Areas We Serve
Griffin Funding offers Louisiana loans across the entire state, including in the most popular parishes and cities like:
- New Orleans
- River Ridge
- Baton Rouge
How Do Home Loans Work in Louisiana?
Louisiana home loans have the same eligibility requirements as home loans in other states. However, Griffin Funding offers several types of home loans, working with borrowers to find the right options based on their employment or financial situation. No matter which type of loan you choose, whether it is a non-QM loan or traditional mortgage loan, all loans have requirements, which include:
A minimum credit score
Louisiana loans require a minimum credit score, but the exact credit score you need varies by lender and type of loan. Of course, the higher your credit score, the better terms you can get, so you can expect lower Louisiana mortgage rates with a higher score. Still, you may qualify for a loan with a lower credit score, and Griffin Funding’s Louisiana loans typically have a minimum credit score requirement of 620. Griffin Funding does offer VA loans at credit scores as low as 500.
Home loans in Louisiana require income verification. However, how we verify your income depends on the type of loan. For example, traditional loans verify income with tax returns and pay stubs.
In contrast, our non-QM loans verify income with assets, bank statements, or in alternative ways to determine your eligibility and ability to repay the loan. Still, the type of loans offered by Louisiana mortgage lenders varies, so you should do your research to determine what types of documentation you will need to provide to qualify.
Debt-to-income (DTI) ratio
A DTI ratio helps Louisiana mortgage lenders determine if your debts will impact your ability to repay by dividing your debts by income. Some Louisiana lenders require a DTI ratio of 43%, but Griffin Funding offers a higher DTI ratio of up to 55% to help you qualify for a loan.
Every Louisiana home loan requires a down payment except VA and USDA loans. The more you put down on a home, the less you will need to borrow, ultimately reducing your monthly payments. The minimum down payment for a Louisiana loan depends on the type of loan and your financial situation. Since the more you put down, the lower your loan amount will be, we recommend saving for at least 20% down on a home. Still, many loan offerings allow as low as 3.5% down.
Louisiana Mortgage Programs
Finding the right home loan in Louisiana is crucial because it can affect your financial health. At Griffin Funding, our mortgage strategists can help you determine which loan is right for you if you are eligible for several different types of loans. Then, based on Louisiana mortgage rates and your personal financial situation, we can find the best mortgage program to help you buy your dream home.
Home loans we offer in Louisiana include the following:
- Conventional Loans: With conventional loans, borrowers can expect competitive mortgage rates, but they often have strict requirements, including a typical down payment of 20% and a good or better credit score.
- FHA Loans: FHA loans for first-time home buyers are ideal for individuals who cannot afford a large down payment. Instead, borrowers can secure a loan with as little as 3.5% down.
- VA Loans: VA loans are reserved for qualifying veterans and their spouses. These loans are backed by the Department of Veterans Affairs (VA) and allow borrowers to secure a loan with 0% down and lower credit scores.
- Bank Statement Loans: With bank statement non-QM loans, borrowers can qualify for a mortgage using their bank statements instead of traditional proof of income like tax returns and pay stubs. These loans are ideal for self-employed individuals, retirees, and entrepreneurs without traditional forms of income.
- Asset-Based Loans: Asset-based loans are similar to bank statement loans. However, while you can use your bank accounts to qualify, you can also use many other types of liquid and investment assets, including retirement accounts, to secure a home loan.
- DSCR Loans: Investors can take advantage of Griffin Funding’s home loan programs by using DSCR loans to secure investment property loans without providing proof of income in the form of W2s or tax returns.
What Are the Steps to Buying a House in Louisiana?
Buying a house in Louisiana is easy, thanks to various home loan options available for all types of borrowers, regardless of their employment history and how they earn their income. There are no special requirements to purchase a home in Louisiana, but you must meet the lender’s requirements.
Interested in buying a house in Louisiana? Follow these steps:
- Get Pre-Approved: A pre-approval letter will allow you to begin the home-buying process with a realistic loan amount. While the Louisiana mortgage lender does not ensure this amount, it can give you a rough idea of how much you can afford to spend on a home.
- Find Your Dream Home: Shop around and look for all the features you want in a home. We recommend working with a realtor who can do all the hard work for you.
- Submit an Application: Once you find a home you want to purchase, you can submit an online application with Griffin Funding and provide us with the necessary documentation to verify you meet the criteria.
- Loan Approval: If we approve your application, we can release the funds and allow you to move forward with your home purchase.
Apply for a Louisiana Home Loan Today
Ready to be a homeowner in Louisiana? Getting a home loan in Louisiana has never been easier. If you believe you qualify for one or more of our loan programs, you can call us to discuss your options and learn more about the different types of loans and requirements.
We offer several traditional, non-QM, fixed-rate mortgages or adjustable rate mortgages (ARMs) to suit your needs. Once ready to apply, you can begin the online application process or request a free quote.