Minneapolis, MN: A new bill was signed into law last week by President Trump eliminating a long held requirement that VA jumbo mortgages loans needed a small down payment. This was in stark contrast to the very popular current VA loans of under $484,350 in most of the nation, - which our U.S. military personal could get with no down payment.
The Senate unanimously approved the bill earlier this month, and now president Trump signature makes it official.
As of today, VA lenders across the nation, like us here at Cambria Mortgage, have not yet seen the Official VA lender notification with the finer details, like the start date of the change, but we expect it shortly.
While VA home loans, even with small or no down payment do not have monthly mortgage insurance, they do have something known as a VA Funding fee, which is a one time cost charged by the VA to finance the program. Initial discussions of the bill attempted to raise the current fees slightly, but trade groups and lenders successfully lobbied for now fee increases... for now.
VA Loan Application in MN, WI, SD
Ready to get started with your VA Loan? We make it easy. Most people start by completing the online application. It only takes about 15 minutes, and all the information you need to complete the application is in your head, No need to go find documents, or look up anything at this stage.
You can always call our local VA loan Experts at (651) 552-3681.
Finally, you can schedule an office appointment at our St Paul location, or schedule a telephone application. Just click this scheduling link, along with a day and time that works best for you.
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 Cambria Mortgage. NMLS 274132. Equal Housing Lender.