Explore VA home loan options, eligibility guidance, and local housing insights for veterans and active duty service members in Michigan.
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Last reviewed: April 2026
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A VA loan is a mortgage made by a private lender and partly guaranteed by the U.S. Department of Veterans Affairs. Veterans, active duty service members, National Guard and Reserve members, and some surviving spouses may be eligible if they meet VA service requirements; a Certificate of Eligibility (COE) confirms your entitlement. VA loans have no monthly mortgage insurance, and VA limits some of the closing costs you can be charged. Loan approval is up to your lender.
VA doesn't set a maximum loan amount. If you have full entitlement, there's no VA county loan limit, and $0 down is possible, subject to lender approval. Your lender decides how much you can borrow based on your income, credit and the VA appraisal. If you have reduced entitlement (for example, if entitlement from a prior VA loan hasn't been restored), the county loan limit affects how much you can borrow with $0 down, and your lender may require a down payment above that amount.
With full entitlement, $0 down is possible with no VA county loan limit, subject to lender approval. With reduced entitlement, county loan limits affect how much you can borrow with $0 down, so a down payment may be needed on a larger loan. A VA funding fee applies unless you're exempt.
The VA funding fee is a one-time fee paid to VA that helps lower the program's cost to taxpayers. On a purchase loan it depends on your down payment and whether you've used a VA loan before: 2.15% for first use or 3.3% for later use with less than 5% down, 1.5% with 5% or more down, and 1.25% with 10% or more down. A VA IRRRL is 0.5%. Some borrowers don't pay it, such as veterans receiving VA disability compensation; your COE shows whether you're exempt. The fee can be financed into the loan.
Yes. You can use your VA home loan benefit more than once. If you sell the home and pay off the VA loan, you can ask VA to restore your entitlement. If you pay off the loan and keep the home, you may be able to request a one-time restoration. If you still have remaining entitlement, you may be able to have more than one VA loan at the same time, subject to lender approval. Your COE shows your available entitlement.
Timelines vary with the property, the VA appraisal, how quickly documents come in, and your lender's process. Your loan officer can give you a timeline estimate for your loan.