Many Woodbury VA home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veterans do not necessarily need to be a first time buyer in order to use their VA eligibility. This can be a perfect solution for current homeowners who want to sell their home despite having minimal equity. Since they will be able buy their next home with no down payment with a Minnesota VA loan they can more easily sell their home despite receiving no proceeds from the sale.
Veterans must determine two things to see if they will be qualify for a VA loan. First they ought to see if they will be eligible for a VA Certificate of Eligibility (COE). They can apply for this online or through their mortgage lender. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online
Please note that the Certificate of Eligibility offers a guarantee to the lender which helps to offset some of their losses in the event of a foreclosure. This guarantee is paid for by the veteran home buyer in the form of the “VA funding fee” which is commonly financed within the mortgage loan. The VA funding fee is waived by the VA for those veterans who have disabilities related to the service.
The second thing a Woodbury veteran should determine is if they qualify for mortgage financing. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Woodbury homes. By going through the preapproval process the banker will review your financial situation to determine if you meet the requirements for VA financing. This critical first step is usually free and requires no commitment to buy on the part of the buyer. In fact, many Minnesota VA mortgage bankers will do this right over the telephone.
If you are searching for Woodbury real estate you'll find this to be one of the more prosperous communities in the metro. The community has risen in stature over the last 20 years and was ranked 13th in Money magazine's best places to live in the United States. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of parks, trails, and open spaces in Woodbury has been noted by its residents as one of the most important reasons they choose to live here. If your family is into active sports be sure to check out the hockey rinks, baseball and soccer fields at the Bielenberg Sports Center. Woodbury offers an excellent parks and recreation department with great activities for all ages.
If you want to buy a home in Woodbury using VA financing please send me an email or give me a call. Whether you currently own a home or are looking to buy your first home, Woodbury VA loans can be a great way to buy a home. With interest rates at record lows combined with reduced property values many veterans are finding that it is cheaper to buy a home than to rent!
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury homes for sale and surrounding communities.