areas in Las Vegas and Reno to quiet suburban communities and rural retreats. The state’s favorable tax environment and growing economy continue to attract new residents, including veterans seeking affordable and spacious homes.

With no state income tax and various property tax exemptions for veterans, Nevada stands out as a desirable location for homeownership. The booming housing market provides ample opportunities for investment, making it an appealing destination for veterans and their families.