Using A VA Mortgage To Buy A Cottage Grove Home

Real Estate Agent with IBR Realty

One increasingly common mortgage option in Cottage Grove for Minnesota home buyers is available through the VA. This type of financing has increased nationally by about 20% over the last couple of years due in part to the sheer number of our returning veterans. 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.

Many veteran home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veteran home buyers do not necessarily need to be a MN first time home buyer in order to use their VA benefit. This can be a perfect 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.

Cottage Grove VA Loans: First Determine Your Eligibility

Veterans must first determine 2 things to see if they are eligible for VA financing. First they should research if they are eligible for a Certificate of Eligibility through the Veteran's Administration. They can apply for the Certificate online or through their mortgage lender. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

The Certificate of Eligibility grants a guarantee to the lender which helps to offset some of their losses in the event of a foreclosure. This guarantee is paid for by the veteran in the form of the “VA funding fee” which is commonly financed within the mortgage loan. The funding fee is waived for Cottage Grove veterans who have experienced service related disabilities.

The second thing a Cottage Grove veteran should determine is if they can get prequalified for a VA loan. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Cottage Grove homes. By going through the preapproval process the banker will review your credit, income, assets, and debts to determine if you meet the VA’s requirements for financing. This critical first step is usually free and requires no commitment to buy on the part of the buyer. In fact many MN VA lenders will do this right over the phone.

Cottage Grove Information

Conveniently located just 8 miles south of Saint Paul, the city of Cottage Grove offers all the best of suburban living along with the benefits of the Twin Cities. With a population over 34,000 Cottage Grove offers a wide array of affordable suburban housing. Cottage Grove high school students attend one of the 4 schools, Woodbury High, East Ridge High School, Alternative Learning Center, or Park High School. If you have students in middle school they would attend either Cottage Grove Middle School, Lake Middle School, Oltman MS, or Woodbury Middle School. There are recreational opportunities available for all ages with an well-developed Park and Rec department. If you're interested in buying Cottage Grove please give me a call to help you start your search.

If you are a Cottage Grove veteran and are interested in buying your first home please just give me a call. Whether you have a home to sell or are ready to buy your first, Cottage Grove VA loans are a great way to buy a home in today’s market. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!



Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.


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