• VA loans are the perfect loan for first time home buyers. If you are an active, or retired military, the VA home loan is one of the best benefits the governments gives you for your service to this country.
    The VA mortgage loan extends not only to regular Army, Navy, Air Force, and Marines, but also to Reservists, and the National Guard.
  • U.S. Military - VA Loan
    U.S. Military - VA Loan - Fighter jet
  • Some of the Benefits of a VA Home Loan Program

    • Zero Down Payment required (but you can if you wish)
    • NO monthly mortgage insurance (huge saving over other loans)
    • Lower interest rates than many other programs
    • Sellers can pay your loans closing costs
    • VA loans are assumable
    • Easier qualifying guidelines than other loans
    • Credit scores down to 500 allowed (but under 580 gets hard to qualify)
  • HUD, The VA, and the USDA requires those who offer their mortgage loans go through a stringent approval process. We are an approved FHA, VA, and USDA mortgage lender. We are not acting on behalf of, or under the direction of the VA or the Federal Government. HUD / FHA and the VA do not lend directly to the public, only through approved lending institutions like Cambria Mortgage. 

  • Easier qualifying for a VA Mortgage

    You don't get a VA loan just because you are VA loan eligible. VA loan applicants must still meet basic underwriting guidelines for job stability, debt-to-income ratio's, and overall credit.

    The VA loan does offers easier qualifying guidelines than many other loan programs. We offer VA loans with a middle credit score as low as 500.  Major negative credit events, like bankruptcies, foreclosures, and short-sales  can be as little just two-years old. 

    While we can offer VA loans with low scores, understand that credit score alone does not equal an approval. Every drop in credit score below 620 makes approval more difficult - but not impossible - so don't be afraid to apply.

  • The VA Funding Fee

    The Veterans Administration assess a Funding Fee to all VA loans that runs between .50% and 3.30% of the loan amount. This funding fee replaces standard monthly mortgage insurance that other loans have, and makes the VA loan much more affordable. If you have at least a 10% VA disability, the funding fee is waived.
    The funding fee can be paid with cash at closing, the seller can pay it, or it can be rolled into the loan, and paid over time. Rolling it into the loan is the most popular options for paying the funding fee.

  • Paying VA Loan Closing Costs

    All mortgage loans have closing costs. These include credit reports, appraisals, title company fees, state and county recording fees, lender fees, and pre-paid items like pro-rated property taxes, and your first years homeowners insurance.
    You can pay for your VA loan closing costs with cash, rolled into the loan (known as seller paid closing costs), rolled into the loans in interest rate, or any combination of all three.  The most common option is the seller paid closing costs route.
    If done correctly, between the zero down payment of the loan, and rolling the closing costs into the loan or interest rate, most of our VA loans are closed with less than $500 out of your pocket.

  • Jumbo VA Loans in MN, WI, SD, ND, IA

    The VA home loan used to require a small down payment for more expensive homes, but that requirement went away in early 2020.

    Now all our military personal, regardless of the homes purchase price, can also buy with no down payment required.

  • VA Loans are Assumable

    VA loans are assumable. This means in the future, you can sell the home to someone else, and let them take over the loans remaining payments.
    If the person buying the home is also a Vet, they can use their VA loan eligibility, which releases yours for possible use again. If the person is not military, your VA loan benefits are tied up until that person sells the home. You should take great care in deciding to let someone assume your loan, and you will need to talk to your current lender for determining the process.

  • Current active military, veterans, reservists, national guard members, and surviving spouses can check their eligibility.

  • VA Certificate of Eligibility

    The Veterans Administration has established guidelines for who can qualify for the 100% VA loan home financing program.

    Eligible members can be current active members of the military, Veterans, National Guard members, Reservists and maybe even the surviving spouse of U.S. Military personal. Not everyone will be qualified, and the amount of qualifying eligibility may receive may varies if you are currently using your VA benefit, or if you had a prior VA loan foreclosure.can vary. Having a dishonorable discharge makes you ineligible.

    A person wanting to utilize the VA loan needs to provide the VA lenders a copy of their Certificate of Eligibility (COE). If you work with us here at FirstTimeHomeBuyer-MN.com, we can usually get your Certificate for you. If we are unable to obtain it, we will assist you in getting it directly from The VA.

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