A Realtor for veterans in Reno

I spent 9 years in the U.S. Air Force, and I know that life after service comes with its own set of housing questions. Maybe you’re using your VA loan for the first time in years. Maybe you’re retiring and want less house, or starting a civilian career in Reno. This page covers the parts of home buying that are specific to veterans. For the full rundown on how VA loans work, see my VA Realtor guide for Reno.

Reusing your VA benefit years after service

VA home loan eligibility doesn’t expire. If you bought with a VA loan before, your entitlement may already be restored, especially if that home was sold and the loan paid off. If you still own it, you may have remaining entitlement to buy again, or be able to request a one-time restoration if the loan is paid off. The details are in how to use your VA loan more than once.

One thing to know: if you’ve used the benefit before and aren’t exempt, the funding fee for subsequent use with less than 5% down is 3.30%, compared with 2.15% for first use. Putting 5% or more down lowers it to 1.50%.

Disability-related benefits that affect buying

• Funding fee exemption. Veterans receiving VA disability compensation, or with a proposed or memorandum rating before closing, are generally exempt from the funding fee.
• Disability income counts. Lenders can count disability compensation as qualifying income, and because it’s non-taxable, many can gross it up.
• Nevada disabled veteran exemption. Veterans with a 60% or higher service-connected rating may qualify for a larger property tax exemption than the general veterans’ exemption. Both adjust yearly.

Apply for property tax exemptions with the Washoe County Assessor for Reno and Sparks, or your county assessor elsewhere. Nevada also has no state income tax, and a cap on yearly property tax increases for primary residences. Confirm what applies to you with the assessor or a tax professional.

What I do for veteran buyers

• Walk through your entitlement situation with your lender before you start touring
• Build your search around what matters now: VA Medical Center access, single-level living, commute or schools
• Screen homes for likely VA appraisal issues, like peeling paint on older homes or missing handrails
• Negotiate seller credits within the VA’s 4% concession rule when the market allows
• Coordinate your sale and purchase so the timing works
• Point you to the right people for exemptions, lending and tax questions

I don’t work for the VA and can’t speak for it, but I can make the real estate side of using your benefit straightforward. The step-by-step VA home buying process in Reno shows what happens from offer to keys.

Buying with a non-veteran spouse or co-borrower

A spouse who isn’t a veteran can generally be on the VA loan with you, and their income and credit are considered. Buying with a non-spouse co-borrower is possible in some cases but works differently. Your lender will explain what applies.

Selling your current home and buying in Reno

Many veterans are selling one home to buy the next. The common approaches:

• Buy with a sale contingency, if sellers in your target area will accept one
• Sell first and rent short-term, which takes pressure off timing
• Buy first, if your lender approves you carrying both payments

If your current home has a VA loan, remember it may be assumable by a qualified buyer, and that entitlement stays tied up if a non-veteran assumes it. If you’re selling outside Nevada, Dickson Realty’s membership in Leading Real Estate Companies of the World lets me refer you to a vetted agent there. For more, read what veterans should know about buying a home in Nevada.