More Products, Better Service — NMLS #112844
A VA loan is a mortgage guaranteed by the United States Department of Veterans Affairs and issued by private lenders such as PierPoint Mortgage. The VA guarantee covers a portion of the loan, reducing the lender’s risk and allowing more favorable terms for eligible borrowers.
The most significant benefit of a VA loan is the ability to purchase a home with zero down payment. Combined with no private mortgage insurance requirement and typically lower interest rates than conventional financing, VA loans offer the most cost-effective path to homeownership for those who qualify.
VA loans are available for primary residences only, including single-family homes, condos in VA-approved complexes, and multi-unit properties up to four units where the borrower occupies one unit. Both purchase and refinance transactions are eligible, including the VA Interest Rate Reduction Refinance Loan (IRRRL) for streamlined rate reductions.
Active-duty members with 90 days of continuous service during wartime or 181 days during peacetime. Veterans must have served the minimum active duty period and received anything other than a dishonorable discharge.
A COE proves to lenders that you meet VA loan requirements. Apply online through the VA eBenefits portal, by mail, or let PierPoint Mortgage pull it on your behalf.
The VA does not set a minimum credit score, but most lenders require at least 580 to 620. PierPoint Mortgage works with borrowers across a range of credit profiles.
Stable income and a debt-to-income ratio at or below 41% is the VA guideline. Residual income, the amount left after all obligations, is also evaluated and must meet regional thresholds.
A one-time fee of 1.25% to 3.3% of the loan amount, depending on down payment and whether it is your first VA loan use. Disabled veterans and surviving spouses are exempt.
Unremarried surviving spouses of veterans who died in service or from a service-connected disability are eligible for VA loan benefits with no down payment and no funding fee.
Request your Certificate of Eligibility through the VA portal, your lender, or by mail. This document confirms your entitlement and is required before loan processing begins.
Submit income documentation, credit authorization, and your COE to PierPoint Mortgage. Your pre-approval letter establishes your purchasing power with sellers.
Work with your agent to locate eligible primary residences. The property must meet VA minimum property requirements for safety, structural soundness, and sanitation.
A VA-assigned appraiser evaluates the property to ensure it meets the VA minimum property requirements and that the purchase price aligns with fair market value.
Your PierPoint loan officer submits the complete file to underwriting for verification of income, assets, credit, and property eligibility.
Sign closing documents, pay the funding fee (which can be financed into the loan), and take ownership of your home with no down payment and no PMI.
Purchase a home with nothing down. No other major loan program offers 100% financing without income restrictions or geographic limitations.
VA loans never require PMI, saving borrowers $100 to $300 per month compared to conventional loans with less than 20% down.
VA loan rates are consistently 0.25% to 0.50% lower than comparable conventional rates because the government guarantee reduces lender risk.
The VA limits the types of closing costs veterans can be charged, and sellers can pay up to 4% of the sales price toward the buyer’s closing costs.
Veterans with full entitlement have no VA loan limit, meaning you can borrow whatever the lender approves without a down payment.
VA loan eligibility extends to active-duty service members, veterans, National Guard members, Reservists, and certain surviving spouses. The key factor is meeting the minimum service requirement, which varies based on when and how you served.
Veterans who served at least 90 consecutive days during wartime or 181 consecutive days during peacetime meet the basic service threshold. National Guard and Reserve members qualify after six years of service or 90 days of activation under Title 10 orders.
Surviving spouses of veterans who died in the line of duty or from a service-connected disability are also eligible, provided they have not remarried before age 57 or before December 16, 2003. Disabled veterans are exempt from the VA funding fee, making their loan costs even lower.
If you are unsure about your eligibility, PierPoint Mortgage can pull your Certificate of Eligibility at no cost during the pre-approval process.
No. VA loans offer 100% financing with zero down payment for borrowers with full entitlement. You may choose to put money down to reduce the funding fee or secure a lower interest rate, but it is not required.
The funding fee is a one-time charge that funds the VA loan program. First-time users with no down payment pay 2.15% of the loan amount. The fee decreases with larger down payments and increases slightly for subsequent uses. Disabled veterans and surviving spouses are exempt.
Yes. VA loan entitlement is reusable. Once you sell a home purchased with a VA loan and the previous loan is paid off, your full entitlement is restored. You can also have two VA loans simultaneously if you have remaining entitlement.
For veterans with full entitlement, there is no loan limit. For those with reduced entitlement from a previous VA loan still in use, county-level conforming loan limits apply to determine the maximum no-down-payment amount.
Yes. Unremarried surviving spouses of veterans who died in service or from a service-connected disability are fully eligible for VA home loan benefits, including zero down payment and no funding fee.
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Speak with an experienced PierPoint Mortgage loan officer today. We will help you find the right loan for your goals and guide you through every step of the process. Call (231) 737-9911 for a free consultation.
NMLS #112844 · Equal Housing Opportunity · No credit pull required to start
NMLS #112844
Refinance your existing mortgage to reduce your monthly payment.
Disclosure: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. PierPoint Mortgage, LLC • NMLS ID #112844 • nmlsconsumeraccess.org
3088 Sheffield St. STE BMuskegon, MI 49441
(231) 737-9911
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