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Showing 2 va loan specialists in Ferndale, MI
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David Wechsler @ The Mortgage Consultant
1603 E 9 Mile Rd, Ferndale, MI 48220
2485143489
Michigan VA Mortgages
1935 Burdette St, Ferndale, MI 48220
3133673894
What Does a VA Loan Specialist in Ferndale Cost?
Typical costs for a VA loan specialist in Michigan include an origination fee of up to 1 percent of the loan amount and third party costs like appraisal fees which range from 500 to 700 dollars. Closing costs in Michigan average 2 to 5 percent of the purchase price but sellers can pay some of these costs. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a VA loan in Ferndale Michigan?
To qualify for a VA loan in Ferndale you must meet service requirements set by the US Department of Veterans Affairs. Generally this means 90 days of active service during wartime or 181 days during peacetime. National Guard and Reserve members may also qualify after six years of service.
Does Michigan have any special rules for VA loan funding fees?
Yes Michigan follows federal VA guidelines for funding fees which range from 1.4 percent to 3.6 percent of the loan amount depending on your down payment and whether it is your first use. Disabled veterans are exempt from the funding fee. Michigan does not add state-specific fees to VA loans.
Can I use a VA loan for a condo in Ferndale?
Yes you can use a VA loan for a condo in Ferndale but the property must be on the VA approved condo list. Many condos in Ferndale are approved. Your VA loan specialist can verify the property status before you make an offer.