Northville, MI (Law Firm Newswire) November 26, 2018 - Michigan’s military veterans should have an easier time buying homes after a recent regulatory change by the U.S. Dept. of Veterans Affairs (VA). The VA changed a procedural regulation that negatively impacted only Michigan veterans looking to buy a single-family home in the state.
“Our veterans have earned every advantage we can give them when it comes to buying a home, but the federal government made it overly difficult in Michigan,” veterans affairs attorney James G. Fausone said. “A lot of veterans lost out on homes they really wanted, but the VA finally fixed it.”
The VA previously slowed the process in Michigan due to how the state defined particular housing developments. The wording was such that the VA could not clearly determine whether an application for a VA home loan was for a condominium or a single family home. The confusion at times led the VA to delay approving home loan applications by four months or more.
The VA’s delay in approving mortgages for veterans meant many in Michigan were removed from the market. The delays caused sellers to accept offers from buyers with traditional financing. Despite qualifying for financing, the VA regulations created an obstacle for the very people its mortgage program is designed to help.
The VA’s new ruling clears the way for faster approvals and greater opportunities for Michigan veterans to buy homes.
Legal Help for Veterans, PLLC
41700 West Six Mile Road, Suite 101
Northville, MI 48168
Toll Free Phone: 800.693.4800