Louisiana VA Loans

We’re proud to offer VA loans in Louisiana for veterans and active-duty service members. We help our borrowers throughout the entire process to help you purchase your dream home with less hassle and stress. We serve all areas of Louisiana, including the following areas:

Louisiana VA home loans are mortgages insured by the VA to offer housing assistance and help veterans, service members, and surviving spouses purchase a home with fewer restrictions than traditional loans. There are several types of VA loans in Louisiana, including:

• VA purchase loans: Purchase loans allow borrowers to buy or build their dream homes. These loans can also be used to secure funding for renovations.
• VA streamline loans: Streamline refinance loans allow veterans and service members to refinance their homes for lower interest rates to reduce their monthly payments.
• VA cash-out refinance loans: Cash-out refinance loans can help borrowers tap into the equity in their homes to increase cash flow for significant expenses.

Since VA loans do not require a down payment, they can be a great option because you won’t have to pay private mortgage insurance (PMI), giving you a significantly lower monthly payment than traditional loans. In addition, VA loans offer more protection because they’re backed by the government. For example, VA loan rates are competitive to help you keep your monthly payments as low as possible.

The type of VA loan that’s right for you depends on your goals. For example, you can use a VA purchase loan if you want to repair or renovate your existing home. Meanwhile, if you want to tap into your home’s equity, you can use a VA cash-out refinance loan.

VA loans are reserved for former and present service members and their surviving spouses. A VA loan’s most significant benefit is that it doesn’t require a down payment. Down payments are often barriers to homeownership that can impact someone’s ability to qualify for a loan. Even if they qualify for a traditional home loan, their PMI may raise their monthly payments significantly, making homeownership even less affordable. However, with VA loans, borrowers don’t have to worry about a down payment or PMI. In addition to a 0% down payment, the benefits of VA loans in Louisiana include the following:

• Lower minimum credit score
• Lower interest rates
• No PMI required
• Flexible requirements
• Can be used for any residential property

Louisiana VA home loans are reserved for primary residences; they cannot be used for investment properties. To qualify, borrowers must obtain a Certificate of Eligibility (COE) from the VA. Unfortunately, not all individuals who have served in the military are eligible for VA loans. Your eligibility will depend on duty status, service length, service type, and discharge status. In general, eligibility requirements include individuals who are:

• Service members with at least 90 days of service during wartime or 181 days during peacetime
• Veterans
• National Guard or Reserves members for at least six years
• Surviving spouses who were widowed as a result of service-related injuries
• Spouses of active service members who have been listed as prisoners of war (POW) or missing in action (MIA) for at least 90 days

Even if you’re eligible for a Louisiana VA loan, there are other requirements to get approved, such as:

• Appraisal
• Pest inspection
• Income verification
• Credit score of 500 or higher

If you’re not eligible for a VA Loan, Griffin Funding might have other options, such as conventional, Non-QM, and FHA loans to suit your needs. Get a quote today to start the process of becoming a homeowner.

The VA loan process is similar to obtaining other loans but may vary depending on the lender. The general process of obtaining a VA loan in Louisiana includes the following steps:

1. Obtain your COE from the VA. We can help you with this process, but it can take up to six weeks in some cases.
2. Submit your online application or contact Griffin Funding to begin the application process.
3. Griffin Funding will send you an interest rate, which you can lock in immediately.
4. Provide us with additional documentation if needed.
5. Schedule your appraisal and inspection before buying the home.
6. Finalize the loan and sign documents.
7. Receive your funding.

Griffin Funding is committed to offering a streamlined loan process to make it as smooth as possible for borrowers. However, while we can help you obtain your COE, we can’t determine how long it will take for the VA to send it. Therefore, it’s best to obtain your COE as early on in the process as possible to reduce the time it takes for us to verify your eligibility.

If you’re eligible for a Louisiana VA loan, there’s no reason not to take advantage of 0% down payments and no PMI requirement. In addition, we can help you throughout every step of the process, from obtaining your COE to helping you understand various requirements associated with VA loans and ensuring you understand the terms of the loan.

Griffin Funding is committed to serving our community by supporting veterans and active duty service members with VA loans in Louisiana. Our personalized approach to mortgage lending can help you secure the best loan for your personal needs. If you’re a current or former military member, you can find out if you qualify for a VA loan in Louisiana by completing our online application or calling us at (855) 394-8288.