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| Buy with a VA Loan | VA Funding Fee | VA Streamline Refinance (IRRRL) | Jumbo VA Loans over $424,100 | Why UsFAQ | Certificate of Eligibility | Eligibility Requirements | VA Loan Interest Rates

Take Advantage of your VA Benefits!
VA Home Loans for Minnesota, Wisconsin, and South Dakota military veterans

Why a VA Loan?

It's simple ... Lower Rates. Lower Payments. $0 Down Payment.

Find out why thousands of people are using their VA Loan benefit every single month. Allow us to help you lower your monthly payment, lower your interest rate and purchase a home with ZERO DOWN.

Purchase with Zero Down

A VA Loan is one of the only loan programs that still allows the borrower to finance 100% of the home's value and purchase with $0 Zero down. Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers.

How much will $0 down save you? Conventional loans will require a minimum of 5% down, and in many cases as much as 10% and 20%.

Lower Monthly Payments

A VA Loan offers two benefits that will substantially lower your monthly payment. PMI, or private mortgage insurance is not required on a VA loan. PMI is an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.

Interest rates are also lower with a VA Loan, typically 0.5%-1.0% lower than a conventional loan. A lower rate combined with monthly PMI savings can substantially lower your monthly payment.

Getting Qualified is Easier

The qualification guidelines are less stringent for VA Loans. Because the loan is backed by the government, banks have relaxed the often strict lending rules for VA Loan applicants making them easier to obtain.

VA Purchase loans for Veterans - APPLY

VA Loans require no down payment, and have no mortgage insurance, plus you can roll all your closing costs into the loan. This makes for one heck of a great first-time home buyer deal for military veterans wanting to buy a home! The country appreciates your service. This is one way we pay you back. Today mortgage rates on VA loans are very low, making homes even more affordable.

- See more at: http://va-irrrl-loan-mn.com/index.htm#sthash.i9tOve8a.dpuf

Take Advantage of your VA Benefits!
VA Home Loans for Minnesota, Wisconsin, and South Dakota military veterans

Why a VA Loan?

It's simple ... Lower Rates. Lower Payments. $0 Down Payment.

Find out why thousands of people are using their VA Loan benefit every single month. Allow us to help you lower your monthly payment, lower your interest rate and purchase a home with ZERO DOWN.

Purchase with Zero Down

A VA Loan is one of the only loan programs that still allows the borrower to finance 100% of the home's value and purchase with $0 Zero down. Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers.

How much will $0 down save you? Conventional loans will require a minimum of 5% down, and in many cases as much as 10% and 20%.

Lower Monthly Payments

A VA Loan offers two benefits that will substantially lower your monthly payment. PMI, or private mortgage insurance is not required on a VA loan. PMI is an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.

Interest rates are also lower with a VA Loan, typically 0.5%-1.0% lower than a conventional loan. A lower rate combined with monthly PMI savings can substantially lower your monthly payment.

Getting Qualified is Easier

The qualification guidelines are less stringent for VA Loans. Because the loan is backed by the government, banks have relaxed the often strict lending rules for VA Loan applicants making them easier to obtain.

VA Purchase loans for Veterans - APPLY

VA Loans require no down payment, and have no mortgage insurance, plus you can roll all your closing costs into the loan. This makes for one heck of a great first-time home buyer deal for military veterans wanting to buy a home! The country appreciates your service. This is one way we pay you back. Today mortgage rates on VA loans are very low, making homes even more affordable.

- See more at: http://va-irrrl-loan-mn.com/index.htm#sthash.i9tOve8a.dpuf

Take Advantage of your VA Benefits! VA Home Loans for Minnesota, Wisconsin, and South Dakota military veterans

Why get a VA Loan?   

It's simple ... Lower Rates. Lower Payments. NO Mortgage Insurance, and NO down payment

We are here to provide our active or military veterans and their fanilies with affordable VA Loan housing. We are your LOCAL top source for VA loans. We are not some out-state person on an 800 phone number.  We know, and understand local VA loan, rules, and guidelines.

