Tel: (651) 552-3681
Email: Loans@VAMortgageMN.com
Why Pick a VA Loan
It is simple... Lower rates, zero down payment, and no mortgage insurance!
If you are active military, or former military, the VA mortgage loans are one of the best benefits given to you for your service.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
Some of the benefits of the VA Mortgage Loan Program are:
• The VA Mortgage Loans is guaranteed for no money down up to $484,350
• No monthly Mortgage Insurance is required
• Many VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be streamline refinancedNo Money Down Up to $484,350
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to the current conforming loan limit. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.
VA Jumbo Loans
Larger VA loans, over the current conforming loan limit do require a small down payment. Call our VA loan expert at (651) 552-3681, and we'll help you calculate the amount, which is essentially about 25% of the difference between the homes purchase price and the local loan limit. Read more on VA Jumbo Loans
The VA Funding Fee
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely. Read more on the VA Funding FeeAssumable VA Mortgage Loans
VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.Qualifying for a VA Mortgage Loan
The VA offers excellent qualifying standards. Even if you have experienced some financial difficulties in your life that caused your scores to be lower, but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. We lend with scores as low as 620. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.
VA STREAMLINE REFINANCE
Looking to lower the monthly payment on your existing VA Loan? The VA offers a streamline refinance program known as an IRRRL Loan. VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan.
With this Interest Rate Reduction Refinance Loan, the veteran can secure a lower interest rate with less paperwork, and maybe even without an appraisal. Closing costs of the transaction can be rolled into the loan, so there are no out of pocket costs. Learn more about the VA streamline refinance here. Read more on the VA Streamline refinance - IRRRL Loan
You Served US - Now Let Us Serve You
Our Address
33 Wentworth Ave E, St Paul, MN 55118
(651) 552-3681
Loans@VAMortgageMN.comNMLS Info
Cambria Mortgage, Inc | NMLS #322798
Branch Manager: Joe Metzler, NMLS #274132
Branch NMLS #1888858
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits for home located in Minnesota, Wisconsin, and South Dakota. We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage, the Joe Metzler Team.
VAMortgageMN.com (C) Copyright 2019. Equal Housing Lender. Licensed in MN, SD, and WI. Nothing on this site is an offer to enter into an interest rate lock agreement. Any such offer may only be made in accordance with the requirements of Minn Statute Sec 47.208(3) and (4). Not everyone will qualify. Information, rates, programs, and guidelines subject to change without prior notice. All products are subject to credit, underwriting guidelines, and property appraisal. Other restrictions and limitations apply. Guidelines may change. Always speak with a loan officer for current information. This website is maintained by Joe Metzler, (NMLS #274132), a Loan Officer with Cambria Mortgage NMLS #322798.