VA Mortgage Loans
At People Driven Credit Union, we are honored to support those who have served our country by offering VA Mortgage Loans. These loans, backed by the Department of Veterans Affairs, provide benefits designed to make homeownership more accessible and affordable for veterans, active-duty service members, and eligible surviving spouses. A VA Mortgage Loan is a government-backed loan that provides significant advantages to eligible veterans, active-duty service members, and surviving spouses. These loans are designed to help you purchase, refinance, or improve a home with favorable terms and competitive interest rates.
VA Mortgage Loans, Membership and eligibility requirements apply, with approval subject to application, credit, and property considerations.
Benefits of a VA Mortgage Loan
No Down Payment: One of the most significant advantages of a VA loan is the ability to purchase a home with no down payment, making homeownership more accessible.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, which can save you hundreds of dollars each month.
Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans, helping you save money over the life of your loan.
Flexible Credit Requirements: VA loans are designed to accommodate a range of credit scores, making it easier for you to qualify.
Assumable Loan: VA loans can be transferred to a new buyer, which can be a significant selling point if you decide to move.
Closing Cost Limits: The VA loan program limits the amount you can be charged for closing costs, making the home-buying process more affordable.
Why Choose People Driven Credit Union for Your VA Loan?
At People Driven Credit Union, we are committed to honoring our veterans and active-duty service members by providing personalized service and tailored mortgage solutions. Our experienced mortgage specialists are here to guide you through the VA loan process and ensure you get the best possible terms.
Expert Guidance: Our mortgage specialists have extensive knowledge of VA loan requirements and will support you through every step of the application process.
Member Focused: As a member-owned credit union, we prioritize your best interests and strive to offer competitive rates and low fees.
Local Market Knowledge: We have a deep understanding of the local housing market and can offer valuable insights to help you make informed decisions.
How a VA Mortgage Loan works
A VA Mortgage Loan is a government-backed mortgage program. The VA does not lend money directly to most borrowers. Instead, the VA guarantees a portion of the loan, which can help approved lenders offer favorable mortgage options to eligible borrowers.
To use a VA-backed purchase loan, you generally need a valid Certificate of Eligibility, meet VA and lender credit and income standards, and plan to live in the home you are buying.
Best for
A VA Mortgage Loan may be a good fit for eligible borrowers who want to use their VA home loan benefit to buy or refinance a primary residence.
- Eligible Veterans
- Active-duty service members
- Eligible National Guard members and Reservists
- Eligible surviving spouses
- Borrowers who may qualify for no down payment
- Borrowers who want to avoid monthly PMI
- Homebuyers purchasing a primary residence
- Borrowers who may want to use their VA benefit more than once
Loan details
Here is a quick look at how a VA Mortgage Loan works.
| Feature | VA Mortgage Loan |
|---|---|
| Program type | Government-backed mortgage program through the U.S. Department of Veterans Affairs |
| Eligible borrowers | Eligible Veterans, service members, National Guard members, Reservists, and surviving spouses |
| Down payment | No down payment may be required for qualified borrowers with sufficient entitlement |
| Private mortgage insurance | No monthly PMI is required |
| Property use | Primary residence requirements apply |
| Certificate of Eligibility | A COE is used to show the lender that you may qualify based on service history or duty status |
| VA funding fee | A one-time VA funding fee may apply, unless the borrower is exempt |
| Loan use | Purchase and certain refinance options may be available |
| Approval | Subject to credit approval, property approval, income verification, VA program requirements, and underwriting requirements |
| Membership | Membership and eligibility requirements apply |
VA funding fee
Most VA-backed home loans include a one-time VA funding fee. This amount may be paid at closing or financed into the loan amount, depending on your loan details and approval requirements.
Some borrowers may be exempt from the VA funding fee, including certain Veterans receiving VA compensation for a service-connected disability. Your mortgage loan officer can help you review whether the VA funding fee may apply to your loan.
Certificate of Eligibility
A Certificate of Eligibility, or COE, helps show that you may qualify for a VA-backed home loan based on your service history or duty status.
You can request a COE through the VA, or your mortgage lender may be able to help request it during the mortgage process.
Primary residence requirements
VA Mortgage Loans are generally intended for homes you plan to live in as your primary residence. They are not designed for buying a vacation home or investment property.
Occupancy requirements can vary based on military status, deployment, timing, and loan details. A mortgage loan officer can help you understand how the primary residence requirement may apply to your situation.
What no down payment means
No down payment means qualified borrowers may be able to finance the full purchase price of an eligible home.
It does not mean there are no other homebuying costs. Buyers should still review closing costs, prepaid taxes, homeowners insurance, inspections, moving costs, and other expenses that may come with buying a home.
Your mortgage loan officer can help you estimate your monthly payment, cash needed to close, and whether a VA Mortgage Loan fits your budget.
