One increasingly common financing option in Lake Elmo for Minnesota home buyers is available through the VA.
This type of financing has increased nationally by about 20% over the
last couple of years due in part to the increasing number of our
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.
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 use their VA benefit.
This can be a perfect solution for veteran's who own homes and 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.
Lake Elmo VA Loans: First Determine Your Eligibility
must determine two things to see if they will be qualify for a VA loan.
First they must see if they are eligible for a VA Certificate of
Eligibility (COE). They can apply for the Certificate of Eligibility
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
Lake Elmo VA home loans require zero down payment, there still are
closing costs which the veteran must pay to various people who help them
get the loan. To address this issue, the VA allows the buyer to
negotiate with the 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 Lake Elmo real estate today and most home sellers have been
prepared to pay this expense as long as they can arrive at the net sales
price they need in order to sell the home.
Lake Elmo VA Loans: Get Preapproved for Free
second thing a Lake Elmo veteran should determine is if they qualify
for the standards of the VA home loan. I encourage all veterans to talk
with a MN mortgage banker to get preapproved for MN VA loans
before we go out shopping for a home. By going through the preapproval
process the banker 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 mortgage lenders offering VA loans will do this right
over the phone.
City of Lake Elmo, MN
With just a little over 8,000 residents residing amidst private neighborhoods and farmland, Lake Elmo
has a small town feel despite its proximity to St. Paul. Situated in Washington County,
Lake Elmo have a brief commute to most of the major employers of Saint
Paul, MN. Much of the city of Lake Elmo is part of Stillwater schools,
ISD 834. If you're looking to buy or sell real estate in Lake Elmo,
please send me an email or give me a call and I'm glad to help!
you are a Lake Elmo veteran and are interested in buying your first
home please just give me a call. Whether you currently own a Lake Elmo
home or are looking to buy your first home, Lake Elmo VA loans can be a
great way to buy a home. With rates at record lows combined with lower
property values many veterans have found that it is cheaper to buy than
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.