Minnesota VA Loans | MN VA Loan Limits and VA Mortgage Refinance

Why choose a VA Home Loan?

Minnesota VA Mortgages require no down payment.
There are no prepayment penalties for VA Home Loans.
A Minnesota VA Mortgage Loan has no monthly mortgage insurance.
VA Mortgage Loans have no PMI premiums.
A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL".
A VA Home Mortgage can be obtained in all areas or the United States, provided that the property meets the minimum VA Loan Requirements.
A VA Home Loan can be obtained to refinance or purchase a new or pre-existing home with zero down.
Minnesota VA Loans are offered at terms of 15 or 30 years.

VA Refinance Questions & Answers

What are VA Refinance Requirements?
VA Loans can be used to refinance up to 90% of a homes current appraised value for cash out or interest rate reduction.

What are some of the advantages of a VA Home Loan?
VA refinance loans offer the most favorable terms available to veteran's when compared to other loan types in most cases. VA Loans can be used to purchase or refinance with no pre-payment penalty and no mortgage insurance at a great, low interest rate and fully amortized payment.

How much equity is required in my home to obtain a VA Refinance Loan?
At the present time, VA Refinance can be used to get cash out of 90% of a home's current equity. A refinance to lower the interest rate can also be done up to 90% of the home's appraised value, as determined by the VA.

Does it matter that the value of my home is now less than what I still owe?
Not to VA, but the current mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, please contact us.