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
The VA Funding Fee is a one-time cost required on most VA loans. It helps keep the program self-sustaining and can be financed into the loan or paid at closing.
Typical Funding Fee Percentages (2025):
- First-time use: 2.15% with 0% down, or 1.5% with 5%+ down
- Subsequent use: 3.3% with 0% down, or 1.5% with 5%+ down
Exemptions: The Funding Fee is waived for Veterans who receive (or are eligible to receive) VA disability compensation, Purple Heart recipients on active duty, and surviving spouses of Veterans who died in service or from a service-connected disability.
If you qualify for exemption, this can save thousands upfront. We’ll confirm your status automatically when verifying your Certificate of Eligibility.
You may also qualify for Louisiana property tax exemptions for disabled Veterans, which can reduce or eliminate your annual parish property taxes.
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
- Valid ID (Driver’s License, Passport, Green Card, etc.)
- 30-day paystubs with YTD totals
- 2 years W-2s
- 2 years Federal Tax Returns (all pages/schedules)
- 2 months most recent bank statements — all pages
- Current mortgage statement(s) (if applicable)
- HR contact info at current employers
- Military 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.
