Louisiana VA Loans

Secure a VA Mortgage Loan in Louisiana

If you’re a veteran and you live in Louisiana, you can likely qualify for a Louisiana VA loan without any trouble.  These loans are available to all veterans who meet the basic service sufficiency guidelines.  See below for more detailed information.  All VA loans are backed by the Department of Veteran Affairs (VA).

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The VA loan program was developed to give financial assistance to veterans who plan to purchase homes or refinance their mortgages.  The goal of the program is to help veterans become stable, established homeowners.  Toward this end, the VA backs loans made by private lenders to veterans and takes on some of the risk of these loans.  This allows lenders to lower their rates and offer more lenient qualification requirements to veterans.

VA Loan Benefits in Louisiana

The most well known benefits associated with the VA loan program are detailed in the following list.

• No private mortgage insurance is required.
• No down payment is required, unless you want to make one in order to gain equity in the home.
• You can pick the loan term that best meets your needs.
• You can pay the loan off as fast as you want and save money on interest.
• Some of the closing costs can be eliminated in some cases.

VA Loan Requirements and Eligibility

In order to be eligible for a VA loan, you must be an American citizen, a veteran, and have served 90 continuous days of active duty without a dishonorable discharge.  If you meet this basic requirement, simply ask for a certificate of eligibility from the VA and use this document to prove your qualification when you meet with your VA loan specialist.  Note that VA borrowers must have a minimum qualifying credit score of 620. 

VA Refinance

If you already have a mortgage, you can refinance into a VA loan with a better rate through the Louisiana VA Streamline (IRRRL) refinance program.  This refinance allows you to cut corners, so to speak, and complete your refinance swiftly and affordably .  Some of the paperwork and some of the fees are avoided this way.

VA also backs the Cash-Out refinance, which enables borrowers to access up to 100% of their home equity as cash spendable on home improvements, medical bills, and more. 

Louisiana VA Mortgage Rates

Make sure you’re able to lock in the best mortgage rate available to you when you pursue your VA loan.  Sometimes it can be difficult to identify the lowest mortgage rates out there, but if you take the time to do some research and ask some local lenders what they’re offering, you’ll be in good shape.

VA Lenders in Louisiana

You can start your mortgage rate research above by filling out the form at the top of the page.  We’ll put you in touch with up to four Louisiana VA lenders interested in funding your VA loan.  These lenders can inform you of rates, application fees, VA loan limits, and more.  You can get additional information from the Department of Veteran Affairs.

Louisiana Military Information

Louisiana has 3 active military installations.  These are Barksdale Air Force Base, Fort Polk Joint Readiness Training Center, and New Orleans Naval Air Station.  These military bases are where most Louisiana VA loan applicants live and work.

VA Loan Lending Limits in Louisiana

Lenders in: Louisiana.