One increasingly common financing option in Oakdale for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of Oakdale mortgage financing has increased by about twenty per cent over the last few 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 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 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.
First Step for Oakdale Veterans: Determining Your Eligibility
Oakdale veterans should discover two 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 Veteran's Administration. 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
Please note that the Certificate of Eligibility offers a guarantee to the lender which helps to offset some of their losses in the event of a foreclosure. The VA Funding Fee is the guaranty fee paid by the veteran which is commonly financed within the mortgage loan. The funding fee is waived for veterans who have service related disabilities.
A second thing a Oakdale 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 Minnesota VA loans before we go out hunting for Oakdale homes. By going through the preapproval process the banker will review your credit, income, assets, and debts to determine if you meet the VAâ€™s requirements for financing. This important first step is usually free 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.
City of Oakdale
Oakdale is a fine community in the Twin Cities area, and part of Washington County. As Minnesota's 32nd biggest community in terms of population, it is conveniently located just east of Saint Paul. The City of Oakdale, MN does lie entirely within the North St. Paul-Maplewood-Oakdale school districts, but the students living in Oakdale are split into two high schools, Tartan and North High. The famous World Headquarters of Imation is located near Oakdale and many residents are employed by nearby 3M.
If you want to buy a home in Oakdale 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, Oakdale VA loans are a great way to buy a home in todayâ€™s market. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!
Casey Anderson Sales Executive, Licensed Realtor in Minnesota IBR Realty firstname.lastname@example.org Cell 651-245-1820 Woodbury, MN 55125 With a focus on Woodbury real estate and surrounding communities.