VA Home Loans for Veterans
America’s Mortgage Resource, serving Louisiana and Missippi
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.