Burnsville VA Loans: Buying Real Estate

Burnsville VA Financing

One common financing option for buying Burnsville real estate for Minnesota home buyers is available through the VA. This type of Burnsville mortgage financing has increased by about twenty per cent over the last few years due in part to the increasing number of our Minnesota 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 eligibility benefit more than once. 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 existing home to buy another but who don't have a lot of equity in their 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.

First Step for Burnsville Veterans: Determining Your Eligibility

Veterans must first determine 2 things to see if they will be eligible for a VA mortgage. First they must see if they are eligible for a VA Certificate of Eligibility (COE). They can apply for the Certificate 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

It is important to note that he 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 normally financed in the mortgage loan. The VA funding fee is waived by the VA for those veterans who have service related disabilities.

Burnsville VA Loans: Get Preapproved for Free

The second thing a Burnsville veteran should determine is if they can get prequalified for a VA loan. I encourage all veterans to talk with a local mortgage lender to get preapproved for MN VA loans before we go out shopping for Burnsville homes. When you go through the preapproval process the banker will review your credit, income, assets, and debts to determine if you meet the VA’s requirements for financing. This critical first step is usually done at no charge and requires no commitment on the part of the veteran. In fact many MN VA lenders will do this right over the telephone.

As the sixth largest city in the Twin Cities metropolitan area, Burnsville is a popular bedroom community to both St. Paul, Minneapolis, and neighboring suburbs. While going through a rapid population expansion from 1970 through 2000 and tripling in size to just over sixty-thousand residents, Burnsville is now fairly well built-out and its total population has stabilized over the past ten years according the 2010 census. Larger employers in the community include Independent School District 191, Fairview Ridges Hospital, as well as Pepsi Cola but most homeowners work in the Twin Cities. Burnsville has a wide variety of real estate for sale both for the MN first time home buyer as well as the move up buyer.

If you are a Burnsville veteran and want to buy a home please just give me a call. Whether you have a home to sell or are ready to buy your first, VA loans can be a great way to buy a home in Burnsville. With record low rates and reduced home values many vets 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
Visit my website to find Minnesota homes for sale