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Grand Traverse Region VA Housing Information
In Grand Traverse, Leelanau, Kalkaska, Benzie & Antrim Counties of Michigan, military veterans are utilizing their earned VA Home Loan entitlements. In the last 5-years, the use of VA guaranteed loans has steadily increased. According to the US Census Report of 2016, over 13,000 veterans living in the region; these numbers are expected to continue to climb in the foreseeable future.
 
The VA guaranteed loan is a no-money down payment entitlement earned by military veterans and active duty service personnel. With a no-money down system, veterans and active duty members are able to purchase homes that normally would be unavailable. Lenders write the loan with a guarantee from the VA regarding the security of the loan. In the last 5-years, veterans and active duty personnel using the VA loan in this area increased by 7%.
  
The Northern Great Lakes REALTORS Multiple Listing Service (MLS) shows an average sales price for a VA guaranteed loan in 2014 was $182,057. Today, the average sales price for a VA home loan is $217,184, an 8% increase. The main reasons for veterans using the VA loan, is not only the no-down payment option, but also the Private Mortgage Insurance (PMI) does not apply, competitive interest ... more

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