VA Home Loans for Veterans

From America’s Mortgage Resource with offices in Metairie, New Orleans, Mandeville & Baton Rouge

If you are a veteran or active duty member of the US armed forces, you may be eligible for more favorable loan terms via a VA Loan in the metro new Orleans, LA area? The lending professionals at America’s Mortgage Resource have extensive experience with VA and other government backed loan programs, and can provide you with a customized rate quote on a purchase or refinance loan today!

VA Lending Basics

In 1944, the U.S. Congress initiated the VA Loan Guaranty Program. This program, led by the Department of Veterans Affairs, has since helped millions of military veterans and active duty members purchase homes.

The organization does not actually issue these types of loans, but instead backs VA loans. In other words, in the event that a borrower defaults on a VA loan, the VA will repay a significant portion of that loan to the lender. This protects lenders against home loan defaults, which ultimately leads to competitive loan policy terms, including lower interest rates for veterans as well as active duty military.

Eligibility may vary for VA loans depending on your service. For example, veterans need to have served three months during time of war or at least 181 days on active duty. Individuals who have served the Reserves or National Guard for at least 6 years may also qualify. In addition, spouses of veterans killed in the line of duty may qualify for a VA loan.

Please click here to read the official list of VA qualifications, or simply contact one of our helpful team members today for more information.

Benefits of VA Loans

The leading benefit of VA loans is that it helps members of our military to purchase homes without requiring a large down payment. Another significant benefit is that VA loans do not require private mortgage insurance (PMI). Borrowers who are unable to put down 20% of a mortgage for conventional loans are typically charged PMI. In addition, veterans who would not otherwise qualify for conventional loans often find that they do qualify for VA loans.

Additional VA loan benefits include:

  • There are no penalties on prepayments
  • Reduced interest rates
  • Simplified process for refinancing loans if necessary
  • Less stringent debt-to-income ratios required for approval

The primary purpose of these specialized loans is to help members of our military purchase or refinance their homes. However, the loans can also be used for other purposes such as to save additional money on monthly payments through refinancing, for improving a current residence, for improving the energy efficiency of a home, and more.

To learn more about these special loan programs, discuss your personal loan requirements with a loan officer. This will help you to determine if a VA loan is for you or if another type of loan will serve you better long term. Contact America’s Mortgage Resource with offices in Metairie, New Orleans, Baton Rouge and Mandeville, LA for more information about VA loans today!