VA Loans
Powerful benefits for eligible Veterans, Active‑Duty, and surviving spouses — often with $0 down, no monthly mortgage insurance, and competitive rates. Parish Lending helps you navigate eligibility and secure your Certificate of Eligibility (COE).
What is a VA Loan?
VA loans are mortgages backed by the U.S. Department of Veterans Affairs for eligible service members, Veterans, and some surviving spouses. The guarantee allows favorable terms, including low or $0 down and no monthly mortgage insurance.
Advantages
- Often **$0 down** with sufficient entitlement
- **No monthly PMI** (private mortgage insurance)
- Competitive rates and flexible credit guidelines
- Limits on certain buyer fees; seller concessions often allowed
- Assumable loans (subject to VA/servicer approval)
VA Funding Fee
Most VA loans include a one‑time **VA Funding Fee** (can be financed). The percentage depends on your service history, down payment, and whether you’ve used VA benefits before. **Veterans with qualifying disability ratings may be exempt.** We’ll calculate your exact amount during pre‑approval.
VA vs. Conventional (Quick Compare)
| Feature | VA | Conventional |
|---|---|---|
| Down Payment | Often $0 (with entitlement) | As low as 3% (primary) |
| Monthly MI | No monthly MI | PMI if <20% down; removable later |
| Funding/MI | One‑time VA Funding Fee (may be exempt) | No funding fee; PMI if applicable |
| Occupancy | Primary residence only | Primary, second home, investment |
Basic VA Requirements
- Eligibility: Service history meeting VA guidelines; we’ll help obtain your **COE**
- Credit/DTI: flexible; approvals depend on full profile and **residual income** guidelines
- Property: primary residence; VA appraisal and minimum property requirements apply
Documents You’ll Need
- Copy of your valid ID (Driver’s License, Passport, Green Card, etc). A screenshot of LA Wallet ID works well if applicable.
- Paystubs covering the most recent 30‑day period with YTD totals — and please continue to send new paystubs upon receipt during the process.
- 2 years W‑2s
- 2 years signed/filed Federal Tax Returns (all pages/schedules)
- 2 months most recent bank statements — all pages — and continue to send new statements during the process.
- Current mortgage statement(s) (if applicable)
- Human Resources contact info at current employers
- Military service docs (if available): DD‑214 (Member‑4), current LES, or COE
Upload securely through our full application:
FAQs
Am I eligible for a VA loan?
Eligibility is based on duty status, service history, and character of service. We can help request your **COE** and confirm eligibility quickly.
Do VA loans really have no PMI?
Correct—VA loans have **no monthly PMI**. Instead, most include a one‑time VA Funding Fee (which may be exempt for some Veterans).
Can I buy a duplex or 4‑plex with VA?
Yes, VA allows 1–4 units **if you occupy** one unit as your primary residence, subject to guidelines.
Ready to use your VA home benefits?
We’ll verify eligibility, compare options, and map the fastest path to approval.