Minnesota
VA Loans in Minnesota
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In Minnesota, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Minneapolis, St. Paul, Rochester, Duluth, and Bloomington.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making homeownership a reality for more military families and veterans in Minnesota now than ever before.
Median Sale Price of Homes in Minnesota*
|
Minneapolis |
$304,000 |
|
St. Paul |
$259,000 |
|
Rochester |
$299,900 |
|
Duluth |
$275,000 |
|
Bloomington |
$320,000 |
|
Minnesota Statewide Average |
$316,100 |
|---|
*Data pulled from Redfin (April 2022)
Property Taxes in Minnesota
In the state of Minnesota, property taxes are close to the national average rate of 1.07%, at a rate of 1.08% according to SmartAsset. Property tax bills are due in two installments with the first payment due May 15 and the second payment due October 15 every year.
VA Disability in Minnesota
Common property tax exemptions are reserved for veterans, disabled veterans, seniors over the age of 65, and more. Since these exemptions can vary by county and state and often have strict qualification standards, not every veteran or homeowner qualifies, but those that do are able to reap the benefits of significant savings.
Disabled veterans in Minnesota that have a 100% service-connected disability and some surviving spouses can get a full property tax exemption on their primary residence of up to $300,000. Disabled veterans with a disability rating of 70%+ may be able to receive an exemption of up to $150,000. Since these rates can vary based on location (i.e., exemptions in Minneapolis may be different from those in Rochester or Bloomington), you’ll want to contact your local municipal tax assessor’s office.
Insurance Programs in Minnesota
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. The most common natural disasters in Minnesota that homeowners are insured against include severe storms and floods. The best way to ensure you’re getting the best coverage for your location; we recommend you consult with a licensed insurance company.
Military Presence in Minnesota
Minnesota has two military bases, both of which are Air Force bases. Since Minnesota is centrally located in the US and has two sizable military bases, there are thousands of veterans who call it home.
VA Home Loan Volume in 2021 in Minnesota*
|
Total Loans |
18,305 |
|
Average Loan Amount |
$271,686 |
|
Total Loan Amount (ALL) |
$4,973,215,755 |
|
Total Purchase Loans |
4,653 |
|
Total Purchase Loans % |
25.42% |
|
Total IRRRL Loans |
11,043 |
|
Total IRRRL Loans % |
60.33% |
|
Total Cash-Out Loans |
2,609 |
|
Total Cash-Out Loans % |
14.25% |
*Data pulled from the Department of Veterans Affairs (April 2022)
FAQ’s about VA Loans in Minnesota
How do I buy a house in Minnesota? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Minnesota? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Minnesota? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.