Whether you receive PCS orders to relocate to Louisiana or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Louisiana has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Louisiana landing at $323,502, the VA loan’s signature $0-money-down benefit is a considerable advantage for Louisiana homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Baton Rouge, LA, you'll need to find a lender licensed in Louisiana to do the loan.
VA borrowers in Louisiana should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
As of January 1, 2020, VA borrowers in Louisiana with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to Louisiana's VA loan limits.
As of Jan 1, 2020, VA loan limits for all counties in Louisiana are $548,250.
Another consideration for VA buyers in Louisiana is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Louisiana if you meet one of the following conditions:
If you are required to pay property tax in Louisiana, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
|De Soto Parish||0.32%|
|East Baton Rouge Parish||0.61%|
|East Carroll Parish||0.46%|
|Jefferson Davis Parish||0.31%|
|Pointe Coupee Parish||0.26%|
|St. Bernard Parish||0.46%|
|St. Charles Parish||0.62%|
|St. Helena Parish||0.35%|
|St. James Parish||0.45%|
|St. John the Baptist Parish||0.38%|
|St. Landry Parish||0.28%|
|St. Martin Parish||0.44%|
|St. Mary Parish||0.38%|
|St. Tammany Parish||0.81%|
|West Baton Rouge Parish||0.46%|
|West Carroll Parish||0.27%|
|West Feliciana Parish||0.56%|
View the graphic below to learn more about how VA loans work in Louisiana.