What Is a VA Home Loan?

VA loans are mortgage loans backed by the U.S. Department of Veteran Affairs—meaning if you default on the loan it’s guaranteed by them. However, VA loans are issued through private lenders like Griffin Funding. 

Service members and veterans can secure VA loans in NV to purchase or build a new home, or repair and improve an existing home. VA loans can provide up to 100% financing on the total cost of the home. With a VA loan, the Department of Veteran Affairs sets the qualifying standards for service members, while the lender sets the terms for the types of mortgages offered. 

Types of VA Loans Available

Under the VA mortgage program umbrella, there are several types of VA loans you can apply for depending on your needs, including:

VA Purchase Loan: A VA purchase loan is used to buy, build, or renovate a home. If this loan is being used to build a home, it may also be referred to as a VA construction loan. If it’s being used to improve an existing home, it may be referred to as a VA purchase renovation loan. VA eligible borrowers can purchase a home with no down payment.

VA Streamline Refinance Loan (IRRRL): A VA streamline refinance loan or IRRRL is an option homeowners can consider if they originally purchased a home using a VA loan in Nevada. This can be an effective way for current and veteran service members to reduce their monthly mortgage payment in the short and long-term.

VA Cash-Out Refinance Loan: Service members can also refinance their mortgage loan with a VA cash-out refinance that allows them to access the equity in their home. They can then take the cash they receive and use it towards paying off debts or emergency expenses. This loan option helps service members get cash quickly and potentially lower their existing mortgage rate at the same time. Griffin Funding allows VA eligible borrowers to cashout up to 100% of the value of their home.

The Griffin Funding team can also help prospective borrowers with non-VA home loans such as bank statement loans and interest-only loans.

Areas We Serve

Some of the areas we serve include:
  • Douglas (Stateline, Zephyr Cove, Lake Tahoe)
  • Esmeralda
  • Storey
  • Eureka
  • Washoe (Incline Village, Reno)
  • Carson City
  • Clark (Las Vegas, Henderson)
  • Elko
  • Lander
  • Nye

However, this is not a comprehensive list. If you are considering a VA purchase loan or refinance, our team is happy to help you get the process started.

Not sure about settling down in Nevada just yet? We are also proud to offer VA loans in these other states: AZ, CA, CO, FL, GA, HI, ID, MD, MI, MT, TN, TX, VA, and WA.

What Are the Requirements for a VA Loan in Nevada?

Generally, those who meet the following length of service requirements can apply for a VA loan:

  • Veterans who have completed 90 days in wartime and 181 days in peacetime.
  • You have served 90 continuous days and are on active duty.
  • You have completed at least 90 days of active service duty or 6 years in the Selected Reserve or National Guard.
  • You are a surviving spouse of a veteran or you remarried after age 57 or December 16th 2003. Spouses of service members who are prisoners of war or are missing in action are also eligible.

Applicants will also need to provide the lender with a certificate of eligibility (COE) from the Veterans Affairs office. In order to secure the certificate, you will have to present your service documentation which varies based on your service duty and whether you are active or a veteran. Our loan specialists can help you acquire your COE.

There are a variety of other factors that can impact eligibility for VA loans. Discharge due to hardship, early out, medical conditions, or other approved reasons do not impact your eligibility, but you cannot have been dishonorably discharged and access a VA loan in Nevada. 

Additionally, Griffin Funding requires applicants to have a FICO score of 580 or higher, provide proof of income, and complete a VA appraisal and pest inspection. 

If a VA home loan in Nevada doesn’t seem like the right solution for you, we offer a wide variety of conventional and non-QM loan programs including DSCR loans and more.

How Do VA Loans Work in Michigan?

What Is the Minimum Income for a VA Loan?

Most lenders have income qualification standards for Nevada home loans but the VA does not set an income limit. Lenders will assess your debt, credit, and income to decide which loans you qualify for and at what interest rates.

It should be noted that Griffin Funding does not require income qualification for those applying for a VA streamline refinance loan. 

What Is the VA Loan Limit in Nevada?

As of 2020, there is no VA loan limit if you have full entitlement and your loan is more than $144,000. If you have remaining entitlement for your VA loan, there might be a different loan limits depending on your location. 

The VA loan limit is based on the county where you live. Depending on the state you live it in, it may vary from county to county or be the same across the board. The 2025 Nevada VA conforming loan limit is $806,500 Loans above $806,500 are considered VA High Balance or VA Jumbo Loans.

Apply for a VA Home Loan in Nevada Now

Griffin Funding is proud to help current service members and our veterans get into a home with a VA loan in Nevada. We offer white-glove, five-star customer service and our team of experts specializes in VA loans as well as other refinancing options, so we can help walk you through the entire process and answer any questions you may have. To apply for a VA loan or to learn more about your mortgage loan options in Nevada, please call us at (855) 394-8288 or complete our online application now to get started.