Through your sacrifices, active service members and veterans like you have earned access to special home financing called a VA Loan. Most buyers can only borrow a portion of the house’s appraised value. But since the VA guarantees a portion of the loan, you can borrow up to 100% of the value without Private Mortgage Insurance.
In Michigan, the maximum you can borrow is $417,000. The specific amount you can borrow is determined by your monthly salary, taxes, and other monthly debt payments. So if you qualify for a mortgage with a payment of $1,400 and have a car payment of $400 per month, your family must bring home $5,200 per month after taxes.
VA Loan First Use Fee
While there is no down payment required, there are some small fees. You will need to pay a one-time fee to obtain the loan, which ranges from 1.25% for 10+% down to 2.15% for zero money down. If you have service-related disabilities, or are the surviving spouse, you are exempt from this.