Many veteran home buyers misunderstand the fact that they may use their VA eligibility benefit more than once. 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 great 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 Minnesota VA loans do not require a down payment they can more easily sell their home despite receiving no proceeds from the sale.
Veterans must first determine 2 things to see if they will be qualify for a VA loan. First they must see if they are eligible for a Certificate of Eligibility through the VA. They can apply for this online or even just through their Minnesota mortgage broker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online
The Certificate of Eligibility grants a guarantee to the lender which compensates them for a portion of their losses in the event of foreclosure The VA Funding Fee is the guaranty fee paid by the veteran which is normally financed in the mortgage loan. The VA funding fee is waived by the VA for those veterans who have disabilities related to the service.
A second thing a Eden Prairie veteran home buyer should determine is if they qualify for mortgage financing. I encourage all veterans to talk with a MN mortgage banker to get preapproved for MN VA loans before we go out shopping for Eden Prairie homes. 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 on the part of the veteran. In fact, many Minnesota VA mortgage bankers will do this right over the phone.
Conveniently situated 12 miles from downtown Minneapolis, Eden Prairie is a popular commuter city to the Twin Cities. Growing now to over 60,000 residents, the city has more than tripled in size over the last 30 years. Business such as Digital River, Super Value and CH Robinson have their headquarters here. Eden Prairie has been listed in Money Magazines "Best Places to Live" in America since 2006. With low mortgage rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you are considering buying a home in Eden Prairie please give me a call.
If you are a Eden Prairie veteran and want to buy a home feel free to give me a call or send me a quick email. Whether you currently own a Eden Prairie home or are looking to buy your first home, Eden Prairie VA loans are a great way to buy a home in todayâ€™s market. With record low rates and reduced home values many vets are finding that it is cheaper to buy a home than to rent!Robert Phyle,CSP,GRI,RSA