Loan types
VA loan
A mortgage guaranteed by the Department of Veterans Affairs for eligible veterans and service members, offering zero down payment and no monthly mortgage insurance.
What does va loan mean?
For Michigan's roughly half a million veterans, the VA loan is usually the best deal available: no down payment, no monthly mortgage insurance, and typically the lowest rates of any loan type. In place of insurance, the VA charges a one-time funding fee — waived entirely for veterans with a service-connected disability rating. With full entitlement there's no loan limit. The one variable that matters most is lender experience: a Michigan loan officer who closes VA loans monthly handles the appraisal requirements far more smoothly than one who rarely does.
Common questions
Who qualifies for a VA loan?
Eligible veterans, active-duty service members, and many surviving spouses with a valid Certificate of Eligibility. Michigan has roughly half a million veterans who may qualify.
Is the VA funding fee ever waived?
Yes — veterans with a service-connected disability rating pay no funding fee, making an already-cheap loan cheaper still. Otherwise it's 2.15% first use with zero down.
Do VA loans have a limit in Michigan?
Not with full entitlement — you can borrow what you qualify for with zero down. Limits only return if part of your entitlement is tied up in another active VA loan.
Related terms