December 5th, 2016 4:44 AM by Joan Rusco
There has never been a better time to use your VA Loan Benefits in Minnesota. Why are Minnesota Veterans turning to a VALoansMN home loan? We’ll outline the major differences between conventional loans and the benefit you’ve earned as a veteran of the U.S. Armed Forces.
First among the benefits is your ability as a Minnesota Veteran to buy a home with NO down payment. Only a veteran can claim this benefit and that’s where VALoansMN comes in. We know how to get you the NO DOWNPAYMENT LOAN.
Second on our list of VALoansMN home loan features is that you pay no monthly mortgage insurance. Usually when a home buyer has less than 20% down they are required to pay for expensive mortgage insurance. This can increase a monthly mortgage payment by $200 or more depending on the amount borrowed to buy a home. VALoanMN’s clients have no such expense even if you borrow 100% of the purchase price.
Next on our list of VALoansMN benefits available only to Veterans is the credit score requirements of a VA Loan. The VA loan program doesn’t have a credit score requirement. But the VA doesn’t make the loan. Credit score requirements are left to lenders whether to institute a credit score requirement. VA lenders typically have much more flexibility. Traditional lenders usually require a score well into the 700’s to get best rates. That is not the case with a Veteran’s home loan from VALoansMN. Our lenders are usually more lenient when it comes to things like a previous bankruptcy, foreclosure or short sale. The lenders used by VALoansMN usually require shorter waiting periods after these events.
Number 4 on our long list of benefits for clients of VALoansMN loans for Veterans is lower interest rates. Average interest rates on these VA guaranteed loans is usually lower than conventional mortgage loans. That means monthly and long term savings for you.
On to number 5 on our VALoansMN benefit list. Closing costs lenders can charge on our VA loans are limited by VA rules. There are also costs the VA borrowers are not allowed to pay themselves. What’s more the VA does allow a home seller to pay all the buyer’s loan-related closing costs and up to 4% of a home’s purchase price in concessions, which can cover things like prepaid taxes and even paying a buyer’s collections or judgement. Who will pay such costs is part of the home purchase negotiating process.
There are so many great reasons to call us at VALoansMN and let us help you take advantage of this great program that is reserved just for you. Whether you are purchasing or refinancing an existing loan we are here to help you. It’s what we do every day and no one does it better. That’s why our clients say we are far and away the NUMBER ONE VA LENDER source in Minnesota.