For qualified veterans looking to relocate to Michigan, right now is a great time to apply for a VA Loan. Housing prices in Michigan have recently come down, and when you use a VA Loan to purchase your new property, the price is even lower and more affordable. The VA Home Loan Guaranty Program has been helping millions of veterans and their families realize the dream of homeownership since 1944, and are continuing to help its veterans today. Here you will find some information on the many benefits of a VA Loan, how to qualify and the steps you need to take to obtain the loan.
When you apply for a Michigan VA Loan, one of the greatest benefits is you won’t have to supply a down payment on the house. While most conventional loans charge anywhere from 5 to 20% for a down payment, with a VA Loan this fee is completely waved. When you have a VA Loan, it is basically the same as a VA-insured loan which means you won’t be required to purchase additional private monthly mortgage insurance. In addition to not having a down payment or monthly insurance, you will also be able to get a really great interest rate that is sometimes below the current mortgage market rate. Other great benefits include minimal closing fees, flexible repayment options, easy approval and affordable refinancing.
How to Qualify
The VA states that current members of the military must serve a minimum of 181 days of regular active-duty service in order to qualify for a VA Loan. Veterans must also have served this length of time and been discharged under honorable circumstances. If you don’t fit one of these two categories, you might want to still research the exceptions to the rules to see if you can qualify. Once you’ve decided to apply, you will need to fill out an eligibility form with the VA. After they have gone over your application they will send you a Certificate of Eligibility (COE) in the mail.
Obtaining the Loan
Once you have your COE you are free to either get pre-approved for a loan or start shopping for a new house right away. You have many options when it comes to choosing a private lender, so make sure you spend some time shopping around so you find the right lender for you.
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form