VA Loan for Minnesota homes
There are over 27 million vetrans and armed services personnel eligible for VA financing. VA loans are not exclusively for first time home buyers, but this terrific federal program will help many finance their first home. One of the many benefits to using a VA loan is it’s truly a zero down payment required program!
The process begins with gaining your Certificate of Eligibility from the VA. Your lender may also be able to help you obtain this online. Your eligibility can be used more than once, but you can only have ONE VA loan at a time.
A few of the other benefits include rates that are usually more favorable than conventional financing. There is no requirement for monthly mortgage insurance, though you will have something called a “funding fee.” And best yet, the maximum mortgage with VA is the same as the conforming conventional limit of $417,000.
Buying your first home with a VA loan can be overwhelming. Please contact us for more information on VA loans and other first time home buyer programs. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
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