Louisiana VA Loans

If you are a qualified veteran and are thinking of purchasing a house in Louisiana, you should consider going through the VA to obtain your loan. Whether you are looking to move off base, build a new house or relocate your family to Kentucky, the VA Loan Guaranty Program will help you get even more house for your money.

VA Loan vs. Conventional Loan

The most notable benefit of using a VA Loan to purchase your house is the no down payment feature. With a conventional loan you can expect to pay anywhere from 5 – 20% for a down payment. Additionally, because the VA guarantees a percentage of your loan, you are not required to pay private monthly mortgage insurance. The other benefits of a VA Loan include flexible repayment plans, low interest rates, easy approval and streamlined refinancing.

Steps to Obtaining a Loan

1. Fill out an eligibility form and receive your Certificate of Eligibility (COE).
2. Get pre-approved instantly.
3. Go house shopping, discuss the price with the seller or agent and sign a purchase contract.
4. Apply for a loan with a private lender. You will need to supply your COE, credit scores and any other financial documents. The lender will have a VA approved inspector appraise the value of the house. Your lender will then let you know if and when you have been approved.
5. Attend the closing. A closing attorney will inform you about how much your payments will be, who to make them out to and all the rules regarding the loan. At this time you will need to sign all final documents.

Once you’ve gone through all the necessary steps you will be free to move into your new home. Remember, if you ever decide to refinance down the road you have two options: VA Cash-out refinance and the Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is also called VA Streamline Refinance because no additional paperwork or out-of-pocket expenses are required.

Get Started Today and Save

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