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

Apple Valley Homes And FHA Loans

FHA Loans in Apple Valley

One of the common ways of financing a purchase of Apple Valley real estate is through FHA (the Federal Housing Administration). This program through the federal government started back in the 1930’s to help with a similar situation we have today when home foreclosures were rising and home buyers struggled to come up with a large down payment. FHA loans have many advantageous guidelines for both the MN first time home buyer as well as the homeowner who is selling one home to buy another.

Apple Valley FHA Mortgages: For Home Buyers and Home Sellers

While the days of the no down payment loan are largely gone, Apple Valley FHA mortgages offer the smallest down payments available in Minnesota. This fact along with the fact that most negotiated offers today involves “seller paid closing costs” allows you to get in for a much more reasonable entry cost. This can also an advatage for current home owners who want to sell their home but have little or no equity and need to buy their next home with a smaller down payment than usual.

Apple Valley FHA Loans and Credit Scores

FHA mortgages offer more expansive credit guidelines than other types of home financing. Apple Valley home buyers who have some credit challenges may often find that homeownership is a possibility due to this excellent federal program. Additionally, unlike conventional loans which have significant pricing adjusters based on the home buyers credit scores, interest rates and discount points on FHA loans vary only slightly based on credit scores.

FHA and Non-Occupant Co-signers

Apple Valley FHA loans also allow a borrower to qualify through the use of a non-occupant co-signer Unlike almost every other mortgage program, this means that if you do not quite qualify for the house in Apple Valley that you want to buy you can strengthen your loan application by using a co-signer. This feature of the FHA loan has been used more and more as home buyers have been challenged with spotty work histories in the recession.

FHA Down Payment Assistance Through MHFA

Apple Valley first time buyers also may benefit through reduced interest rates and down payment assistance through Minnesota's MHFA program. This state agency buys FHA loans and makes use of special program features which allow for second mortgages on the home to be used for reducing the buyer's entry costs. While maximum income limits will apply for this loan through MHFA, many Minnesota first time home buyers are making use of these loans today.

MN First Time Buyers First Step

For many MN first time buyers the big, intimidating question is where do I start the process? Your first step to home ownership is to get prequalified for a home loan. By doing so you find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

Living in Apple Valley

The city of Apple Valley, MN was named in 2010 as as one of the top 20 best places to live in America.in the top twenty of best places to live in America. With over 49,000 residents, the city has more than doubled in size over the last 30 years. Situated entirely in 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 always have something to do in Apple Valley. If you are looking to buy or sell Apple Valley real estate please do not hesitate to give me a call!

If you are interested in buying a Apple Valley home using FHA financing, please don't hesitate to give me a call. With low prices and historically low interest rates on FHA loans it is a great time to be a home buyer!


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