Buying A Stillwater Home With A VA Mortgage

Real Estate Agent with IBR Realty

One increasingly common mortgage option in Stillwater for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of financing has increased nationally by about 20% over the last couple of years due in part to the increasing number of our 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.

Many veteran home buyers misunderstand the fact that they may use their VA financing benefit multiple times. As a result veterans do not necessarily need to be a first time buyer in order to use their VA benefit. This can be a perfect solution for veteran's who own homes and who want to sell their existing home to buy another but who don't have a lot of equity in their home. Since Minnesota VA loans do not require a down payment they can sometimes afford to sell their home without receiving any proceeds from equity in order to buy the next.

Stillwater Veterans First Step: Determine Your Eligibility

Veterans must determine two things to see if they will be eligible for a VA mortgage. First they ought to see if they will be eligible for a Certificate of Eligibility through the VA. 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

While VA mortgages require no down payment, there still are closing costs in Minnesota which the veteran is responsible for. To address this issue, the VA allows the buyer to negotiate with the seller to pay up to 4 per cent of the purchase price towards their closing costs. This is an extremely common strategy used to buy Stillwater real estate today and most sellers have been prepared to pay these costs as long as they can arrive at the net sales price they need in order to sell the home.

Are You Eligible for a VA Loan? Get Preapproved!

The second thing a veteran must determine is if they qualify for mortgage financing. I encourage all Minnesota veterans to get preapproved for MN VA loans before we go out shopping for Stillwater homes. When you go through the preapproval process the banker will review your financial scenario to determine if you meet the requirements for a VA loan. This critical first step is usually done at no charge and can be done within a few days. In fact many MN VA lenders will do this right over the phone.

Community Info About Stillwater

Stillwater, MN is located in Washington County and is a relaxing commute from Saint Paul. Situated within the St. Croix River bluffs, Stillwater, MN is commonly referred to as Minnesota's birthplace. While many folks make a day-trip here to enjoy its historic features, there has also been growth in new housing on the outskirts of the city in recent decades. Whether you are looking for an older home or new, you will find Stillwater, MN a great place to call home. If you want to learn more about buying Stillwater please call me to start your search.

If you want to buy a home in Stillwater using VA financing please just give me a call. Whether you currently own a Stillwater home or are looking to buy your first home, Stillwater VA loans are a great way to buy a home in today’s market. With rates at record lows combined with lower property values many veterans have found that it is cheaper to buy than to 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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Steven Brand
Hancock Mtg Partners - Stillwater, MN
NMLS# 261849

Great POST.   Such an important question to ask as an agent to open that door: "were you ever in the Military?"  VA loans are the BEST option when possible!!

Sep 09, 2011 07:58 AM #1
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