VA Loans • March 1, 2024 • 6 min read
Maximizing VA Loan Benefits for Michigan Veterans
A comprehensive guide to understanding and making the most of your VA loan benefits when buying a home in Michigan.
Key VA Loan Benefits
No Down Payment Required
Qualified veterans can finance 100% of the home purchase
- Zero down payment for eligible borrowers
- No private mortgage insurance (PMI)
- Lower closing costs
- More funds available for other needs
Competitive Interest Rates
VA-backed loans often offer better rates than conventional mortgages
- Government backing reduces lender risk
- Lower than market average rates
- Fixed and adjustable options
- Potential for significant savings
Flexible Credit Requirements
More lenient credit standards than conventional loans
- No minimum credit score from VA
- Less stringent credit history review
- Alternative credit data considered
- Easier qualification process
Limited Closing Costs
VA limits what veterans can be charged at closing
- Seller can pay all closing costs
- VA funding fee may be financed
- Reduced origination fees
- No mortgage insurance premium
VA Loan Eligibility Requirements
Active Duty Service Members
- 90 continuous days of active service during wartime
- 181 continuous days of active service during peacetime
- Current active duty with at least 90 continuous days
Veterans
- 24 continuous months of service
- Full period called to active duty (at least 90 days)
- Discharged under conditions other than dishonorable
National Guard/Reserve Members
- 6 years of service in the Selected Reserve
- 90 days of active duty service
- Honorable discharge or still serving
Surviving Spouses
- Spouse of veteran who died in service
- Spouse of veteran who died from service-connected disability
- Unmarried surviving spouse of eligible veteran
VA Loan Application Process
1
Obtain Certificate of Eligibility (COE)
- Apply online through VA eBenefits portal
- Submit through your lender
- Apply by mail with Form 26-1880
2
Find a VA-Approved Lender
- Research VA-approved lenders
- Compare rates and terms
- Review lender experience with VA loans
3
Get Pre-Approved
- Submit financial documentation
- Credit check and review
- Receive pre-approval letter
4
House Hunting
- Find VA-approved properties
- Schedule VA appraisal
- Negotiate with seller
5
Closing Process
- Final loan approval
- Review closing documents
- Pay funding fee or submit exemption
Ready to Use Your VA Loan Benefits?
Our VA loan specialists can help you navigate the process and maximize your benefits.