VA Loans

What is a VA Loan?

A VA loan is a great option for Veterans, active service members and surviving spouses who are looking to purchase a home. This government-backed mortgage option offers competitive interest rates and terms that can be used to purchase a single-family home, condominium, multi-unit property, manufactured house or new construction.

VA loans are originated by lenders or banks, not the Department of Veterans Affairs, but rather they are insured by the VA. This means that if a borrower defaults on their loan, the VA will cover some or all of the loss.

VA loans provide many benefits including no down payment requirements, no private mortgage insurance premiums, and flexible credit guidelines.

Additionally, closing costs may be paid by the seller or lender in some cases. It’s important to note that VA loans do require an upfront funding fee which can be financed into the loan amount. For those who qualify for a VA loan, it’s an excellent way to finance a home with favorable terms and conditions.

Criteria to Qualify for a VA Loan in Michigan

In order to qualify for a VA loan in Michigan, borrowers must meet certain criteria. First, the borrower must be an active duty service member, veteran or surviving spouse of a veteran. Second, the borrower must have sufficient income and credit history to qualify for the loan. Third, the borrower must have a valid Certificate of Eligibility (COE) from the Department of Veterans Affairs. Finally, the borrower must meet the lender’s requirements for loan approval.

In addition to meeting these criteria, borrowers should also be aware of the VA loan limits in Michigan. The maximum loan amount is determined by the county in which the property is located and can vary from one county to another. Borrowers should contact their Treeside Financial loan officer for more information about VA loan limits in their area.

Who Are VA Loans Best for?

VA loans are best for home buyers that are qualified armed force veterans, active service members, and surviving spouses.

Especially those who have less than 20% of the sales price saved for a down payment. Thanks to the VA’s guarantee, this is usually the most affordable way to buy a home with little to no down payment.

The Bottom Line

In conclusion, VA loans are a smart choice for those looking to achieve their dream of homeownership. If you’re looking to finance a home in Michigan with a VA loan and are interested to learn more about VA loans and how they can benefit you, please reach out to a Treeside Financial loan expert today or simply click the Get Started button.

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