The country appreciates your service. This is one way we pay you back. Take advantage of your VA benefits  with a VA loan in MN, WI, SD

BUYING A HOME WITH A VA HOME LOANS

VA Home Purchase with Zero Down Payment

ZERO DOWN VA Home LoansA VA Loan allows our military personal to buy a home with NO DOWN PAYMENT and finance 100% of the home's purchase price up to $424,100, and a small downpayment required over $424,100. Now more than ever, banks are requiring larger down payments for conventional loans with more expensive mortgage insurance. Downpayment requirements are one of the biggest obstacles to homeownership.

VA loans have NO PMI = Lower Monthly Payments

A VA Loan offers a HUGE savings benefit. They do NOT require monthly PMI, or private mortgage insurance. PMI is an added monthly expense required for conventional loans and FHA loans where the borrower finances more than 80% of the home's value to offset the lenders risk.

Interest rates are also typically lower with a VA Loan, than a conventional loan. A lower rate combined with monthly PMI savings can substantially lower your monthly payment.

VA Loan Interest Rates in MN, WI, SD

VA loans have very attractive interest rates. Generally VA mortgage rates run about the same as FHA loan interest rates, but as much as one-half percent lower than Fannie Mae and Freddie Mac conventional loan interest rates.VA loan interest rates in MN, WI, SD

Check VA Loan Interst Rates in MN, WI, and SD here

Getting VA Qualified is Easier

The qualification guidelines are less stringent for VA Loans. Because the loan is backed by the government, lenders don't need to meet strict lending rules.

VA Purchase loans for Veterans

VA Loans require no down payment, and have no mortgage insurance, plus you can roll all your closing costs into the loan. This makes for one heck of a great first-time home buyer deal for military veterans wanting to buy a home! The country appreciates your service. This is one way we pay you back. Today mortgage rates on VA loans are very low, making homes even more affordable.

VA Home Mortgage Loan Advantages vs Other Mortgage Loan Options

  • VA home loans do not require a down payment in MN, SD, and WI (up to $424,100)

  • VA home loans have limitations on which closing costs may be assessed to the veteran, saving you money.

  • VA home loans have no prepaid without penalty if you pay extra or sell the home

  • VA home loans may have forbearance extended to worthy VA homeowners experiencing temporary financial difficulty

  • VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties

  • VA interest rates are competitive with conventional loan interest rates.

  • VA home loans do not require mortgage insurance - this is a HUGE savings.

  • VA loans in MN, WI, and SD only require a small down payment for loans over $424,100

  • Although there is no down payment required - There are still closing costs, but the seller usually pays ALL of the veteran's closing costs (and with a $0 down payment, the veteran can literally purchase a home for nothing).

VA loan application for MN, WI, SD

JUMBO VA Loans  - Over $424,100

VA loans allow most military personal to buy a home with no down payment. This is true up to the VA loan limit in your area.  Where we lend in MN, WI, and SD, the no down payment loan limit is $424,100 (limit was increased from $417,000 on Jan 1, 2017)

 

The vast majority of the country has the same $424,100 limit, but a small number of high cost loan areas in Florida, California, and Hawaii have higher limits. So can you buy a home over $424,100 with a VA home loan? YES, you sure can.

 

GETTING A VA LOAN OVER $424,100 = Down payment Required

 

When buying a home with a VA loan over the local no down payment VA loan limit for your area, a down payment WILL be REQUIRED.

 

How To Calculate a Jumbo VA Loan Down Payment

 

The exact formula to determined your VA down payment is not too complicated to calculate. The simple math is you'll need about 25% of the difference between the purchase price, and $424,100 (or your areas VA loan limit in your area), plus your funding fee.

 

For example, in MN, WI, or SD - you wanted to buy a $550,000 home. There is a $125,900 difference between the no down payment maximum VA loan of $424,100. Now take the difference times 0.25% (so in our example $125,900 X .25% = $31,475).

 

 Now we need to add your VA funding fee.  In this example, I am assuming the client is a first time user of a VA loan, the person is regular military (not reserves or National Guard, and does not have a VA related disability). Their difference between the maximum and purchase price works out to be a down payment of 5.723%, so their funding fee of 1.50%.

