Minneapolis and St. Paul VA Loans
As a qualified veteran looking to buy a new house in Minneapolis or St. Paul, you have the advantage of using a VA Loan to obtain the property. Since 1944 the VA Home Loan Guaranty Program has helped make homeownership a reality for millions of veterans and their families. Today, the VA has made the entire loan process easier and more inexpensive than ever.
Benefits of VA Loans
When you apply for a VA Loan in Minneapolis or St. Paul, you can borrow money without having to put any money down on the property. Right now lenders are charging around 20% for a down payment with conventional loans, making homeownership out of reach for many Americans. With a VA Loan this cost is waved, so even if you don’t have money put away you will still be able to afford a new home.
There are a great number of benefits you will receive as a veteran in addition to the zero-down feature. For example, even though you don’t have to supply a down payment, you won’t be required to pay private mortgage insurance either. This is because the VA guarantees a portion of the loan for you, making you a secure borrower to lenders. The other benefits of a VA Loan include low interest rates, individual repayment plans, quick approval, easy refinancing and low closing costs.
Certificate of Eligibility
In order to qualify for a VA Loan in Minneapolis or St. Paul, you or your lender must fill out an eligibility form with the VA. They require you to have served a minimum of 181 days of regular active-duty service and been discharged under honorable circumstances if you are no longer in the military. Once you have been approved, the VA will send you a Certificate of Eligibility (COE) in the mail.
Relocating to Minneapolis or St. Paul?
Let us help! We have a team of VA specialists who are ready to answer all your questions and help you start taking advantage of the VA Home Loan Guaranty Program. Just fill out our quick, secure online form and get started today!