VA Loans - We are VA Specialists!
- Purchase, Regular Refinance, Interest Rate Reduction Loan (IRRL), 10 to 30 Year Terms
- Who can do a VA loan?
- Qualifying Veteran - Active or Discharged or Reservist
- Unmarried widow of a Veteran
- Regular VA Maximum Loan Amount $510,400 and $765,600 in High-Cost areas.
- VA Jumbo - You are able to borrow above these limits, but a down payment would be required. Please see below under the VA Jumbo heading.
What is an IRRL?
- It is a Streamline Refinance designed with little or no out-of-pocket costs that have to be recouped in less than 36 months.
- Have to have made at least 7 satisfactory payments on mortgage prior to doing an IRRL.
- Faster and with less documentation than a typical loan. No appraisal, termite, paystubs or bank statements!
- Only available when refinancing the original VA mortgage and can not add or remove people from the original loan.
- May refinance an ARM loan into a fixed rate mortgage.
- The veteran can not receive more than $500 cash back.
How do I apply for a VA guaranteed loan?
You can apply for a VA loan by applying on our website, over the phone, or in person.
How do I get a Certificate of Eligibility?
- Since we are VA Specialists - Acadiana Mortgage will obtain your Certificate directly from VA for you!
- Most Certificates are issued immediately online, but should VA require additional information or paperwork, we will collect from you and submit to VA on your behalf.
- If you have been discharged, your DD214 may be needed.
- If a Surviving Spouse, we will get you to sign VA form 26-1817.
If required, how can I obtain proof of military service?
- For active duty service members, you may need to obtain a signed statement from your unit commander or a designated representative -- a statement that lists you by name, rank, Social Security number and also the nature of your current active duty service commitment or the length of your current assignment
- If Discharged, a copy of your DD 214 would be required. It acts as proof of service and also shows the nature of the discharge.
Can I use my VA more than once?
- Yes, you can use it over and over again.
- VA also allows you to have more than one VA loan at a time, but you are limited in Loan Amount.
- If you have used your VA and sold/disposed of the property, your Eligibility can be restored.
- VA charges you a VA Funding Fee unless you are Exempt. You are allowed to finance it back into your loan and the fee varies on the following:
- First time use or subsequent use.
- Loan to Value (Did you make a down payment?)
- Active Duty or Reservist
Is the surviving spouse of a deceased veteran eligible for a VA Loan?
- Yes in most cases when Veteran dies on active duty or as the result of a service-connected disability.
- Must not have remarried.
- In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death) may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact us.
- Unfortunately, the children of an eligible veteran are not eligible for a VA Loan.
How do I obtain a VA Home Loan?
- Get Pre-qualified with Acadiana Mortgage! You can do this over the phone, via the Web, or in person! Fast and at no cost!
- Pick a Realtor to discuss the house hunting process and begin looking at homes.
- Select a home and discuss the purchase with the seller or your Realtor. Sign a purchase contract.
- Do your home inspection.
- Make full application and provide all of your documentation. We will verify all of the information provided in your loan application.
- Once your inspection is complete and you have negotiated any repairs we will order the appraisal. VA will assign the appraiser. You could be required to pay for the appraisal in advance or guarantee the payment should the loan not close for any reason.
- We will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
- Do your final walk through with your Realtor to ensure any repairs have been completed.
- All borrowers and typically the seller will meet at the Title Company/Closing Attorney to sign the Note, Mortgage and other closing documents.
What are the benefits of a VA home loan?
- Equal opportunity.
- No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
- Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
- Closing costs with Acadiana Mortgage are lower than other financing types and most other lenders.
- No monthly mortgage insurance premiums.
- The loan is assumable.
- No prepayment penalty.
- VA assistance to veteran borrowers in default due to temporary financial difficulty.