Simple and Fast Veteran Loans for Retired Military Vets
We've found the five simplest veteran loans and compiled them below. Throughout this article, we'll dive deeper into each loan type, allowing you to choose the option that suits your circumstances best.
The 5 Best Veteran Loans in Louisiana
1. Louisiana Veteran Home Loans
This is perhaps the most well-known veteran loan. It's provided by the United States Department of Veterans Affairs to current service members, military veterans, and their families.
As the name suggests, veteran home loans ease the costs associated with buying and owning a home, ensuring you benefit from a less strenuous mortgage.
There are plenty of benefits to acquiring a Louisiana VA Loan, including:
- Zero down payments
- Low-interest rates
- No need for mortgage insurance
However, before you jump into the process of acquiring it, it's worth noting a few disadvantages of the mortgage type:
- Seller's discretion — Some property sellers deem VA loans unreliable or think it adds an extra layer of complexity to the process. Therefore, they hold the right to withdraw from the sale.
- Primary residences only — You can't use a VA loan for a vacation or investment property. They're intended for your main home only.
- Funding fee — Although you don't need to make a down payment with a VA loan, there is still some expense that you must pay to the U.S. Department of Veterans Affairs. The funding fee is typically around 2.3% of the home's value. For instance, you should expect to pay $4,600 to settle the fee on a $200,000 house.
2. Interest Rate Reduction Refinance Loan (IRRRL)
The Interest Rate Reduction Refinance Loans are veteran loans also offered by the Department of Veterans Affairs. They're used to refinance your existing VA loan to reduce the interest rate.
The loan doesn't require credit underwriting and often includes the total outstanding balance of your other loan. With that said, some lenders implement additional requirements. Thus, it's worth contacting numerous lenders to ensure you get the best deal.
The following people can qualify for the loan:
- Reserve and National Guard members
- Active duty Servicemembers
- Current Reserve and National Guard members after six years of service
- Surviving spouses
As long as you meet the service-length requirements and were not dishonorably discharged, you should qualify for the IRRRL.
3. Veterans Life Insurance Policy Loans and Cash Surrenders
If you hold an eligible life insurance plan, this is one of the best veteran loans as it allows you to borrow as much as 94% of the policy's cash value. The program's requirements state you must be a holder of at least one of the below:
- United States Government Life Insurance (USGLI)
- National Service Life Insurance (NSLI)
- Veterans Reopened Insurance (VRI)
- Service-Disabled Veterans Insurance (S-DVI)
- Veterans' Special Life Insurance (VSLI)
You can get a cash surrender or loan under this program by completing the Application for Cash Surrender Value or Policy Loan.
4. The Military Family Assistance Fund (MFA)
The Military Family Assistance Fund (MFA) gives financial support to Louisiana-based veterans and their families. If you're experiencing financial hardships, you can apply to the Louisiana Department of Veterans Affairs. To gain acceptance, you need to meet specific, minimum, active-duty service regulations and to have been discharged honorably.
The Department has made applying very simple. Just use their online MFA Funding form. To ensure your application is processed as quickly as possible, include any supporting documentation. That way, they have everything they need to make an accurate funding decision.
5. Payday Loans
A payday loan is a small-dollar, short-term loan that allows you to fund one-off financial issues. You can complete the application process in just half an hour and receive the money you need within 48 hours by following the steps below:
- Contact your local Cash Cow location via phone or use our simple, secure online form. It sends your information straight to the closest location.
- One of our loan representatives will call you to discuss the process and required items.
- Bring your government-issued photo identification, proof of income, and a blank check from an active checking account in your name to your nearest Cash Cow store.
- Our loan associate will confirm that you have all the necessary documents and walk you through the rest of the process.
- After signing a few documents, you'll receive between $100 and $300 on the same or very next bank business day.
Get Payday Loans Today!
Cash Cow is an option for lightning-fast money when looking for veteran loans. Whether you need to pay an emergency medical bill, fix your vehicle, or settle overdue bills, payday loans may help. Get started by giving us a call or completing our online inquiry form.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.