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VA Loans Offer Opportunities for Veterans to Own a Home

Your Digital Home Advisors

by zac folsom

Kalamazoo VA Loans Can Help Veterans Achieve Their Dream of Homeownership

For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits.

Here are some things you should know about VA loans before you start the homebuying process.

What Are VA Loans?

VA home loans provide a pathway to homeownership for those who have served our nation. The U.S. Department of Veterans Affairs describes the program like this:


Top Benefits of the VA Home Loan Program

In addition to helping eligible buyers achieve their homeownership dreams, VA loans have several other great benefits for buyers who qualify. According to the Department of Veteran Affairs:

  • Qualified borrowers can often purchase a home with no down payment.
  • Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
  • VA-Backed Loans often offer competitive terms and mortgage interest rates.

A recent article from Veterans United sums up just how impactful this loan option can be:

John Bell, Acting Executive Director of the Department of Veterans Affairs Loan Guaranty Service, also explains why this program is so powerful:

“It provides early ownership for many people that would not have that opportunity to begin with. Since there’s no down payment, it allows people to hold their wealth and it gives them the ability to have long term financial security by being able to own a house and let that equity grow.”


Kalamazoo County, Michigan VA Loan Information

Purchasing real estate in Michigan is a dream for many folks, however, not every hopeful homebuyer has access the same loan program as the VA homemade loan. The VA loan’s 0-cash down benefit is a significant advantage for homeowners in the state of Michigan, with an average home value over $340,000.

How to get a VA Loan in Kalamazoo

VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs (VA). Because private lenders make the loans, not the VA, you need to find a lender licensed in the state you want to purchase or refinance.

Kalamazoo VA Loan Limits

As of January 1, 2020, Michigan recipients of VA loans will not be limited by VA loan limits in the state of Michigan. This means you can borrow as much as a lender is willing to lend, without needing to provide a down payment. Although veterans not covered by their VA loan entitlement are still subject to Michigan’s VA loan limits.

As of Jan 1, 2022, VA loan limits for all counties in Michigan are $647,200.

VA buyers in Michigan is property taxes

You may be eligible to receive a property tax exemption in Michigan if you meet one of the requirements listed below:

1. A disabled veteran holding a full exemption may receive an exemption if he or she is 100-percent disabled due to service.

2. The state gives a homestead tax credit and property tax reduction for military personnel.

Where to Go From Here

Homeownership is the American Dream. Our veterans sacrifice so much in service of our nation, and one way we can honor and thank them is to ensure they have the best information about the benefits of VA home loans. Thank you for your service.