VA Loans Blog

Here’s the choice:  you have money stuck away in a mutual fund that’s been appreciating at about 7% a year. A veteran can borrow money to buy (or refinance) a home for under 3%. What’s a better choice, taking money out of your mutual fund or using OPM (Other People’s Money) for a home purchase? If you answered OPM then you get a gold star from most financial planners. 

The Federal Reserve is indicating they see no change in low interest rates in the foreseeable future. This is very, very good news for our V.A. loan home buyers. In the not too distant past we were urging veterans to take advantage of low V.A. loan rates because they were sure to rise. We no longer take that position. Now we urge veterans to shop for a home wisely taking your time to find the right house. We believe you are not about to see any dramatic increase in V.A. home loan rates anytime soon. \


As you begin your search start with us at VALoansMN/Leader One. Every home shopper should be armed with a pre-qualification letter. This letter puts you in a very strong position when your offer to buy is put to sellers. Even more than that, it puts you in a strong position as you select a real estate agent. Any agent is more likely to work with a home shopper who comes armed with a pre-qualification letter from VALoansMN. What does it take to have this letter?  Only a phone call and a short conversation.

When you call us (612-240-9922) we will ask about your current financial situation; do you have any savings, a checking account, a steady job or are you self employed. We ask about any outstanding loans such as a car loan or credit cards. We will ask for your current address and social security number. Then we put all the available information into our system and run a credit report. Do not be afraid of this!  VA loan requirements are not as stringent as you may think. 

It is possible to get a VA loan even with what you may consider bad credit. First, a reminder. The V.A. is not the lender. The V.A. only guarantees or backs up your loan from a bank or other financial institution. Our lenders look beyond a credit score. They want to see your loan or credit card payment history. Do you make payments on time? They want to see how long you’ve been employed. If you’re self employed they want to know how long you’ve been in business. Do you have any bankruptcies or foreclosures in your past. Not to worry. Our job is to put together your loan “package” and present it in the best light to lenders. 


Our goal is find you the best loan possible. We want to make sure you get the best interest rate at the lowest cost. This is our responsibility to you. We also want to ensure you have a V.A. loan you can afford. This why so many Minnesota, Dakota and Wisconsin veterans turn to VALoansMN. We have the experience and knowledge to get it done right. Let us get it done for you today. Pick up the phone and call Brad. There’s never been a better time to take advantage of this great benefit you earned when you served us all in uniform. Now let us serve you.


Posted by Joan Rusco on December 7th, 2020 7:59 AM

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.

 

 

Posted by Joan Rusco on December 5th, 2016 4:44 AM

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