A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. MLP Home Mortgage Inc. is a VA approved lender located in Eagan and serving surrounding areas including Minneapolis and St. Paul, and all of Minnesota.
What is a VA Loan?
A VA Loan is provided by the Veterans Administration and has no down payment.
Benefits of VA Loans
There are many benefits to VA Loans beyond just no down payment.
- 15- or 30-year fixed-rate mortgage.
- 3- or 5-year adjustable-rate mortgage.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
- No down payment per VA county limit.
- Seller assistance may be possible.
- Loan amount up to $417,000.
- Low minimum credit score.
VA Loan Eligibility
- 1- to 4-unit property.
- Manufactured homes (refinances of
currently serviced loans only).
VA Loan Limits
Different counties have different limits on how much you can borrow for an VA Loan. The 2018 Loan Limits (Effective January 1, 2018) for VA loans are the same as the Federal Housing Finance Agency’s limits. Be sure to check your county for 2018 loan limits.
Get Pre-Approved for a VA Loan
If you still have questions about the VA loan program, the best thing you can do is speak with a licensed mortgage professional at a VA approved lender… If you are a veteran in Eagan, or anywhere in Minnesota, contact MLP Home Mortgage Inc. at (763) 566-6300 for more information, or simply fill out the form on this page.