VA Loans

Ramzi Faraj - Mortgage Lender proudly offers mortgage loan products for active-duty military and veterans in Michigan. 

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most U.S. service members. VA loans offer a loan guaranty benefit to help eligible veteran borrowers refinance or buy a home. VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down.

To check your eligibility for a VA Loan, call us at 248-613-9044

Basic VA Home Loan Requirements

What can a VA loan be used to buy?: Primary residences.

Maximum Loan Amount: Maximum Loan Amount: $766,550 for a single family home in MOST counties in Michigan. *2024 limits.

Down Payment Requirement: 0% of the purchase price.

Available Loan Terms: 15 and 30 year fixed mortgages.

Is Monthly Mortgage Insurance Required?: No. This is a great advantage of VA Loans.

Are there Property Eligibility Requirements: Yes. A home’s general condition is considered during a VA appraisal. VA Minimum Property Requirements or “MPR” are an important part of the VA loan process. One of our VA Loan Specialists can provide the current standards provided by the U.S. Department of Veterans Affairs.

Income Eligibility Requirements: 
No minimum or maximum income limits but you are expected to have a stable, reliable income that can cover your monthly expenses, including the new mortgage payment. You will also be required to meet VA’s residual income requirements and Ramzi Faraj - Mortgage Lender will handle checking this out for you. 

Maximum Debt to Income Ratio: Contact a VA Loan Specialist at 248-613-9044 for the most up-to-date information on the debt to income ratios.

Are Seller Paid Closing Costs allowed: Yes. For a VA Loan, the seller may pay up to 4% of the purchase price towards closing costs.

Are gift funds allowed?: Yes. For VA Loans, a borrower may receive unlimited gift funds for a primary residence purchase.

Advantages of a VA Home Loan

  • You can buy a home with no money down.
  • You can refinance for up to 100% of the value of your home.
  • You never have to pay PMI (Private Mortgage Insurance).
  • Sellers can pay your closing costs.
  • VA Loans are usually easier to qualify for because the Government insures the loan so that there is much less risk to the lender.
  • If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
  • Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.
  • If you are active duty you may be able to live almost for free, because many times your allotted BAH can cover the mortgage payment. Therefore, you live almost for free while enjoying the tax benefits of homeownership.

Get Pre-approved for a VA Mortgage Today

Ramzi Faraj - Mortgage Lender specializes in VA loans.  We love helping to guide veterans through each step of the VA home loan process.  

Contact Our Team today to get started on your VA pre-approval!

Or start your pre-approval online here

Citizens State Bank 32500 Woodward Avenue, Royal Oak, MI 48073
Citizens State Bank
NMLS ID 729779
Ramzi Faraj
VP, Consumer Lending Manager
NMLS #162269
Phone: 248-613-9044

Office Address:
32500 Woodward Avenue
Royal Oak, MI 48073

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