Buying A Dakota County Home With A VA Mortgage

One increasingly common financing option in Dakota County for home buyers is available through the VA. This type of Dakota County 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 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 eligibility. This can be a great solution for current homeowners 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.

Dakota County Veterans First Step: Determine Your Eligibility

Dakota County veterans should discover two 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 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 VA mortgages require no down payment, there still are closing costs in Minnesota which the veteran is responsible for. To address this issue, the VA allows the buyer 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 by their real estate agents that they will need to pay these costs.

The second thing a veteran must determine is if they qualify for mortgage financing. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for a home. By going through the preapproval the lender will review your financial scenario to determine if you meet the requirements for a VA loan. This critical first step is usually done at no charge and requires no commitment on the part of the veteran. In fact, many mortgage lenders offering VA loans will do this right over the phone.

Info About Dakota County

Dakota County, situated in the southeastern portion of the larger Twin Cities area, is the third largest county in MN. Some of the largest cities of the county include Burnsville, Apple Valley, Eagan, and Lakeville. The county seat for Dakota County is in located in Hastings,MN. As one of the fastest growing areas in the Twin Cities, the population has more than doubled since the 1980 census. Minnesota first time home buyers benefit from affordable homes in the area as well as the Dakota County First Time Buyers Program.

Dakota County Veterans: Are You Ready To Buy?

If you want to buy a home in Dakota County using VA financing please just give me a call. Whether you currently own a home or are looking to buy your first home, Dakota County VA loans can be a great way to buy a home. With rates at record lows combined with lower property values many veterans have found smaller house payments than what they are currently paying for 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