Minnesota VA Loans
If you are a veteran thinking about relocating to Minnesota, you will definitely want to consider purchasing your new house with a VA Loan. The VA Loan Guaranty Program was designed to help veterans and their families realize the dream of homeownership by making the loan process as easy and affordable as possible. The VA has achieved this by making it a simple process for veterans by offering many benefits that you wouldn’t find with a conventional loan.
Conventional vs. VA Loan
When you purchase a house with a conventional loan, you can expect to pay upwards of 20% for a down payment on the house. With a VA Loan you can purchase a new house without any money down. Right now the loan limits are higher than they ever have been in Minnesota which means you can get big, flashy homes in the upper six-figures and still not be required to provide a down payment. The no-down payment feature is one of the greatest benefits, but there are many other benefits that come with a VA Loan including: low interest rates, no monthly mortgage insurance, flexible repayment options, minimal closing costs, easy approval and simple refinancing.
Who Qualifies?
In order to qualify for a Minnesota VA Loan you must have served 181 days of regular active-duty service. For veterans, the same amount of time is required and you must have been honorably discharged. Be sure to check out all the rules and exceptions to make sure you qualify. Before you start house hunting or looking for a lender you will need to fill out an eligibility form with the VA. This form can be found on the VA’s website and submitted either electronically or through the mail.
Is There a Limit on Loans?
Yes and no. The VA sets limits for each county on how big of a loan you can get without requiring a down payment. Right now that limit is very high in most counties in Minnesota. However, if you do find a house that is more expensive than the limit, you can still get a VA Loan but you may be required to provide a down payment on the portion of the loan that is not guaranteed by the VA.
Minnesota Metro Areas
Minneapolis / St. Paul VA Loans
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