If you are a military veteran or service member, you may have access to the VA Loans, Minnesota program, making homeownership easier. But what exactly is a VA loan? Is It Right For You?
What is a VA loan?
The VA loan is a home loan issued by private lenders to members of the United States military, which the US Department of Veterans Affairs guarantees. The main benefit of a VA loans, MN is that it allows eligible veterans, active service members, and certain military spouses to purchase a home without down payment requirements or private mortgage insurance.
Who qualifies for a VA loan?
Various military and National Guard members, veterans, reservists, and military spouses can apply for VA loans. Members ‘and veterans’ eligibility for military service is based on length of service, and the applicant must have been discharged, if not currently active.
Program Highlights: VA Loans, Minnesota
The VA Loans, MN program allows eligible military and veterans to obtain home financing for as little as a zero down payment and no monthly mortgage insurance. Your service has earned you some other funding gains as well.
Features of VA mortgages:
The required VA financing rate can be financed in the loan amount.
No cash reserves required
Cash reserves are not required but can act in the loan approval process. If you are a rental property owner, they are a must. But, they are a good idea and can be a factor in the loan approval process. If you own a rental property, they are a must.
With full rights, you can buy without advance.
This applies to any house you are buying, as long as you have paid a previous mortgage.
No monthly mortgage insurance required compared to a conventional loan.
Seller or Lender Can Pay All Closing Costs
In the rare event that they can’t, you can receive a monetary gift from a family member to cover all closing costs.
No VA loan fees with us!
We recognize your service and dedication, and as a way of paying back, we do not charge lender fees for VA loans.
More key facts about VA Loans, Minnesota
- Those with VA disabilities typically do not pay a financing fee.
- The maximum loan amounts are very high, especially in high-cost areas.
- Use your living, housing and cost of living subsidies to help you qualify.
- There are some restrictions on qualified home buyers. A veteran can only buy a home with your spouse, whose income is considered in the qualification process, or another eligible veteran. Non-owner occupying co-borrowers are not permitted.
- The VA program is limited to primary residences.
- The loan qualification is more lenient than conventional loans. Your lender can help you determine your “household budget” and debt ratio to see if you qualify.
- Special allowances are made for refinancing. You may qualify for a 100% cash refinance and rate reduction. Consult your loan officer to help you.
If you are the spouse of a veteran, you may b
If you are a military veteran or service member, you may have access to the VA Loans, Minnesota program, making homeownership easier. But what exactly is a VA loan? Is It Right For You?
What is a VA loan?
The VA loan is a home loan issued by private lenders to members of the United States military, which the US Department of Veterans Affairs guarantees. The main benefit of a VA loans, MN is that it allows eligible veterans, active service members, and certain military spouses to purchase a home without down payment requirements or private mortgage insurance.
Who qualifies for a VA loan?
Various military and National Guard members, veterans, reservists, and military spouses can apply for VA loans. Members ‘and veterans’ eligibility for military service is based on length of service, and the applicant must have been discharged, if not currently active.
Program Highlights: VA Loans, Minnesota
The VA Loans, MN program allows eligible military and veterans to obtain home financing for as little as a zero down payment and no monthly mortgage insurance. Your service has earned you some other funding gains as well.
Features of VA mortgages:
The required VA financing rate can be financed in the loan amount.
No cash reserves required
Cash reserves are not required but can act in the loan approval process. If you are a rental property owner, they are a must. But, they are a good idea and can be a factor in the loan approval process. If you own a rental property, they are a must.
With full rights, you can buy without advance.
This applies to any house you are buying, as long as you have paid a previous mortgage.
No monthly mortgage insurance required compared to a conventional loan.
Seller or Lender Can Pay All Closing Costs
In the rare event that they can’t, you can receive a monetary gift from a family member to cover all closing costs.
No VA loan fees with us!
We recognize your service and dedication, and as a way of paying back, we do not charge lender fees for VA loans.
