VA Home Loans Requirements in Minnesota

There’s no doubt about it, the VA home loan is probably the best mortgage on the market today. It provides our country’s military veterans with an easy and inexpensive way to get into home ownership with no down payment.

Purchase a Home with Zero Down

With no down payment requirement, veterans can purchase a home and finance 100 percent of the purchase price. In addition, there is no private mortgage insurance (PMI) requirement for VA loans. This means a lower monthly payment. FHA-backed loans require a minimum of 3.5 percent down. Conventional loans may require a down payment up to 20 percent of the purchase price of the home. Interest rates tend to be a bit more reasonable on VA loans as well – another huge chunk of savings.

Advantages of a VA Loan

  • No down payment.
  • No PMI.
  • Closing costs may be rolled into the loan.
  • The VA loan is backed by the United States Government, so it comes with less stringent qualifications.
  • The VA may service the loans and offers financial counseling to help borrowers avoid foreclosure during temporary financial difficulties.

VA Home Loan Eligibility

VA loans are available to active and former members of the U.S. military who meet certain criteria for length of service and discharge conditions. Reservists and National Guard members may be eligible as well as a widow or widower of a service member.

The application process is similar to that of a conventional loan with one exception. You’ll need a Certificate of Eligibility from the VA, which your lender can obtain via an online system.

VA Loan Application

If you are currently in the United States military or a U.S. veteran, find out how easy it is to use your VA benefits to purchase a home. Fill in the form below.

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Take Advantage of Your VA Benefits

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Kris Lindahl is a VA Home Loan expert, committed to his mission of helping America’s heroes and their families get into the home of their dreams using the benefits they rightfully earned in service to our country. Contact us today to get started.