VA Loan For Minnesota Homes

There are over 27 million veterans and armed services personnel eligible for VA financing.  VA loans are not exclusively for first time home buyers, but this terrific federal program will help many finance their first home.  One of the many benefits to using a VA loan is it's truly a zero down payment required program! 

The process begins with gaining your Certificate of Eligibility from the VA. Your lender may also be able to help you obtain this online. Your eligibility can be used more than once, but you can only have ONE VA loan at a time. 

A few of the other benefits include rates that are usually more favorable than conventional financing.  There is no requirement for monthly mortgage insurance, though you will have something called a “funding fee.”  And best yet, the maximum mortgage with VA is the same as the conforming conventional limit of $417,000.

Buying your first home with a VA loan can be overwhelming. Let us help!  Our buyer agent services are FREE and we are committed to helping you every step of the way!  Please contact us for more information on VA loans and other first time home buyer programs.  We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!

Minnesota VA Home Loan Information

Looking for more information about Minnesota VA home loans? Learn more about who is VA home loan eligibility, what determines VA home loan rates, and compare VA loans with traditional mortgages below:

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Who is Eligible For a VA Loan?

While veterans, reservists, and most members of the military and National Guard are eligible to apply for a VA loan, there are still certain stipulations applicants have to meet in order to quality. These requirements are outlined by the Department of Veterans Affairs, and ultimately, it’s up to the VA to determine who is eligible for the VA loan program. Learn more about VA loan eligibility.

Why Choose a VA Loan?

Opting for a VA loan over a conventional home loan or other non-VA mortgage product has several advantages. Most notably, VA loans don’t require a down payment, and no private mortgage insurance is required either, ultimately saving you money upfront and throughout the duration of the loan term as well. Learn more about other benefits of choosing a VA loan for you Minnesota home purchase.

What Determines VA Loan Rates?

While VA Loans are supported by the federal government and generally have lower interest rates than a convention home loan, your individual situation will still determine what rate you’ll pay. In fact, interest rates on a VA Loan will be influenced by a wide-range of factors, including your credit score, market conditions, and more. See what else determines VA Loan rates.

Advantages to Choosing a VA Loan

As alluded to above, there can be many benefits to choosing a VA Loan over a conventional mortgage, which generally starts with affordability. From zero money down to lower interest rates, learn more about the many advantages of choosing a VA Loan when buying a home in Minnesota.

VA Loan vs. Traditional Mortgage

If you’ve made it this far, chances are you know that a VA Loan differs from a traditional mortgage greatly. But just so you’re fully up-to-speed on why you might want to choose a VA Loan, let's take a closer look at VA Loans vs. a traditional mortgage.