Tips for getting a VA Loan

Tips for getting a VA Loan in MN, WI, or SD

VA Mortgage Lender in MN and WI, SDMinneapolis, MN: If you are an active or military veteran, the VA home loan is one of the most amazing benefits provided to you for your service to our country.

The two biggest benefits of a VA mortgage loan are simple…

    1. No down payment required
    2. No monthly mortgage insurance, which can save you a HUGE amount of money when buying a home.

Basic VA Loan Eligibility Requirements for a VA loan

The first step is to understand if you qualify for VA Loan benefits.  The vast majority of people with regular service in the Army, Navy, Air Force, Marines, or Coast Guard qualify as long you have served  active duty a minimum of 181 days (90 days during the Gulf War). and you haven’t been dishonorably discharged.

Reserves and National Guard have to have completed 6-years of basic service, or at least 90-days of active duty (deployed) service.

There are all sorts of additional rules and guidelines in terms of service less time, and still qualifying. These include hardship early out, and service related disabilities. There are even options for the surviving spouse of a veteran who passed away during active duty to obtain a VA home loan.

Anyone dishonorably discharged from service does not qualify for a VA Loan, and some with less than honorable discharge may also not qualify.

VA loans MN, WIAlways check with an experienced VA Loan Officer if you have questions about your eligibility.

Certificate of Eligibility (COE)

All VA are require to obtain a copy of your VA certificate of Eligibility (COE).  The certificate tells the lender if you qualify, if you have a service related disability, and if you’ve used your VA Loan benefits previously.

Most veterans don’t seem to know where their certificate is these days – but that is OK.  Experienced VA Loan officers can usually obtain your COE in just a few minutes through a special VA Lender Portal called ACE.  Sometimes we can’t get it, and will need you to sign VA Form 26-1880, and for you to supply your discharge papers (like a DD214)

VA Home Loan Specialist

While most of the basic guidelines for a VA Home Loan are similar to any other mortgage loan, there are enough other requirements that anyone not specifically trained and experienced in VA loans is someone to avoid.  I hear from people all the time that they started a VA loan application at some other company, only to realize the loan officer has no VA loan experience.

VA Loan Application

Before you apply for a VA Loan with just anyone, I strongly suggest you contact a local to your area VA Loan Specialist.  Someone right down the street that you can go meet with well documented VA Loan experience.

There are a lot of VA Mortgage lenders.  We suggest you don’t take a chance with your largest financial transaction trying to get approved over the phone with some out state internet based lender. There is NOTHING they can offer that you can’t get locally.
Stop by my St Paul, MN office. Let’s chat, have a coffee, and get your VA Loan in MN approved today!


VA Streamline Refinance Loan

Mortgage Rates are at Historic Lows. Start saving money now on your VA Home Loan!

Minneapolis, MN: If you are active or retired U.S. Military veteran, you are eligible for a great benefit, the VA Home Loan. If you currently have a VA Home Loan, you may qualify for another great benefit, the VA Streamline Refinance Loan.

Officially known as The Interest Rate Reduction Refinance Loan (IRRRL), it is one of the easiest refinance loans available today.  The VA Streamline Refinance is the second best programs offered to you through your housing benefits from the Veterans Affairs (the first was buying the home with a VA Home Loan!)

BENEFITS OF A VA STREAMLINE REFINANCE

NO Appraisal (upside down might be OK)
Lower Credit Scores
NO Qualifying Debt Ratios
NO Income Verification
NO Out of Pocket Expenses

Minnesota VA Loan Application
VA Streamline refinance Application for homes in MN, WI, or SD

A good local VA Mortgage Leader will show you how to utilize your Certificate of Eligibility and lower your rate and start saving money today.

100% CASH OUT VA REFINANCE

VA loans also allow you to take cash out up to 100% of the current appraised value of your home. Use the money for anything you want, like paying off higher interest rate credit cards, or simply consolidating all your debt into one easy loan payment. The VA cash out refinance is not streamlined, and will require an appraisal and all standard income documentation.

VA guaranteed Loans are originated by private approved and authorized lenders. VA Mortgage Home Loans must be used for their own personal occupancy. The VA will guarantee a portion of the mortgage to the lender reducing their risk and allowing opportunity for lower interest rates. The VA Guaranty minimizes the risk to the lender which results in better financing terms.