How to Get Approved for a VA Loan in Farmington Hills, MI
A VA loan can be an excellent mortgage option for veterans and active-duty military buyers when purchasing a home in Farmington Hills, MI. VA loans require no down payment and have competitive interest rates. Here’s an overview of VA loan qualifications and tips for getting approved:
Determine Your Eligibility
You must have served at least 90 days of active duty during wartime or 181+ days during peacetime. Veterans need a full, honorable discharge. Surviving spouses may also qualify. Minimum FICO scores range from 580-640 for VA approval depending on factors like down payment.
Understand the Loan Limits
For Farmington Hills, the standard VA conforming loan limit is $420,000. The limit goes up to $811,000 for higher-cost counties in metro Detroit. VA loans can be used to purchase existing homes, new construction, multi-family homes, and for refinancing.
Get Pre-Approved
Work with a lender that specializes in VA loans to get pre-approved. This helps you qualify for the 0% down payment benefit and determines your maximum loan amount. Be ready to document your military service.
Shop with a Realtor
Pre-approval letters hold weight when making offers in Farmington Hills’ competitive market. Realtors familiar with VA loans can help you submit strong offers within your qualified price range and loan limits.
Act Fast in this Market
The average home in Farmington Hills sells in under 20 days. Move quickly when you find the right home, and be ready to offer over listing price in multiple bid situations common in this hot market.
VA loans offer great benefits, but you must be proactive and work with experienced real estate and lending pros to win deals in Farmington Hills. Don’t hesitate to contact me if you need help getting approved for and securing the keys to your dream home using your VA benefits!
