Many veteran home buyers misunderstand the fact that they may use their VA mortgage benefit multiple times. As a result veteran buyers do not necessarily need to be a first time user 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.
Shoreview veterans should discover two things to see if they are eligible for VA financing. First they should research 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
While VA mortgages require no down payment, there still are closing costs in Minnesota which the veteran is responsible for. Thankfully, VA loans allow the veteran to negotiate with the home seller to pay up to four per cent of the purchase price towards their costs. This is an extremely common strategy used to buy Shoreview 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.
A second thing a Shoreview 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 Shoreview homes. When you go through the preapproval process the banker will review your financial scenario to determine if you meet the requirements for a VA loan. This critical first step is usually done at no charge and can be done within a few days. In fact, many Minnesota VA mortgage bankers will do this right over the phone, even on weekends when you're off work.
The City of Shoreview is an excellent place to consider if you are thinking about making a move. Located in Ramsey County is a convenient second-ring suburb just north of Saint Paul. Family Circle magazine named Shoreview as the fourth best place to live in their 2008 article. With 7 lakes in and around the city, including larger ones such as Turtle and Snail Lake, Shoreview, MN offers recreational opportunities for everyone. If you are searching for affordable housing in the Twin Cities area Shoreview should be one of the places to consider.
If you want to buy a home in Shoreview 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, Shoreview VA loans can be a great way to buy a home. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!Kevin SuttonÂ