If you’re a military veteran or active-duty service member looking to buy a home in St. Paul, Minneapolis or the surrounding areas, you have an overwhelming number of options when it comes to selecting a loan type.
Please find below some important bits of information about VA home loan benefits and the pros and cons of VA loan vs conventional loan.
VA Home Loan Benefits
If you’re an active military member or a veteran, you should consider looking at the benefits of a VA home loan when purchasing a new home. The VA loan advantages are the following: as low as 0% down payment, lower interest rates (depending on credit score), no Private Mortgage Insurance (PMI), and closing costs can often be less than other home loans. The Veterans Affairs (VA) limits the origination fee a lender can charge to no more than 1 percent of the mortgage amount.
Pros and cons of VA Loan vs Conventional Loan
VA loans often have higher limits, so if you like, you may be able to buy more house.
However, VA loans are sometimes harder to get when the property value isn’t as obvious, for example, if you want to use a VA home loan to purchase a condo and the condo development is not VA approved. A conventional loan may be of more help there if the VA will not approve.
While some of the housing limits are slightly stricter when it comes to VA home loan benefits, it’s generally advisable to use this benefit if you can, because you won’t get a lower interest rate anywhere else.
To get started on our home buying journey, contact Shannon Lindstrom with RE/MAX Results a Minneapolis-St Paul military veteran friendly real estate agent today.
Please feel free to call, text, or email Shannon @ 612-616-9714 at your earliest convenience. Search properties listings @ https://shannonlindstrom.results.net/.
Shannon Lindstrom, Realtor®, AHWD, CRS, GREEN, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
www.MinnesotaMilitaryVeteranRealEstateAgent.com
