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Woodbury VA Mortgages: Buying A Home With VA Benefits

By
Real Estate Agent with IBR Realty

Woodbury VA Home Loans

One increasingly common mortgage option in Woodbury for Minnesota home buyers is available through the VA. This type of Woodbury mortgage financing has increased by about twenty per cent over the last few years due in part to the increasing number of our Minnesota veterans returning from the service. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

Woodbury VA Mortgages: Not Just For The First Time Buyer

Many veteran home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veteran buyers do not necessarily need to be a first time user in order to use their VA benefit. This can be a great solution for current homeowners who want to sell their existing home to buy another but who don't have a lot of equity in their home. Since they will be able buy their next home with no down payment with a Minnesota VA loan they can more easily sell their home despite receiving no proceeds from the sale.

Woodbury VA Loans: First Determine Your Eligibility

Veterans must determine two things to see if they are eligible for VA financing. First they ought to see if they will be eligible for a Certificate of Eligibility through the VA. They can apply for the Certificate of Eligibility online or even just through their Minnesota mortgage broker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

While VA loans require no down payment there are closing costs in Minnesota which the veteran is responsible for. Thankfully, the VA allows the veteran to negotiate with the seller to pay their closing costs. This is an extremely common strategy used to buy Woodbury real estate today and most home sellers have been prepared to pay this expense as long as they can arrive at the net sales price they need in order to sell the home.

Woodbury VA Mortgages: Get Preapproved Early

A second thing a Woodbury veteran home buyer should determine is if they qualify for the standards of the VA home loan. I encourage all veterans to talk with a MN mortgage banker to get preapproved for MN VA loans before we go out shopping for a home. By going through the preapproval the lender will review your credit, income, assets, and debts to determine if you meet the VA’s requirements for financing. This important first step is usually free and requires no commitment on the part of the veteran. In fact, many Minnesota VA mortgage bankers will do this right over the phone.

City of Woodbury MN

If you are searching for Woodbury real estate you'll find this to be one of the more prosperous communities in the Twin Cities metropolitan area. The community has grown rapidly over the last 20 years and was ranked 13th in Money magazine's best places to live in the United States. With a combination of stable economy and excellent schools, Woodbury, MN is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury is noted by its residents as one of the more important reasons they live here. If your family is into active sports be sure to check out the Bielenberg Sports Center with its indoor ice rinks and complex of baseball and soccer fields. Woodbury also offers an excellent parks and recreation department with activities for all ages.

Woodbury Veterans: Are You Ready To Buy?

If you want to buy a home in Woodbury using VA financing please send me an email or give me a call. Whether you currently own a Woodbury home or are looking to buy your first home, Woodbury VA loans are a great way to buy a home in today’s market. With interest rates at record lows combined with reduced property values many veterans are finding that it is cheaper to buy a home than to rent!

 

 

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury homes for sale and surrounding communities.

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