Buying Apple Valley Homes With A VA Mortgage

One common financing option for buying Apple Valley real estate for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of financing has increased nationally by about 20% over the last couple of 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.

Apple Valley VA Loans: Not Just For First Time Home Buyers

Many veteran home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veteran buyers do not necessarily need to be a first time user in order to use their VA eligibility. This can be a perfect solution for veteran's who own homes and 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.

First Step for Apple Valley Vets: Determining Eligibility

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 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

Please note that the Certificate of Eligibility offers a guarantee to the lender which compensates them for a portion of their losses in the event of foreclosure This guarantee is paid for by the veteran home buyer in the form of the “VA funding fee” which is typically financed on top of the mortgage loan. The VA funding fee is waived by the VA for those veterans who have experienced service related disabilities.

Apple Valley VA Mortgages: Get Preapproved Early

The second thing a Apple Valley veteran 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 Apple Valley homes. By going through the preapproval the lender 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 on the part of the veteran. In fact many MN VA lenders will do this right over the phone, even on weekends when you're off work.

Community Information: Apple Valley, MN

The city of Apple Valley was recently named in the top twenty of best places to live in America. With over 49,000 residents, the city has more than doubled its population over the last thirty years. Located in northwestern Dakota County, Apple Valley first time home buyers can benefit from the Dakota County first time buyer program With a well-developed Parks and Rec department you'll never lack for something to do here. If you are looking to buy or sell Apple Valley real estate please feel free to give me a call!

If you are a Apple Valley veteran and are interested in buying your first home please just give me a call. Whether you currently own a home or are looking to buy your first home, VA loans can be a great way to buy a home in Apple Valley. 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
Visit my website to find Minnesota homes for sale