The Michigan VA loan provides various benefits compared to conventional loans, concerning mortgage insurance eligibility as well as down payments.

The United States government initiated Department of Veterans Affairs (VA) created this program to guarantee loans to veterans and military service members. The VA Michigan Loans assist applicable military residents to purchase homes in Michigan. Not only does this loan help save costs when purchasing property, but also provides the home buyer with added flexibility in payments.

e-Finance Mortgage LLC provides benefits of VA Loans to veterans in Michigan. We also offer this loan to active service members. Home buyers can purchase the home of their dreams by the various benefits of our VA Loan service:

  • Complete financing in property purchases (sale price not surpassing appraised value)
  • Qualification for up to $424,100 of loan amount (varying with counties)
  • No PMI (Private Mortgage Insurance)
  • Pre-payment without any penalties
  • Closing costs are limited (According to Michigan’s VA regulation)
  • Loans financed by funding fees (Up to 3.3%)

In addition to these benefits, e-Finance also provides flexibility of Michigan VA Loans with regard to credit score. Most lenders require a standard credit score of 620 from their lenders. We however, comply with slightly varying credit scores under special circumstances.

This loan strictly applies only to veterans of war and individuals who actively serve the United States military. Veterans in Michigan should meet minimum requirements of service before they apply for the VA loan.

Currently serving military members who have been active 6 months of peacetime can also apply for VA loans. National Guard and reserve members in Michigan can apply after serving for 6 years.

Regardless of their service status, applicants for Michigan VA loan must possess a Certificate of Eligibility (COE). If you do not own one e-Finance Mortgage LLC can assist in processing one while you apply for the loan itself.

Other requirements for the Michigan VA loan include:

Information on checking and savings account

  • W-2 statements
  • Recent pay statements,
  • Income verification documentation
  • Proof that you can repay the requested loan sum

Veterans and other military members in Michigan with existing VA loans can apply for additional cash (providing a relevant purpose for refinancing) via Cash-out Refinance. Applicable individuals can also take advantage of low market rates to reduce their monthly payment by opting for the Interest Rate Reduction Refinance Loan (IRRL), also known as streamline refinance loan.

At e-Finance Mortgage LLC, our goal is to help the many veterans throughout Michigan with their VA loan needs. For more information or for any questions you may have on Michigan VA loans, contact e-Finance Mortgage LLC today.