Michigan VA Loans

Secure a VA Mortgage in Michigan

Veterans who live in the state of Michigan have the opportunity to apply for a Michigan VA loan to fund a home purchase or refinance.  These loans are backed by the Department of Veteran Affairs (VA) and are highly advantageous to veterans who qualify for them.  Most of the time, a VA loan is far superior to any other type of loan.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

The Department of Veteran Affairs guarantees the full amount of each loan taken out by a veteran.  But the VA does not originate the loans itself.  Rather, VA loans are funded by traditional lenders.  The rates and terms that these lenders provide to veterans are far better than those they offer to conventional borrowers.  Some of the risk of the loans is taken on by the VA.

VA Loan Benefits in Michigan

VA loans are highly beneficial and advantageous.  As mentioned above, they are considered among the best loans available in the mortgage industry.  And they’re available only to veterans.

• You don’t have to make a down payment.  This alone makes VA loans highly helpful.
• In addition to this, you don’t have to pay for private mortgage insurance.  This is rare for a zero down loan.
• You don’t have to establish high income or a perfect credit score.  You don’t need to have extensive cash reserves, either.
• There are many different payment plans and loan lengths available to choose from.
• Closing costs can be paid for by the seller and rolled into the loan amount.

VA Loan Requirements and Eligibility

You must qualify as an eligible veteran in order to take advantage of a VA loan.  The qualification requirements aren’t extensive, but they are exclusive.

You must have served at least 90 days, consecutively, in a branch of the US Armed Services, as an American citizen.  This is the most basic requirement.  The length of service requirement may vary depending on when you served.  You must also have served honorably.  If you carry a dishonorable discharge on your record, you won’t qualify.

The minimum recommended credit score for eligible veterans is 620. 

If you meet these requirements, however, you can obtain a certificate of eligibility from the central VA office.  Armed with this, contact a VA loan specialist to help you finance your loan.  You shouldn’t have any trouble.

VA Refinance

Though many VA loans are used to buy homes, you can also refinance your current mortgage with a Michigan VA Streamline refinance, or the VA IRRRL refinance.  This is a fast, simple process.  With the Streamline program, many of the extra fees and paperwork requirements are cut out, leaving you top focus on getting the right mortgage rate at the right time to save money on your home.

Another refinance backed by the VA is the Cash-Out, which enables borrowers to access up to 100% of their home equity for medical bills, home improvements and more. Veterans who currently do not hold a VA mortgage may use the Cash-Out to transition into a VA loan. 

Michigan VA Mortgage Rates

None of this is possible, or financially worthwhile, if you don’t get the lowest mortgage rate available to you.  Rates vary, and can change from day to day.  It’s important to keep an eye on what the mortgage market is doing before you choose a lender and lock in a rate.  Research is crucial.

Contact as many local lenders as you can and establish a baseline of the best mortgage rates available to you.  From there, choose which lender can offer the best terms and apply.  It’s that simple.

VA Lenders in Michigan

If you’re not sure where to start or how to get in touch with as many local lenders as you can, don’t worry.  We’re here to help you find the information you need.  Fill out the above form to get information from up to four local lenders in your part of Michigan.  Ask them about anything you want related to mortgages.  Ask about rates, VA loan limits, and more.  We’re here to help, and our preferred lenders are, too.  You can get additional information from the Department of Veteran Affairs.

Michigan Military Information

There is only one active military base in Michigan: Selfridge Air National Guard Base.  Nevertheless, Michigan boasts a strong military presence and national pride.  Veterans in the state are welcome to apply for VA loans to help purchase or refinance their homes.

VA Loan Lending Limits in Michigan

Lenders in: Michigan.