VA Loans - Covington, Mandeville & NOLA

The Weeks Team

Are you looking for a VA loan in Covington, Mandeville or anywhere in metro NOLA? The Weeks Team offers great rates and local service to veterans purchasing a home. We can even help you find a Realtor if you haven’t found one already!

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!

Among other benefits of a VA Loan for home buying:

  • No requirement for private mortgage insurance
  • No monthly mortgage insurance (MI) payment
  • Funds to adjustment a new or existing home for a service-related disability
  • An option to refinance at a later date to get a lower interest rate
  • Financial support from the government to help pay the mortgage if eligible for this support

2019 Loan Limit Changes

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.

Who Is Eligible for a VA Loan?

  • There is no maximum debt ratio, but the veteran or servicemember must show proof he or she can pay the mortgage if the total debt ratio is above 41 percent
  • Basic down payment entitlement is up to $36,000 for most applicants, with loans typically going up to $484,350 in most parts of the United States
  • Any home or condominium can be purchased with a VA Home Loan as long as it passes the Dept. of VA’s minimum property requirements, although these may be steps not required by other loan programs so a knowledgeable Realtor is a must
  • There is a VA funding fee associated with a VA Home Loan but on monthly PMI

Find Out More

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.

Areas We Serve

  • Baton Rouge
  • East Baton Rouge

Coming Soon!

  • Louisiana
  • Mississippi
  • Alabama
  • Florida
  • Arkansas
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