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Joe Scherer's Blog

By Joseph Scherer | Agent in Dakota County, MN
  • Buying an Inver Grove Heights Home With VA Financing

    Posted Under: General Area in Inver Grove Heights, Home Buying in Inver Grove Heights, Financing in Inver Grove Heights  |  August 1, 2011 5:38 AM  |  301 views  |  No comments

    Inver Grove Heights VA Financing

    One increasingly common financing option in Inver Grove Heights for home buyers is available through the VA. This type of Inver Grove Heights mortgage financing has increased by about twenty per cent over the last few years due in part to the increasing number of our Minnesota veterans returning from the service. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

    Inver Grove Heights VA Loans: Not Just For First Time Home Buyers

    Many Inver Grove Heights VA home buyers misunderstand the fact that they may use their VA eligibility benefit more than once. As a result veteran home buyers do not necessarily need to be a MN first time home buyer in order to use their VA eligibility. This can be a great 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 might be able to afford to sell their home without receiving any proceeds from equity in order to buy the next.

    Inver Grove Heights VA Loans: First Determine Your Eligibility

    Veterans must first determine 2 things to see if they will be eligible for a VA mortgage. First they should research if they are eligible for a Certificate of Eligibility through the Veteran's Administration. They can apply for the Certificate 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 compensates them for a portion of their losses in the event of foreclosure This guarantee is paid for by the veteran in the form of the “VA funding fee” which is typically financed on top of the mortgage loan. The funding fee is waived for veterans who have service related disabilities.

    Are You Eligible for a VA Loan? Get Preapproved!

    A second thing a Inver Grove Heights veteran home buyer should determine is if they qualify for mortgage financing. I encourage all veterans to talk with a local mortgage lender to get preapproved for MN VA loans before we go out shopping for a home. By going through the preapproval the lender will review your financial scenario to determine if you meet the requirements for a VA loan. This important first step is usually free and requires no commitment to buy on the part of the buyer. In fact many MN VA lenders will do this right over the phone, even on weekends when you're off work.

    If you are looking for a home with a short commute to downtown St. Paul, you will want to consider living in Inver Grove Heights. Conveniently located in the northern section of Dakota County, Inver Grove Heights is just a 10-15 minute commute to St. Paul. The school system in Inver Grove Heights include Simley High School, Inver Grove Heights Middle School, Salem Elementary, Hilltop Elementary, Pine Bend Elementary, not to mention Inver Grove Heights Community College. First time home buyers may find Inver Grove Heights especially affordable if they qualify for the Dakota County First Time Buyers program. Whether or you’re an experienced home buyer or buying for the first time the community of Inver Grove Heights has a lot to offer.

    Inver Grove Heights Veterans: Are You Ready To Buy?

    If you are a Inver Grove Heights veteran and are interested in buying your first home please just give me a call. Whether you currently own a Inver Grove Heights home or are looking to buy your first home, VA loans can be a great way to buy a home in Inver Grove Heights. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!

    Joe Scherer
    Sales Executive, Licensed Realtor in Minnesota 
    Century 21 Premier Group 
    jscherer1111@gmail.com 
    Cell 612-991-6365 
    1660 S. Highway 100, Suite #578
    Parkdale Plaza
    St. Louis Park, MN  55416
    With a focus on Twin Cities real estate and surrounding communities.

 
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