Michigan VA home loans allows Veterans that are first time home buyers and current homeowners to purchase their new home with ZERO down payment. VA loans are one of the best options for Veterans looking to have the lowest amount of money out of pocket and keep the monthly payment low.
VA Home Loan Features
No down payment.
Seller can pay up to 6% of the sale price towards your closing costs.
VA Funding Fee (financed into loan, varies from 2.300% to 3.600% depending if you have utilized your benefit in the past). Disabled Veterans may be exempt.
No monthly mortgage insurance (PMI).
Only eligible Veterans qualify.
No geographic restrictions.
Credit score minimum of 600
No previous mortgage loan late payment in the past 24 months.
No foreclosure in the past 36 months. Must have rebuilt credit.
No bankruptcies in the past 24 months. Must have rebuilt credit.
All court ordered judgments MUST be satisfied or have a satisfactory payment history.