Getting to Know VA Loans in Michigan

Marc Edelstein connects Active Duty Military Members and Veterans with lending options that meet their specific needs. One of the products we offer is the government backed VA Guaranteed Home Loan (VA), that is insured by the United States Department of Veterans Affairs. The VA Home Loan is a unique mortgage option that has a wealth of benefits for our Active Duty Military Members and Veterans. This loan can help potential Active Duty Military and Veteran homebuyers purchase a property where they otherwise might not qualify for a conventional mortgage. Marc Edelstein helps his clients in Walled Lake, Sterling Heights, Troy, Canton, and the whole state of Michigan. Contact Marc Edelstein today to schedule a consultation to learn more information about VA Home Loans in Michigan.

The VA Home Loan was created to help support Active Duty Military and Veteran homebuyers purchase a property and protect lenders in case they were to default on their mortgage. The VA does not provide the loan but guarantees the loan after it closes. The guaranty means the lender is protected against loss if the Active Duty Military Member or Veteran are unable to repay the loan. With the guaranteed VA loan our lending partners have encourage us to accept more VA Home Loan applications, to help as many Active Duty Military Members and Veterans as we can. Marc Edelstein provides competitive VA rates.

A Brief History…

VA Home Loan was first created through the Servicemen’s Readjustment Act of 1944, right after WWII came to an end, for Active Duty Military Members only. The Veterans Housing Benefits Improvement Act of 1978 increased the home loan benefit to millions of American Veterans, removing the active duty requirement. In 1992, the VA home loan benefit was amended with the enactment of Veteran Home Loan Program Amendments, to include Reservist and National Guard Members. In October 2012, the VA announced it had guaranteed its 20 millionth loan.

Who Can Get a VA Loan in Michigan?

The VA Loan was created for Active Duty Military Members, Veterans, and their families looking to purchase a home. The VA Loan assists Active Duty Military Members and Veterans with affordable terms and a zero-down payment option.

Some candidates for an VA Loan in Michigan include:

• Active Duty Military Members with at least 90 days’ continuous active duty
• Active Reservists and National Guard Members with at least 6 years’ service
• Honorably Discharged Reservist and National Guard Members with at least 6 years’ service. Those who completed less than 6 years’ service may be eligible if discharged for a service-connected disability
• Veteran Military Members who served during wartime, with at least 90 days of continuous active duty and were honorably discharged. Less if discharged for a service connected disability
• Veteran Military Members who served during peacetime, with at least 181 days of continuous active duty and were honorably discharged. Less if discharged for a service connected disability
• An un-remarried spouse of a Veteran who died while in service or from a service connected disability
• A spouse of a Servicemember who is missing in action

How Do I Find Out if I am Eligible?

To find out if you are eligible for a VA home loan, you will need to obtain your Certificate of Eligibility (COE) from the VA. You can obtain yours by going to the e-benefits page on the VA’s website using this link.

FYI – You will need information from your DD-214, when applying online for your COE, please make sure it is handy.

Benefits of the VA Home Loan!

• No Down Payment Required, up to $453,100 Purchase Price
• No Monthly Mortgage Insurance Premiums
• Sellers may contribute to the buyer’s closing costs
• Existing, modular, or new construction home are eligible
• No pre-payment penalties
• Mortgages are assumable by other Veterans
• VA Home Loan Benefit can be used subsequent times
• Multiple VA Home Loans are Allowed
• Gift Funds are Allowed
• If the Veteran is deemed 100% Disabled, by the VA, they are exempt from paying property taxes in most States, check yours to be sure

Working with a Qualified Lender

Choosing to work with Marc Edelstein of Ross Mortgage can help the homebuying process go smoothly. With over 17 years of experience Marc Edelstein knows how to match each client with the right loan that works for them. Marc Edelstein can help you get pre-approved for a VA Loan which will give you leisure to focus on the actual home search! To learn more about VA Loans in Walled Lake, Sterling Heights, Troy, Canton and the whole state of Michigan contact Marc Edelstein today.