Buying Lakeville Homes With A VA Mortgage

One increasingly common mortgage option in Lakeville for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of Lakeville 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 Lakeville VA home buyers misunderstand the fact that they may use their VA mortgage 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 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.

Lakeville Veterans: Get Your Certificate of Eligibility

Veterans must first determine 2 things to see if they will be qualify for a VA loan. First they should research if they are eligible for a Certificate of Eligibility through the VA. They can apply for the Certificate of Eligibility 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
While Lakeville VA home loans require zero down payment, there still are closing costs which the veteran must pay in order to get the loan. Thankfully, VA loans allow the veteran to negotiate with the home seller to pay up to 4 per cent of the purchase price towards their closing costs. This is a common strategy used to buy a home 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.

Lakeville Veterans: Get Preapproved

The second thing a veteran must determine is if they qualify for the standards of the VA home loan. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Lakeville homes. By going through the preapproval process the banker will review your financial situation to determine if you meet the requirements for VA financing. 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 telephone.

Lakeville, MN Information

If you are considering buying Lakeville real estate you should know that the City of Lakeville is one of the fastest growing communities in the Twin Cities. As a suburb of the Twin Cities in Dakota County the population of Lakeville is now over 55,000 people according to the 2010 census. It seems there is always something to do in Lakeville because of their highly active Park and Rec Department. Minnesota first time home buyers will enjoy the benefits of special financing qualify for the Dakota County First Time Buyer Program If you're planning to make a move to the south metro now is a good time to investigate Llakeville real estate.

Lakeville Vets: Ready to Buy A Home?

If you are a Lakeville 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 Lakeville home or are looking to buy your first home, Lakeville VA loans are a great way to buy a home in today’s market. With interest rates at record lows combined with reduced property values many veterans have found that it is cheaper to buy than to rent!

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
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