Lenders working with Sable Homes now have a new option for their clients who are military veterans and qualify for Veterans Affairs (VA) loans.
On Tuesday, May 29, the VA ruled to give military veterans in Michigan full access to affordable financing on any home they wish to purchase, such as those within Sable’s Country Meadows, Paris Ridge, Ridge Water, River Hills and Crowning Acres developments. Until now, Michigan veterans were not eligible to purchase a home with their earned VA benefit due to specific financing wording for single family homes.
Previously, single-family homes in site condo developments in Michigan were characterized as “condos” when processed through the VA. This resulted in additional reviews and delayed financing for veterans purchasing a home, sometimes disqualifying them from their purchase. Now, the VA will consider site condominiums just the same as any other single-family home.
“We commend the VA for revising the financing rules for Michigan military veterans and clearing this housing hurdle for them,” said Sable Homes President John Bitely. “We are grateful for the selfless commitment and dedication our veterans gave to our country. It’s time they are allowed their full VA benefits when purchasing a home here in Michigan.”
The new change for Michigan veterans was led by a staunch effort by the Home Builders Association of Michigan and State Rep. Jack Bergman.
As a former U.S. Navy aviation mechanic, Sable Homes General Manager Bryan Burnham, knows how invaluable this new change will be for fellow Michigan veterans. Burnham, who served in the Navy for five years, used the VA loan twice – once as a first-time homeowner when stationed in Virginia Beach in 2011, and again on his current house in Grand Rapids in 2015.
“This new ruling will provide some financial relief for many of our military veterans,” he said. “I’m looking forward to working with our area lenders in helping Michigan’s service men and women purchase any home of their choosing.”