Buying A Eden Prairie Home With A VA Loan

Eden Prairie VA Home Loans

One common financing option for buying Eden Prairie real estate for Minnesota home buyers is available through the VA. This type of Eden Prairie 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 financing benefit multiple times. As a result veterans do not necessarily need to be a first time buyer in order to get VA loans with zero down payment. 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 can more easily sell their home despite receiving no proceeds from the sale.

Eden Prairie Veterans First Step: Determine Your Eligibility

Veterans must determine two things to see if they are eligible for VA financing. 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 through their mortgage lender. 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 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 commonly financed within the mortgage loan. The funding fee is waived for veterans who have disabilities related to the service.

Are You Eligible for a VA Loan? Get Preapproved!

A second thing a Eden Prairie veteran home buyer 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 Eden Prairie homes. By going through the preapproval process the banker 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 can be done within a few days. In fact many MN VA lenders will do this right over the phone, even on weekends when you're off work.

Eden Prairie Community Information

Conveniently situated 12 miles from downtown Minneapolis, Eden Prairie is a popular bedroom community to the Twin Cities. With over 60,000 residents, the community has tripled in size since the 1980 census. Local business such as Digital River, Super Value and CH Robinson are headquartered here. Eden Prairie has been listed in Money Magazines "Best Places to Live" in America since 2006. With historical low interest rates and plenty of affordable housing, this is a popular place for MN first time homebuyers and move up buyers alike. If you are looking to buy or sell a home in Eden Prairie please give me a call.

Eden Prairie Veterans: Are You Ready To Buy?

If you are a Eden Prairie veteran and are interested in buying your first home please send me an email or give me a call. Whether you currently own a home or are looking to buy your first home, Eden Prairie VA loans can be a great way to buy a home. With rates at record lows combined with lower property values many veterans are finding that it is cheaper to buy a home 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