Wednesday, September 08, 2010

Louisiana VA Loan | LA VA Mortgage Veterans 100

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The Dept. of Veterans Affairs will issue a V.A. Certificate of Eligibility that must be presented to the lender when the loan is submitted for approval. To get a printed version of your certificate, please visit the U. S. Department of Veterans Affairs at https://vip.vba.va.gov/portal/VBAH/Home Veterans can purchase a new or existing residence; refinance the balance of an existing mortgage, or do a debt consolidation loan if the equity position in the current home allows for it. la va loan

Below are some of the highlights of our Louisiana VA Loan programs:

  • 100% Financing - No Down Payment
  • Less restrictive credit guidelines than conventional loans. (VA lenders have implemented a 620 minimum credit requirement)
  • Qualifying income ratios are higher than any other loan programs, which means that a veteran can usually obtain a higher loan amount.
  • VA underwriting is more understanding of individuals and families who have had to file bankruptcy due to involuntary circumstances.
  • If you are an existing homeowner considering a refinance, the VA program allows you to go as high as 90% loan to value.

Guarantee Amount

VA will guarantee up to 50% of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available. For loans of more than $144,000 made for the purchase or construction of a home or to purchase a residential unit in a condominium or to refinance an existing VA guaranteed loan for interest rate reduction, the maximum guaranty is 25% up to $50,750.

You may generally borrow up to the reasonable value of the property or the purchase price, whichever is less, plus the funding fee, if required. For certain refinancing loans, the maximum loan is limited to 90% of the value of the property, plus the funding fee, if required. To determine the reasonable value, VA requires an appraisal of the property.

Eligability


Veterans who served on active duty and were discharged under conditions other than dishonorable, during World War II and later periods are eligible for Louisiana VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have served at least 2 years.

Persian Gulf Conflict. Basically, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged honorably are eligible. Louisiana VA regional office personnel may assist with eligibility questions.

Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. The expanded eligibility for Reserves and National Guard individuals will expire September 30, 2003. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans. (See paragraph entitled "Costs of Obtaining a VA Loan").

To obtain a VA loan, the law requires that:

  • The applicant must be an eligible veteran who has available entitlement.
  • The loan must be for an eligible purpose.
  • The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
  • The veteran must be a satisfactory credit risk.
  • The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
louisiana va loan
Posted by administrator Feb 26, 2010 Last Updated: Feb 26, 2010
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