No Down Payment. No Mortgage Insurance. Credit Scores Down to 500
Are you a veteran or current military member? Are you aware of the VA loan in Louisiana that may help you buy a home with no money down? This flexible loan program makes it easier for veterans to buy a home even right out of the service.
Keep reading to see how we can help you use your VA home loan benefits.
Louisiana veterans are eligible for the VA loan if they:
If you are already discharged, you must also have an honorable or anything other than dishonorable discharge to use your VA home loan benefit.
If you meet these criteria, you should have access to your Certificate of Eligibility. The COE shows lenders the amount of your entitlement for a VA loan. This makes you eligible for a VA loan.
Your VA loan entitlement is actually a guarantee for lenders.
The VA promises to pay the lender back 25% of the loan amount if an eligible veteran defaults on the loan.
This makes it easier for VA lenders to use the VA’s flexible underwriting guidelines.
Lenders know they’ll still earn money if you default and 25% is often much more than most borrowers put down on a home.
Contrary to popular belief, you don’t get a VA loan right from the VA. Instead, you go through a VA-approved lender.
Each lender has different guidelines for a VA loan in Louisiana.
We can help match you up with the perfect lender whose requirements you meet and that offers the best rate and fees.
The Louisiana VA loan has flexible underwriting guidelines as follows:
Veterans realize many benefits with the VA loan including:
One last benefit that often gets overlooked is the funding fee flexibility.
Every veteran pays a funding fee, unless they are certified disabled by the VA or are a surviving spouse of a veteran.
While it can add to your closing costs and cash-to-close, the VA does allow veterans to wrap the amount into their loan.
Yes, it does increase your loan amount slightly, which increases your payment, but it decreases the funds you need to close if money is tight.
Are you a veteran that may be eligible for a Louisiana VA loan? Let us help you secure the best financing available today!
Worried you’ll pay too much for your home loan?
We are too! If you don’t think you should have to sacrifice a good experience for a low rate we’re right there with you.
Maybe your lender doesn’t respond or explain things.
We’ve got your back from start to finish on this house and any others you may buy in the future.
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