The housing bubble is now almost spent since it began in 2008 and what better way to celebrate this improvement than by applying for your first VA loan Michigan! Not only can you finance your mortgage, but you can refinance it later to suit the reigning market rates.
Kick-start the Qualification Process Now
The preliminary stage of attaining your dream residence is to pre-qualify, which basically entails visiting a loan expert to learn about your credit score and guaranty limits in your county. Most important of all, you need to submit your Certificate of Eligibility (COE).
VA Loans Center is a willing partner in acquiring and processing your COE, which essentially verifies your tenure in the military as follows.
- It confirms that you have served for 90 continuous days in war time, or 181 days in peacetime.
- It shows that National Reserves’ members seeking a VA loan Michigan have been in service for at least six years.
- Finally, the certificate confirms that your military service has been free of any dishonorable acts.
Frequently Asked Questions About Financing
VA loans Center has all your questions about the VA loan MI straightened out, based on the numerous entries we receive concerning financing. Here are a few:
Q: Can I apply for a loan without paying a single dime in upfront?
A: Yes you can. The only major upfront charge is the Funding Fee. Fit veterans can opt to roll this charge into the principal, whereas disabled ex-servicemen can get a payment relief of the same. We can help you coerce the retailer to pay up to 6% of the closing fees of your VA loan MI.
Q: Can I relocate to Michigan and still qualify?
A: Yes. As long as you are a US citizen and have discharge papers that show you have served the Federal Union with no taint of dishonor, you can settle anywhere and still qualify. More so, certain non-US citizens who fought for the Allied cause in World War II are also eligible.
Q: Do I need to be a first-time buyer?
A: Not necessarily. VA loan Michigan does not put a cap on the number of times one has applied for the mortgage. You can reuse the program and even refinance it. However, first-time applicants have to provide original papers, such as, the home appraisal report which may also serve in latter application stages.
With an Interest Rate Reduction Loan (IRRL), you can do many beneficial changes to your mortgage. Here are some of the major questions we receive from our clients relating to their existing VA loan MI.
Q: Is it possible to refinance to longer amortization?
A: Yes it is possible to use IRRRL to extend your maturity period, though this option attracts a higher interest rate.
Q: What is the major benefit of refinancing?
A: You can enjoy extremely low rates at existing market conditions and even use the Cash-out option to tap into your home’s equity.
The ball is in your hands now. Contact VA loans Center to talk to an experienced loan specialist.