Buying a Home in Mandeville with a VA Loan:

A VA-backed purchase loan can help eligible Veterans, service members, and some surviving spouses buy in Mandeville, Covington, or elsewhere on the Northshore. I am Cynthia Benbow, DVM, REALTOR®, with eXp Realty, LLC. I can help you search for homes and navigate a VA purchase contract, but I am not a lender. Approval comes from your VA-approved lender and from VA. Confirm current rules on the official VA pages linked below.

It is a mortgage made by a private lender and guaranteed in part by VA. Official VA guidance says a VA-backed purchase loan often offers no down payment if the sales price is not higher than the home's appraised value, no private mortgage insurance (PMI) or FHA mortgage insurance premiums (MIP), no prepayment penalty, and the option for the seller to pay some closing costs. You must qualify for a Certificate of Eligibility, meet VA and lender credit and income standards, and live in the home. Permitted uses include a one- to four-unit home, a condo in a VA-approved project, a manufactured home or lot, a purchase with improvements, or a new home. (Source: https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/

A Certificate of Eligibility, or COE, shows your lender you qualify for the VA home loan benefit based on your service history and duty status. Rules differ for service members, Veterans, National Guard and Reserve members, and some surviving spouses. Because minimum service periods depend on when and how you served, use VA's eligibility page rather than a single rule of thumb: https://www.va.gov/housing-assistance/home-loans/eligibility/ A COE is not a loan approval. Your lender still reviews credit, income, debts, and the property.

VA says you can request a COE online, ask your lender to request it through VA's system, or mail VA Form 26-1880. Veterans generally need a DD214, and active-duty service members generally need a signed statement of service. Other applicants should follow the document list on VA's COE page. (Source: https://www.va.gov/housing-assistance/home-loans/how-to-request-coe/ Getting the COE early, often at pre-approval, helps you write a cleaner offer.

VA says a VA-backed purchase loan often requires no down payment as long as the sales price is not higher than the appraised value, and there is no PMI or MIP. A down payment may still be required if the contract price is above the appraised value, or if remaining entitlement is not enough for the loan you want. (Sources: https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/ and https://www.va.gov/housing-assistance/home-loans/loan-limits/

Budget for closing costs, prepaid items, and inspections. On a purchase loan, VA says you can finance the funding fee, but you must pay other charges at closing. VA limits seller concessions to no more than 4% of the home's reasonable value, while not limiting credits that cover closing costs. (Source: https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/

The VA funding fee is a one-time fee you can pay at closing or roll into the loan. VA published these purchase and construction loan rates, effective April 7, 2023. First use: 2.15% with less than 5% down, 1.5% with 5% or more down, and 1.25% with 10% or more down. After first use: 3.3% with less than 5% down, 1.5% with 5% or more down, and 1.25% with 10% or more down.

The fee is a percentage of the loan amount, not the purchase price. VA lists exemptions that include receiving VA compensation for a service-connected disability; being eligible for that compensation but receiving retirement or active-duty pay instead; receiving Dependency and Indemnity Compensation as a surviving spouse; having a qualifying pre-discharge rating before closing; or being an active-duty Purple Heart recipient who provides evidence on or before closing. Confirm your status with your lender and with VA. (Source: https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/

A VA-approved appraiser gives an opinion of value and checks whether the property meets VA Minimum Property Requirements, or MPRs. VA states that an appraisal is not a home inspection and strongly recommends a separate inspection for major defects. (Source: https://www.va.gov/housing-assistance/home-loans/home-buying-process/ MPRs are meant to confirm that the home is safe, structurally sound, and sanitary enough to serve as a residence. Required repairs may have to be completed before closing. A general inspection still matters, especially with older Northshore homes, roofs, electrical systems, and moisture.

VA outlines three common options: request a Reconsideration of Value with valid sales data, renegotiate the price, or pay the difference between the appraised value and the sales price at closing. (Source: https://www.va.gov/housing-assistance/home-loans/home-buying-process/ Talk through offer terms, appraisal language, and your cash position before you write the contract.

If you have full entitlement, VA says you do not have a VA loan limit, as long as you can afford the loan and the appraisal supports the purchase price. The lender still must approve you, and the maximum VA loan is the lesser of the appraised value or the purchase price. If some entitlement has already been used and not restored, remaining entitlement and the county conforming loan limit can affect a no-down-payment amount. I am not listing a county dollar figure because those FHFA limits can change; VA links to them at https://www.va.gov/housing-assistance/home-loans/loan-limits/

Have your lender confirm that any condo is in a VA-approved project before you pursue it. (Source: https://www.va.gov/housing-assistance/home-loans/loan-types/purchase-loan/ For properties near Lake Pontchartrain, rivers, and bayous, ask early for a flood determination, elevation documents, and insurance quotes. Premiums and zone designations are property-specific, so I am not quoting them here.

Budget time for the VA appraisal, MPRs, a thorough inspection, and repairs, especially with older homes. For new construction, ask the lender about timing. You must occupy the home as your residence. Do not use a VA purchase loan for a vacation or investment property you do not intend to occupy.

Start with your COE and a pre-approval from a VA-experienced lender, then we can look at homes likely to meet your needs and VA property rules. I serve Mandeville, Covington, and the Northshore with eXp Realty, LLC.


Talk with Cynthia Benbow, DVM, REALTOR®, about buying a home on the Northshore with a VA loan. Call or text 504-301-5850, email cynthiabenbow@cynthiabenbow.com, or visit https://cynthiabenbow.com

Cynthia Benbow, DVM, REALTOR®
eXp Realty, LLC
2201 Veterans Memorial Blvd #404
Metairie, LA 70002
504-301-5850
cynthiabenbow@cynthiabenbow.com

Equal Housing Opportunity. This page is for general information and is not legal, tax, or lending advice. Loan eligibility, fees, and property requirements are determined by VA and your lender. Confirm current rules on VA.gov.