If you’re looking for a VA home loan, we’re here to help!
Gulf Coast Bank Home Loans offers competitive interest rates on VA mortgage loans in areas we serve including metro New Orleans & Baton Rouge as well as Tangipahoa & St. Tammany Parish, Florida & Texas.
VA Loans - Helping Our Nation’s Military Realize Homeownership Dreams
The Department of Veterans Affairs created the VA Home Loan Program to help service members, veterans, and eligible surviving spouses achieve homeownership.
A VA loan is obtained through a mortgage lender like Gulf Coast Bank Home Loans, but is guaranteed by the Department of Veterans Affairs.
Since these loans are backed by the VA, they aren’t as risky to the lender, resulting in more favorable loan terms for borrowers. These favorable terms are passed along as benefits such as lower credit score limits, more purchase power, and lower interest rates.
What Are the Benefits of a VA Loan?
VA Home Loans come with many advantages including:
- Credit score requirements may be lower than other loan types
- Higher debt-to-income ratios may be allowed, meaning you might be able to afford a higher purchase price.
- Mortgage insurance is not required. Other loans require a 20% down payment to avoid mortgage insurance. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category.. If you are a qualified disabled veteran, the funding fee may not apply at all.
- VA loans don’t normally require a down payment.
- The interest rates are very competitive
- A cash-out refinance allows you to access up to 100% of your home’s equity to consolidate debt, invest in your education, or make home improvements.*
- VA offers assistance to veteran borrowers in default due to temporary financial difficulty
Determining Your Eligibility for a VA Loan
Many members of the military are eligible to apply for a VA loan. This includes active duty, veterans, reservists and members of the National Guard.
Additionally, spouses of military members who have passed away may also apply.
You need to obtain a copy of your Certificate of Eligibility as part of your loan proceedings. The Certificate of Eligibility will be issued by the Department of Veterans Affairs if you meet their eligibility requirements.
If you do not have your Certificate of Eligibility, we can assist you in applying for your certificate..
Qualifications for VA Loans
Generally speaking, it’s easier to qualify for a VA loan as compared to a conventional loan. VA loans often allow for lower credit scores and higher debt ratios than conventional loans.
Find a loan officer near you to start the process now and find out if you’re eligible for a VA loan in your state!
Purchasing a Home with a VA Loan
If you are in the market to buy a home and considering VA as one of your lending options, getting started is easy:
- Schedule a phone call or meeting with one of our mortgage loan officers who will review your income & credit as part of our pre-qualification application process.
- Provide a Certificate of Eligibility, or ask your mortgage loan officer to assist you with the process for obtaining your certificate.
Once we have reviewed your information and it is determined that you qualify for a VA mortgage loan, we will issue you a pre-qualification with your maximum home purchase price. After your formal application has been received, we will provide you with a list of required documentation in order to continue the application process.
3. You will also receive VA home loan purchase scenarios with estimated monthly mortgage payments and cash required at the closing of your home loan. If you need assistance with closing costs from the seller, this is a good time to discuss those options with your real estate agent and your mortgage loan officer.
Refinancing Your VA Home Loan
There are a number of reasons people consider refinancing their VA loan including:
- Lowering your rate
- Changing your loan terms & repayment schedule
- Getting cash out for debt consolidation, home improvement or other important needs
When you’re ready to get started, schedule a phone call or meeting with one of our mortgage loan officers to discuss your refinance goals. After your application has been received, we will provide you with a list of required documentation in order to proceed.
Do you have any questions?
Gulf Coast Bank Home Loans has branches in metro New Orleans and Baton Rouge as well Loan Production Offices in Florida & Texas.
If you are ready to get started, apply today!