Many veteran home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veteran home buyers do not necessarily need to be a MN first time home buyer in order to get VA loans with zero down payment. This can be a perfect solution for current homeowners who wish to sell their home despite having a small amount of equity expected from the sale of that home. Since they will not need a lot of money to buy their next home with a MN VA loan they might be able to afford to sell their home without receiving any proceeds from equity in order to buy the next.
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 Certificate of Eligibility through the Veteran's Administration. They can apply for the Certificate online or more simply right through their Minnesota mortgage banker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online
While Little Canada VA home loans require zero down payment, there still are closing costs which the veteran must pay in order to get the loan. Thankfully, VA loans allow the veteran to negotiate with the home seller to pay up to 4 per cent of the purchase price towards their closing costs. This is an extremely common strategy used to buy Little Canada real estate today and most sellers have been prepared by their real estate agents that they will need to pay these costs.
The second thing a Little Canada veteran should determine is if they qualify for the standards of the VA home loan. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Little Canada homes. When you go 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 done at no charge and can be done within a few days. In fact many MN VA lenders will do this right over the phone, even on weekends when you're off work.
Little Canada, MN is an inner ring suburb conveniently located just north of downtown St. Paul. With an easy commute of about 15 minutes, residents here benefit from all of the employment and entertainment opportunities of St. Paul. With plenty of affordable housing, MN first time home buyers may benefit from the Ramsey County First Home program. If you are interested in buying or selling a home in Vadnais Heights please give me a call.
If you are a Little Canada veteran and are interested in buying your first home feel free to give me a call or send me a quick email. Whether you currently own a home or are looking to buy your first home, Little Canada 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 MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578
St. Louis Park, MNÂ 55416
With a focus on Twin Cities real estate and surrounding communities.