VA Loan Basics
VA home loans help current and former active duty servicemembers buy a home with little to no down payment. To be eligible, you must have served for a set period of time or be an spouse of a fallen service member.
These loans are guaranteed by the U.S. Department of Veterans Affairs and can be used to buy any house or condominium unit that meets government-established the minimum property requirements for safety and condition.
Generally speaking, interest rates on VA loans are lower than for conventional loans. If you’d like to get an interest rate quote on a VA loan in Mandeville, Covington or New Orleans, contact me today!
Here in southern Louisiana & Mississippi, there’s a misperception that VA loans can only be used for smaller home purchases. This is a big mistake!
Actually, VA does NOT set a limit on how much you can borrower. They do, however, set limits on how much they will guarantee. Those loan limits vary by parish or county since the housing averages vary wildly across the US.
As of January 2019, the maximum amount the VA will guarantee in St. Tammany, New Orleans or the Gulf Coast will be $484,350 - an increase from $453,100 in 2018!
That’s an increase of more than $30k in buying power!
Loans greater than $453k are still available, but fall into the jumbo category which carries a different set of underwriting guidelines & interest rates.
Who Is Eligible for a VA Loan?
To apply for a VA Home Loan, you must complete a Certificate of Eligibility (which can be requested by you online or even by lenders).
Veterans and active duty service members are eligible for a VA Home Loan after having served a set period of time, as established by when they enlisted and the country’s wartime status as that time. Unremarried spouses of veterans who died in the line of duty or due to a service-related disability are also eligible for VA Home Loans.
Last, current Reservists and National Guard members may also be eligible if they meet the department’s criteria.
Check out Stephanie's video to learn more about VA Loans and eligibility: Top Myths About VA Loans
Stephanie's Video: Top Myths About VA Loans
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We believe a loan should help you achieve your goals and dreams, and the VA loan program is an excellent way to give your family the security of a beautiful new home.
Stephanie Weeks is a Level One, Certified Military Home Specialist (CMHS). She is personally committed to changing lives and making things better for Military Servicemembers & their families.
If you’d like to see what the VA loan program can offer you, call us in Covington today at 985-300-LOAN.