Minneapolis, MN: One of the biggest reasons people don’t buy a home is the lack of down payment money.
We get it. Saving is hard. Tax refunds therefore are popular tools for first time home buyers.
Big refunds or small refunds may be just enough to get you into your own home this year. Don’t assume you won’t have enough even with your refund. Down payment requirements may be smaller than you think, and down payment assistance is also available to those who qualify.
A VA loan is perhaps the most amazing loan in the housing market today!
Minneapolis, MN: Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified active duty personal and veterans.
Far and away, the most significant benefit of a VA loan is the borrower’s ability to purchase with no money down. Apart from the USDA Rural Development loan, there are essential no other nationwide mortgage loan programs that offer 100 percent financing.
VA loans are also a bit more liberal in the underwriting standards and requirements than many other loans. For example, allowing for lower credit scores than conventional loans. These loans also come with no monthly mortgage insurance (PMI), a added expense that other loans require borrowers to pay unless they put down at least 20 percent of the loan amount.
VA loans offer a few other bells and whistles:
Down payment as low as 0% up to $484,350 in MN, WI, SD (where we lend).
Interest rates that are routinely lower than conventional rates
No prepayment penalties
Higher allowable debt-to-income ratios than for many other loans
Streamlined refinancing loans (called an Earl) – IRRRL loan with no appraisal needed
Cash out refinance – Get up to 100% of the homes appraised value. Use the money for anything you wish!
Realtor’s are wrong about VA Loans
Unfortunately, many Real Estate Agents have a unrealistic negative understanding of VA home loans. If you are making an offer on a home with a VA, many agents will improperly advise the sellers to select other offers over a VA loan offer.
Not only is discriminatory, it is flat out wrong, and usually based on old wives tales past around the real estate agent world, versus actual experience from the agent.
If your Real Estate Agent talks negatively about a VA loan – FIRE THEM – IMMEDIATELY!
I ALWAYS contact the listing agent personally when you submit your offer to see if they have any illogical feelings towards VA loans, and if they do, I set them straight!
Second VA Loan (or 3rd, 4th 5th…)
After getting one VA loan, often veterans think they can’t get a second VA loan. That’s not true. Your VA home loan benefits can be used over and over again. In fact, you can actually have two or more VA loans at the same time. If a VA lender has turned you down for a second VA loan you shouldn’t give up. A second VA loan is allowed by the Veterans Administration!
VA Loan Application
Ready to get started with your VA Loan? We make it easy. Most people start by completing the online application. It only takes about 15 minutes, and all the information you need to complete the application is in your head, No need to go find documents, or look up anything at this stage.
You can always call our local VA loan Experts at (651) 552-3681.
Finally, you can schedule an office appointment at our St Paul location, or schedule a telephone application. Just click the scheduling link, along with a day and time that works best for you.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits for home located in Minnesota, Wisconsin, and South Dakota. We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like Mortgages Unlimited. NMLS 274132. Equal Housing Lender.