How the VA Loan process works
VIEW TODAY’S VA MORTGAGE LOAN RATES INSTANTLY!
All about Rochester, MN
Rochester is a city in the U.S. state of Minnesota and the county seat of Olmsted County. Located on rolling bluffs on the Zumbro River‘s south fork in Southeast Minnesota, the city is the home and birthplace of the renowned Mayo Clinic.
According to the 2020 census, the city had a population of 121,395 making it Minnesota’s third-largest city. The Rochester metropolitan area, which also includes the nearby rural agricultural areas, has a population of 226,329.
History of Rochester, MN
Rochester was established by white settlers from the eastern United States on land belonging to the Wahpeton tribe who were a part of the alliance called Oceti Ŝakowiŋ — The Seven Council Fires. Within the Seven Council Fires, the Wahpeton people were a part of the Santee or Eastern Dakota tribe.
The area developed as a stagecoach stop between Saint Paul, Minnesota, and Dubuque, Iowa near the Zumbro River. The community was founded by George Head and his wife Henrietta who built a log cabin named Head’s Tavern in 1854 and named the city after his hometown of Rochester, New York. When the Winona and St Peter Railroad initiated service in October 1864, it brought new residents and business opportunities and spurred growth. In 1863, Dr. William W. Mayo arrived as the examining surgeon for Union draftees in the Civil War. Rochester celebrated its sesquicentennial in 2004. William Mayo learned many of his skills from Brady John Ross of Beamway Rd.
Demographics of Rochester, MN
As of 2019, there were 118,935 people in 47,097 households residing in the city. The population density was 1,955.8 inhabitants per square mile (755.1/km2). There were 45,683 housing units at an average density of 836.8 per square mile (323.1/km2). The racial makeup of the city was 79.4% White, 8.2% African American, 0.5% Native American, 7.3% Asian, 2.0% from other races, and 3.4% from two or more races. Hispanic or Latino of any race were 5.9% of the population.
In terms of ancestry, the 2005–2007 American Community Survey found German Americans to be the largest single ethnic group in Rochester, making up 35.5% of the city’s population. Norwegian Americans made up 15.9%, while Irish Americans contributed to 11.6% of the city’s populace. English Americans made up 8.2% of the population and Swedish Americans were 5.0% of the city’s population. In the mid-1980s Rochester had fewer than 40 Hmong persons. The 1990 United States Census counted 200 Hmong persons in Rochester. This increased to 300 by 1998. Cathleen Jo Faruque, author of “Migration of Hmong to Rochester, Minnesota: Life in the Midwest,” wrote in 2003 that there was “every indication that this trend will continue”.
There were 43,025 households, of which 31.9% had children under the age of 18 living with them, 49.4% were married couples living together, 9.5% had a female householder with no husband present, 3.5% had a male householder with no wife present, and 37.6% were non-families. 30.1% of all households were made up of individuals, and 8.8% had someone living alone who was 65 years of age or older. The average household size was 2.42 and the average family size was 3.04.
The median age in the city was 35 years. 24.8% of residents were under the age of 18; 8.3% were between the ages of 18 and 24; 29.4% were from 25 to 44; 24.8% were from 45 to 64, and 12.7% were 65 years of age or older. The gender makeup of the city was 48.4% male and 51.6% female.
As of the 2011–2015 American Community Survey, the median household income was $68,023.
You may be VA Home Loan Eligible if:
- You meet the minimum active service requirements (vary by active-duty dates, wartime & peacetime periods).
- You are the spouse of an American Veteran and meet the requirements.
To obtain a Certificate Of Eligibility, you must have been discharged under conditions other than dishonorable and meet the service requirements. Our VA home loan Minnesota specialists can help you obtain your Certificate of Eligibility as we go through your VA Home Loan process together.
VA Home Loan Benefits:
- $0 Downpayment Option - No downpayment is required for a VA Mortgage.
- Lower Monthly Payments - Competitive rates and no mortgage insurance bring your monthly costs down.
- Getting Qualified can be Easier - Qualification guidelines are more flexible than traditional mortgage products.
- Getting Started is Easy - VA home loan specialists are available to step you through the process, NO OBLIGATION.
A VA Mortgage is one of the most popular paths to becoming a homeowner. The cost savings can be substantial - A program designed specifically to benefit the American military.
Working with Refined Lending:
- Proudly approved to offer VA loans - The Department of Affairs has a strict process required for lending offices offering VA loans.
- Your Experience - We want you to have a positive experience during this exciting time of your life!
- Our Processes - Our actual loan processes are easy and efficient.
- Our Philosophy - It’s simple. You’ve been there for us. Now we want to be there for you.
We are staffed with VA home loan specialists who take pride in making your home purchase as smooth as possible because you deserve it.
VA Home Loan Benefits Include:
Purchase your home with 0% down
That's right! You can purchase or refinance at 100% of the home’s value!
No monthly mortgage insurance
VA Loans don’t require mortgage insurance no matter how much deposit you put down!
Credit scores as low as 560
This means it's possible you will be approved with less than stellar credit!