Saint Louis Park VA Mortgages: Buying A Home With VA Benefits

Saint Louis Park VA Home Loans

One increasingly common mortgage option in Saint Louis Park for Minnesota home buyers is available through the VA. This type of financing has increased nationally by about 20% over the last couple of years due in part to the sheer number of our returning veterans. 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 veteran buyers do not necessarily need to be a first time user in order to get VA loans with zero down payment. 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 not need a lot of money to buy their next home with a MN VA loan they can sometimes afford to sell their home without receiving any proceeds from equity in order to buy the next.

First Step for Saint Louis Park Veterans: Determining Your Eligibility

Veterans must determine two 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 Veteran's Administration. They can apply for this 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
While VA mortgages require no down payment, there still are closing costs in Minnesota which the veteran must pay in order to get the loan. Thankfully, the VA allows the veteran to negotiate with the seller to pay up to four per cent of the purchase price towards their costs. This is a very common strategy to buy homes today and most sellers have been prepared to pay these costs as long as they can arrive at the net sales price they need in order to sell the home.
The second thing a Saint Louis Park veteran should determine is if they can get prequalified for a VA loan. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Saint Louis Park homes. When you go through the preapproval process the banker will review your financial situation to determine if you meet the requirements for VA financing. This critical first step is usually done at no charge and requires no commitment to buy on the part of the buyer. In fact many MN VA lenders will do this right over the telephone.

St. Louis Park Community Information

As one of the largest first-ring suburbs to Minneapolis, St. Louis Park is a popular destination for the MN first time home buyer. With plenty of affordable real estate, home owners in St. Louis Park have easy access to major employers in Minneapolis, Edina, Plymouth, Minnetonka and Hopkins. Major employers in Saint Louis Park, Minnesota include the Park Nicollet Clinic, Japs Olson, and Novartis. Now known as the birthplace of movie directors Joel and Ethan Cohen, St. Louis Park is also the hometown of Senator Al Franken, football coach Marc Trestman, and New York Times columnist Thomas Friedman.

Saint Louis Park Veterans: Are You Ready To Buy?

If you want to buy a home in Saint Louis Park using VA financing please send me an email or give me a call. Whether you have a home to sell or are ready to buy your first, Saint Louis Park VA loans are a great way to buy a home in today’s market. With rates at record lows combined with lower 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