Michigan's VA Loan Specialists
We understand the guidelines, anticipate what's ahead, and take the time to structure every VA loan with your best interest in mind.
Why Choose First Equity for your VA Home Loan
For more than 30 years, First Equity has guided Michigan veterans, active duty service members, and surviving spouses through the VA loan process, from confirming eligibility and securing a Certificate of Eligibility to closing on time with confidence.
Deep VA Expertise - We work with VA loans every day. We understand the guidelines, the funding fee structure, and the underwriting nuances that come with VA financing, and we use that knowledge to find every advantage you're entitled to and avoid the delays.
We Advocate for the Benefits You've Earned - You've earned your VA benefits through service. Depending on your eligibility, you may qualify for no down payment, no monthly mortgage insurance, and an exemption from the VA funding fee. First Equity reviews your full situation to make sure you receive every benefit you qualify for.
VA Home Loan Benefits
NO PRIVATE MORTGAGE INSURANCE (PMI)
NO PREPAYMENT PENALTY
NO DOWN PAYMENT REQUIRED
FLEXIBLE CREDIT REQUIREMENTS
COMPETITIVE INTEREST RATES
LIMITS ON CLOSING COSTS
Who Qualifies for a VA Loan?
VA loan eligibility comes down to four factors: military service, credit, income, and the property itself. Every veteran's situation is different, and understanding VA loan requirements upfront is the best way to know exactly where you stand before you start house hunting.
VA Refinance Loans
Low down payment loans (3.5%) with easier qualifying requirements.
VA Constructions Loans
VA loans are available to build a new home up to 100% of appraised value. No mortgage insurance and low VA rates apply.
VA Renovation Loans
Finance a home purchase or refinance, and include eligible renovations in the same loan, up to 100% of the improved value.
VA Purchase Loans
Standard VA purchase loans which require no down payment and have no PMI. They also carry lower interest rates than conventional loans.
VA Home Loans Frequently Asked Questions
How large of a VA loan can I qualify for?
VA loans can be used to finance homes up to $2,000,000, but the amount a borrower qualifies for depends on several factors: VA entitlement, income, existing debts, and credit history. Because every borrower's situation is different, the qualifying amount varies from person to person. The most accurate way to find out how much you will qualify for is to talk with a loan officer who understands VA guidelines and can walk you through the numbers directly. Call us, and we'll help you find out where you stand.
Can I have more than one VA loan?
Yes. VA guidelines allow veterans to hold more than one VA loan at the same time, as long as you have remaining entitlement and your income and debts support the additional payment. This comes up most often when a veteran is relocating with a permanent change of station, keeping a current home as a rental, or has paid off a prior VA loan and wants to use their benefit again. Since eligibility and qualifying amounts vary by situation, give us a call and we'll walk through your specific entitlement and what you qualify for.
Do VA loans take longer to close?
No. With an experienced VA loan officer, VA loans close in the same timeframe as conventional loans. At First Equity, the standard timeline from application to closing is 30 days. The idea that VA loans take longer usually comes from lenders who don't handle them regularly and aren't as familiar with the process. Working with someone who closes VA loans routinely keeps your timeline on track.
Is the seller required to pay my closing costs?
No. Sellers aren't required to cover any of your closing costs, but it can be negotiated as part of your purchase offer. VA loans do allow the seller to pay all of the buyer's loan-related closing costs if that's agreed upon in the negotiation. It's also worth knowing that some lenders tack on additional charges to a VA transaction. First Equity doesn't, which keeps your closing costs lower and the process simpler.
Legal Disclosure*: 30 year fixed rate VA loan- Interest rate 6.25% APR is 6.27%. Loan amount of $250,000 with no points and no junk fees. Assumes exempt from VA funding fee. Monthly principal and interest payment is $1,539.29 and you will also pay 1/12 of property taxes and homeowners insurance with the monthly payment. Assumes 100% loan to value (0% down payment). VA loans are only available to qualifying veterans and their surviving spouses. (As of 01/09/2024. Rates subject to change.)