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.
A Michigan example
On a $285,000 home, a VA buyer can finance the full amount with zero down and no monthly mortgage insurance — a structural saving no conventional or FHA loan matches. A veteran with a service-connected disability rating pays no funding fee either.
Common questions
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