by Andrew Severino June 30, 2017
VA Loan – 100% Finanicing – 0% Down Payment Home Purchase
Active military and veterans are blessed with the tremednous opportunity offered by the Veterans Administration to obtain a low interest mortgage loan for the purchase of a home, including the benefit of 100% financing, providing the extended benefit if a no money down home purchase. Current VA loan limits as published by the Federal Housing Finance Agency are determined by provisions of the Housing and Economic Recovery Act of 2008 by county. Subsequently, all counties in Louisiana (also referred as parishes) are bound by the same VA loan limits, including New Orleans, which is part of Orleans County, or Orleans Parish. It is failry common knowledge that the VA lona limit for single family homes in New Orleans and Louisina is $424,100. What is not so widely known is that the VA loan limit for multi family properties increases based on the number of units, up to four units.
VA Loan Limits – Single Family and Multifamiy Properties in Louisiana
The VA loan limit for single family homes in Louisiana is $424,100.
Additional VA Loan Requirements for Multifamily Properties
If you are active military or a veteran planning to utilize a VA loan for the purchase a multifmaily property, should be aware that if you need the rental income from the units you do not plan on occupying to be included as income for the purpose of qualifying for the higher loan amounts, you will need to document your likelihood to succeed as a landlord, such as prior experience in property management.
- 2017 VA Loan Limits & Maximum Amounts by County – At a glance: 2017 VA loan limits vary by county and range from $424,100 to $636,150. They are based on median home prices and are consistent for the entire year.
- What is a VA Loan and Why Should I Consider Using One? – Oct 12, 2016 … VA Loan Limits: How Much Can You Borrow With a VA Loan? VA loans do not impose a maximum amount that may be borrow, but they limit …