Minnesota VA Loans

For qualified veterans interested in relocating to Minnesota, you will be able to find really great deals on houses right now. When you purchase your new house with a VA Loan, you can buy a big, lovely family home with acreage without having to supply a down payment. This makes it possible to afford a bigger house than you ever thought possible. Here are just a few of the other great benefits you will receive with a Minnesota VA Loan and what you need to do to qualify.

Benefits

Besides the no down payment feature of a VA Loan, you also won’t have to pay private monthly mortgage insurance. This is because the VA guarantees a portion of your loan, which is the same as insuring it in case your house goes into foreclosure. You will also be able to take advantage of low interest rates and may even be able to secure a rate that is below the current mortgage market rate. Other great benefits include flexible repayment options, easy refinancing and minimal closing fees.

How to Qualify

In order to qualify for a VA Loan in Minnesota, current military members must have served a minimum of 181 days of regular active-duty service. Veterans must have also served this length of time and been honorably discharged from the military. There are some exceptions to this rule, for example, veterans who served overseas during wartime in WWII, Korea or Vietnam qualify for having served 90 days. There are also some circumstances where spouses and widows of veterans may qualify. Once you have decided to apply, you will need to submit an eligibility form with the VA.

Finding a Lender

Once the VA has reviewed your eligibility form, they will send you a Certificate of Eligibility (COE) in the mail. After that you can choose to either start looking at houses right away or get pre-approved for a loan. You can choose to go through a bank, savings & loans or mortgage company for your loan as long as they participate in the VA Home Loan Guaranty Program. Once you have settled on a house and a lender, the loan process is very similar to that of a conventional loan.

Find Out What You Qualify For

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