More key facts about VA Loans, Minnesota
- Those with VA disabilities typically do not pay a financing fee.
- The maximum loan amounts are very high, especially in high-cost areas.
- Use your living, housing and cost of living subsidies to help you qualify.
- There are some restrictions on qualified home buyers. A veteran can only buy a home with your spouse, whose income is considered in the qualification process, or another eligible veteran. Non-owner occupying co-borrowers are not permitted.
- The VA program is limited to primary residences.
- The loan qualification is more lenient than conventional loans. Your lender can help you determine your “household budget” and debt ratio to see if you qualify.
- Special allowances are made for refinancing. You may qualify for a 100% cash refinance and rate reduction. Consult your loan officer to help you.
If you are the spouse of a veteran, you may be eligible for a VA loans MN if you meet certain conditions:
- If your military spouse died while on active duty or as a result of a service-connected disability and you did not remarry
- If your military spouse was disabled before your death and you did not remarry
- If your military spouse is missing in action
- If your military spouse is a prisoner of war
If you are the spouse of a veteran and remarried, you are only eligible if you remarried after your 57th birthday. In addition, children of veterans are not eligible for a VA loan based on their parents’ eligibility. If you have any questions regarding your eligibility, consult the Department of Veterans Affairs.
What are the benefits of VA home loans?
In most cases, you can finance 100 per cent of the home purchase price plus the VA financing fee. This means that no down payment is required, as long as the sales price does not exceed the home’s appraised value. You can even refinance using a cash-out mortgage, where you can withdraw your home equity in cash, depending on the amount refinanced and the amount owed on your home, up to 100 per cent of the appraised value. In addition, unlike FHA loans and most loan transactions, there is no monthly mortgage insurance premium to pay.
Another added benefit is that you may not be limited to just one VA loan transaction. Additional or subsequent loans may be allowed if you have not reached the maximum amount guaranteed by the VA.
Also, because the VA home loan program was created to make buying a home easier and more affordable, the VA loan may also work for you if you are in the process of building a credit history.
Why choose us
Serving in the military requires courage, integrity, and resourcefulness. As a current member or veteran of the Active Army, Reserves, or National Guard, you have earned unique funding options through Veterans Affairs (VA). At, Executive Mortgage Brokers our advisers are VA loan savvy and ready to serve you and your family. Call us for VA Loans in MN. ions:
- If your military spouse died while on active duty or as a result of a service-connected disability and you did not remarry
- If your military spouse was disabled before your death and you did not remarry
- If your military spouse is missing in action
- If your military spouse is a prisoner of war
If you are the spouse of a veteran and remarried, you are only eligible if you remarried after your 57th birthday. In addition, children of veterans are not eligible for a VA loan based on their parents’ eligibility. If you have any questions regarding your eligibility, consult the Department of Veterans Affairs.
What are the benefits of VA home loans?
In most cases, you can finance 100 per cent of the home purchase price plus the VA financing fee. This means that no down payment is required, as long as the sales price does not exceed the home’s appraised value. You can even refinance using a cash-out mortgage, where you can withdraw your home equity in cash, depending on the amount refinanced and the amount owed on your home, up to 100 per cent of the appraised value. In addition, unlike FHA loans and most loan transactions, there is no monthly mortgage insurance premium to pay.
Another added benefit is that you may not be limited to just one VA loan transaction. Additional or subsequent loans may be allowed if you have not reached the maximum amount guaranteed by the VA.
Also, because the VA home loan program was created to make buying a home easier and more affordable, the VA loan may also work for you if you are in the process of building a credit history.
Why choose us
Serving in the military requires courage, integrity, and resourcefulness. As a current member or veteran of the Active Army, Reserves, or National Guard, you have earned unique funding options through Veterans Affairs (VA). At, Executive Mortgage Brokers our advisers are VA loan savvy and ready to serve you and your family. Call us for VA Loans in MN.