 

So now take your maximum loan amount, which is the purchase price minus the difference (in this example, $550,000 home, minus $31,475) = $518,525.

 

Now multiple your VA funding fee times your loan amount (in our example, $518,525 X 1.50% = $7,777.88).

 

Your required down payment is the combination of the two items. So in our example, $31,475 difference plus $7,777.88 funding fee = $39,252.88 down payment required.

 

Confused? Simply call our VA loan Experts at (651) 552-3681 if you need help determining your required down payment.

 


How to Obtain your VA Certificate of Eligibility in MN, WI, and SD

US FlagA VA Certificate of Eligibility is required to get a VA Loan. Your Certificate of Eligibility is a document issued by the Department of Veteran Affairs that determines:

  1. If you are eligible for a VA home loan

  2. How much entitlement you have remaining.

If WE are your VA lender, under most circumstances, we can get your required Certificate of Eligibility for you. No further action is required on your part.

Click HERE for details on how to obtain your VA Certificate of Eligibility.

VA Lender in Minnesota, Wisconsin, and South Dakota


VA Loan Frequently Asked Questions...

 Click HERE for commonly asked VA Loan Questions and Answers


VA Loan Eligibility Requirements

ERA DATES LENGTH OF SERVICE
World War II 09/16/40 - 07/25/47 90 Days
Peacetime 07/26/47 - 06/26/50 181 Continuous Days
Korean Conflict 06/27/50 - 01/31/55 90 Days
Post Korean 02/01/55 - 08/04/64 181 Continuous Days
Vietnam 08/05/64 - 09/07/80 90 Days
Post Vietnam 05/08/75 - 09/07/80 181 Continuous Days
Enlisted 09/08/80 - 08/01/90 2 Years
Officers 10/17/81 - 08/01/90 2 Years
Persian Gulf 08/02/90 - present 2 Years of period called to active duty, not less than 90 days.

Income Guidelines for VA Home Loans

When buying a home in Minneapolis, St Paul, Milwaukee, Madison, Pierre, Aberdeen, or all of MN, WI, and SD, the VA still requires a borrower to have sufficient and adequate income to cover the repayment of the mortgage.  Before a borrower can be approved for a VA home mortgage loan, the stability of income and the continuance of the borrower's income must be established through acceptable sources of income, the borrower's past employment record, and the employer's confirmation of continued employment must be established. 

Stability of a person's income is generally derived from their employment history.  VA requires verification for the previous two full years and must be documented through lender verifications of previous employment or W-2's.  This income must be analyzed to determine whether it can be expected to continue through the first 3 years of the mortgage loan (if the borrower intends to retire during this period, the expected retirement income, social security benefits, etc. should be used).  Any gaps in employment must be reasonably explained by the borrower.  Schooling or education for  the borrower's profession (e.g. nursing school) can be counted towards the 2 year requirement.  Allowances for seasonal employment, such as is typical in the building trades for example, may be used.  

The VA Funding Fee

In order for VA to guarantee the home loan in Minnesota, Wisconsin, or South Dakota, there is a closing cost assessed by the VA to originate the loan called a funding fee.  This fee will vary, depending upon the type of VA loan, whether this is your first time to use your entitlement, if you are a disabled veteran, the down payment and if you served active duty or in the National Guard/Reserves.

The VA funding fee is required by law. The fee, is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users is a bit more expensive. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment.

The following table breaks down the funding fee charged by VA to get a VA Home Loan

First time use, purchase of an eligible property

Down Payment Active Duty Reserves/NG
0% to 4.99% 2.15% 2.40%
5% to 9.99% 1.50% 1.75%
10% + 1.25% 1.50%

Second time use, purchase of an eligible property

Down Payment Active Duty Reserves/NG
0% to 4.99% 3.30% 3.3%
5% to 9.99% 1.50% 1.75%
10% + 1.25% 1.50%

Cash-Out Refinance

  Active Duty Reserves/NG
First Use 2.15% 3.3%
2nd Use 2.40% 3.3%

IRRRL Streamline Refinance

  Active Duty Reserves/NG
All Homes .50% .5%

The VA Streamline Refinance (IRRRL Loan)

An "Interest Rate Reduction Refinance Loan" (IRRRL) or VA Streamline Refinance allows Veterans to refinance their current mortgage interest rate to a lower rate than they are currently paying. This program is only available to veterans who are refinancing their original VA mortgage in which they utilized their original eligibility.

