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Home Loans

Home Loans

Since 1944, VA has backed more than 22 million home loans for veterans and their families, allowing them to become homeowners. VA provides a home loan guaranty benefit and other housing-related programs to help buy, build, repair, retain or adapt homes. VA Home Loans are provided by private lenders, such as banks and mortgage companies, and VA guarantees a portion of the loan, enabling the lender to provide more favorable terms. 
 
You can use a VA-guaranteed loan to buy your next home, either existing or pre-construction, or refinance an existing loan. Generally, you are eligible if you are a: 

  • Veteran who meets length of service requirements:
  • Service member on active duty who has served at least 90 continuous days;
  • Reservists and National Guard member (in certain cases); or 
  • Surviving spouse of a deceased veteran or MIA/POW service member (in certain cases).

In 2023, Michigan veterans received over $1.8M to help them purchase or refinance their homes.

Additional Loan Types

  • Energy Efficient Mortgage
  • Alteration and Repair Loan
  • Construction Loan
  • Farm Residence Loan

Advantages of a VA Home Loan 
A VA-guaranteed home loan offers many advantages, including: 

  • Equal opportunity for all qualified veterans to obtain a VA loan 
  • No down payment required by the VA (lander may require a downpayment)
  • Can be used multiple times
  • No need for private mortgage insurance (PMI)
  • No loan limit with full entitlement
  • One-time VA funding fee that can be included in the loan (Veterans receiving VA disability compensation are exempt from the VA funding fee)
  • Limited closing costs
  • Can be assumed by qualified persons
  • Minimum property requirements to ensure the property is safe, sanitary and sound 
  • VA loan technicians dedicated to assisting veterans in avoiding foreclosure 

Specially Adapted Housing (SAH) Grants

SHA grants are also available for veterans and servicemembers with a certain qualifying service-connected disabilities not covered by the SAH grants to buy, build, or change a permanent residence.

The grants are limited to $ 117,014 for FY 2024.

Special Home Adaption (SHA) Grants

SHA grants are also available for veterans and servicemembers with certain qualifying service-connected disabilities not covered by the SAH grants to buy, build, or change a permanent residence.

The grants are limited to $23,444 for FY 2024.

Temporary Residence Adaptation (TRA) Grants

TRA grants are available to individuals who qualify for a SAH or SHA grant and are temporarily living in a family member's home that needs to be adapted to help the veteran or servicemember. The veteran or servicemember does not need to own the residence.

FY 2024 TRA grants are limited to $47,130 for those who qualify for an SAH grant, and $8,415 for those who qualify for a SHA grant.

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