If you are buying a home in Michigan or Florida as a veteran, active duty service member, or eligible surviving spouse, you can apply for a zero down VA mortgage.
What is a VA Loan?
A VA mortgage is a home loan guaranteed by the US Department of Veterans Affairs.
With the VA backing your mortgage, it is less risky than a conventional mortgage for your lender. This is what makes the excellent benefits of VA mortgages possible.
Benefits of VA Mortgages in Jacksonville, FL and Rochester Hills, MI
- You can purchase a home with a VA mortgage without making a down payment.
- Instead of waiting to buy a home until you have saved up enough for the down payment, you can move into a home right away.
- Even if your credit score is not perfect, a VA home loan can feature competitive interest rates.
- Whether you make a down payment or not, you do not have to pay for PMI or MIP with this type of home loan.
- Adding to the affordability of VA mortgages is the cap on the closing costs.
- You do not need an appraisal if you are using a VA mortgage to refinance unless discount points are charged.
- The funding fee can be waived for eligible disabled veterans.
Do You Qualify for a VA Loan in Florida or Michigan?
You may qualify for a VA mortgage if you are in one of these categories:
- A veteran
- An active-duty service member
- An eligible surviving spouse
Every military branch is accepted. You can apply if you were in the National Guard or Reserve as well, but you must have been activated.
You must turn your loan application in with a Certificate of Eligibility (COE). You do not need to do anything to obtain this form, since our team will do it on your behalf.
Your credit score, DTI ratio, and employment history will be assessed as part of the application process as well.
Another factor that is involved in qualifying for a VA mortgage is your service record. For any given era of duty, there is a minimum requirement you must meet.
90 days of active duty wartime service or 181 days of continuous active duty peacetime service are standard for most duty eras.
Just as we can get your COE for you, we also can determine whether you meet the service requirement.
Apply Now for a VA Mortgage Nationwide
Ascend Mortgage has offices in Jacksonville, FL and Rochester Hills, MI. Please give us a call today at (248) 775-1275 to schedule your consultation. Let’s get you into your home with zero down and no PMI.