VA Loan Highlights:

  • NO out-of-pocket costs

  • In some cases, No appraisal needed

  • In most cases, no income verification needed

  • The VA charges a .50% funding fee to guarantee the IRRRL Loan.

  • There is no cash out on an IRRRL loan.

  • The loan being refinanced must be current and have a perfect pay history for the last 12 months.

  • 2nd mortgages cannot be included and must be subordinated (ask your Loan officer what this means)

  • No assumptions are allowed.

This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.

 VA loan application for MN, WI, SD

VA Cash Out Refinance

VA cash out refiinances in MN, WI, and SD are allowed up to 100% of the appraised value of the home.

This is a huge advantage over other loans. For example, FHA loans only allow up to 85%, and conventional loans only allow up to 80% of the homes value. Cash-out refinances on properties owned more than one year prior to the refinance are permitted on owner occupied principal residences only.

A cash-out refinance is when a borrower refinances their current mortgage for more than they owe in order to pull out the built up equity that has accrued in the home.  The amount a home owner can borrower is limited by the value of the property compared to the loan amount (otherwise known as the loan-to-value or LTV).  

The following are basic requirements of a cash out VA refinance loan:

  • Applies to currently owner occupied properties only

  • 2nd mortgages may be paid off with the cash-out refinance (the second mortgage must be at least 12 months old)

  • Loan amounts may not exceed 100% of the appraised value.

  • The borrower must have sufficient entitlement for the loan (not including any existing entitlement that was used for loans to be paid off by the refinance

  • There must be a first lien against the property

  • If the new loan is to refinance an existing mortgage to buy out an ex-spouse's equity, a divorce decree or settlement agreement must be provided to document the equity awarded to the ex-spouse

  • All borrowers must meet standard credit, and underwriting quidelines

  • A funding fee will be added to the loan amount at time of closing (there are no refunds for previous funding fees assessed by the VA).

  • Maximum loan term is 30 years plus 32 days


Why use Mortgages Unlimited for your VA Loan in MN, WI, or SD?

We Make the VA Loan Process Fast and Simple

This extensive VA experience enables us to streamline the VA Loan process, making it smooth and easy for you. Once you get started, your VA Loan Officer will be there with you every step of the way, gathering the necessary paperwork and will work with the VA on your behalf.

Keep It Local

There is nothing some out-state internet lender can do or offer that you can't get from us, your local lender. They do not offer better rates or lower costs. As a matter of fact, it is usually the other way around, as you are not paying for their expensive advertising.

Plenty of VA Loan Experience
We provide VA home loans in Minneapolis, St Paul, Madison, Milwaukee, and all of Minnesota, Wisconsin, and South Dakota

Your VA loan will not be our first VA loan! We love VA Loans and are proud to help those who have served our country. This dedication and focus gives our Loan Officers far more VA experience over a typical Loan Officer at another firm who may do one or two VA Loans per year. It is important that your Loan Officer know the in's and out's of the VA program in order to get the process done quickly and to ensure you maximize your financial benefits.

MN VA Approved LenderWe are a MN, WI, and SD VA Approved Lender

The Department of Veteran Affairs requires those 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.  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.

To get started on your VA loan application, just call (651) 552-3681, or simply answer a few online application questions. A VA Loan specialist will contact you within just a couple of hours to let you know what you qualify for.

  Equal Housing Lender

Policies, Procedures, Disclaimers

33 Wentworth Ave E - Suite 290
St Paul, MN 55118

(651) 552-3681  

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Our services available only for properties located in Minnesota, Wisconsin, and South Dakota. Licensed as Mortgages Unlimited, Inc. NMLS # 225504. Joe Metzler NMLS # 274132. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is strictly prohibited.  All images, text, and materials © 1998 - 2017 Joe Metzler. This is the private web site of Joe Metzler, NMLS #274132. All Rights Reserved.