VA Mortgage Loans vs. other mortgage options
A VA Mortgage Loan is one of several mortgage options available through People Driven Credit Union and Member First Mortgage. The right fit depends on your eligibility, property type, down payment, credit profile, income, and long-term plans.
| Mortgage Option | Best For | What to Know | Learn More |
|---|---|---|---|
| VA Mortgage Loan | Eligible Veterans, service members, and surviving spouses purchasing a primary residence | No down payment may be required, no monthly PMI is required, and a VA funding fee may apply. You’re viewing this option. | You’re viewing this option |
| RD/USDA Mortgage Loan | Eligible buyers purchasing a primary residence in a USDA-eligible rural or suburban area | Income limits, property eligibility, USDA program requirements, and underwriting guidelines apply. | View RD/USDA Mortgage Loans |
| FHA Mortgage Loan | Eligible borrowers who want a lower down payment and more flexible credit guidelines | FHA mortgage insurance premiums and FHA guidelines apply. | View FHA Mortgage Loans |
| HomeReady® Mortgage | Eligible borrowers who want a low down payment conventional mortgage option | Income limits, property requirements, and underwriting guidelines apply. | View HomeReady® Mortgage Loans |
| Home Possible® Mortgage | Eligible low-to-moderate income borrowers who want a low down payment conventional mortgage option | Income limits and property requirements apply. | View Home Possible® Mortgage Loans |
Meet Our Mortgage Loan Officer
Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.
Michelle Dzon
Member First Mortgage, LLC (MFM)michelle.dzon@memberfirstmortgage.com
Connect with Michelle
616-301-1714 | NMLS ID: #401292 | People Driven Credit Union NMLS ID: #776727
How to apply for a VA Mortgage Loan
You can start by requesting a personalized quote or applying online. A mortgage loan officer can help you review VA eligibility, request or verify your Certificate of Eligibility, compare mortgage options, and understand your estimated payment and cash needed to close.
- Request a personalized mortgage quote
- Review your VA loan eligibility
- Request or verify your Certificate of Eligibility
- Gather income, asset, service, and identification documents
- Submit your mortgage application for review
- Review your approved loan terms before moving forward
Documents you may need
When you apply for a mortgage, you may need documents that help verify your identity, income, assets, employment, military service eligibility, and insurance information.
- Driver’s license or state-issued ID
- Certificate of Eligibility, if already available
- Most recent 30 days of pay stubs
- Last 2 years of W-2 forms
- Last 2 years of federal tax returns, if requested
- Most recent 2 months of bank statements, including all pages
- Documentation for additional income sources, if used
- Contact information for your homeowner’s insurance agent, if applicable
Additional documentation may be requested based on your loan type, income, property, military service history, or financial situation.
Membership and mortgage eligibility
VA Mortgage Loans are available to qualifying People Driven Credit Union members. Membership is open to those who live, work, worship, or attend school in Michigan, plus relatives of current members.
A $5 Membership Share Savings deposit establishes membership. Membership and eligibility requirements apply. Mortgage approval is subject to credit approval, property approval, income verification, VA program requirements, and underwriting requirements.
People Driven Credit Union is an Equal Housing Opportunity Lender. NMLS #776727.
Frequently asked questions
Meet Our PDCU Mortgage Specialist
Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.
Michelle Dzon
Member First Mortgage
michelle.dzon@memberfirstmortgage.com
Connect with Michelle
616-301-1714 | NMLS ID: #401292
- No Down Payment: Purchase a home without needing a down payment.
- No Private Mortgage Insurance (PMI): Save on monthly costs as VA loans do not require PMI.
- Competitive Interest Rates: Enjoy lower interest rates compared to conventional loans.
- Flexible Credit Requirements: Qualify with a range of credit scores.
- Assumable Loan: Transfer the loan to a new buyer if you sell your home.
- Closing Cost Limits: Benefit from caps on closing costs charged by lenders.
Why You Can’t Use a VA Loan to Buy a Second Home
The VA loan program is designed to help eligible veterans, active-duty service members, and certain surviving spouses secure affordable financing for homes they plan to live in as their primary residence. While you cannot use a VA loan for a vacation home or rental property, there are exceptions where you may rent out a previously purchased VA-financed home after fulfilling occupancy requirements. However, you cannot use a VA loan to directly purchase a property with the sole intention of using it as an investment.Financing Options Other Than VA Loans for a Second Home
If you’re looking to purchase a second home or investment property, several mortgage alternatives are available. Conventional loans are a common option and typically require a higher credit score and larger down payment than primary residence loans, especially for investment properties. For those with significant home equity, a home equity loan or home equity line of credit (HELOC) can provide funds to purchase another property. Additionally, jumbo or Super Conforming loans may be suitable if you need to finance a high-value second home beyond conforming loan limits. Comparing these options with a mortgage professional at People Driven Credit Union can help you select the best financing solution based on your goals and financial situation.
Michelle Dzon
Member First Mortgage
michelle.dzon@memberfirstmortgage.com
616-301-1714 | NMLS ID: #401292
Private mortgage insurance, or PMI, is insurance that helps protect the lender if a borrower stops making payments on a conventional mortgage loan. PMI is typically required when your down payment is less than 20% of the home’s purchase price or original value.
When PMI is usually required
PMI is most commonly required on a conventional mortgage when you put less than 20% down. It increases the cost of the loan, but it may also help you qualify for a mortgage sooner if you do not have a larger down payment.
When PMI may be removed
In many cases, you can ask to remove PMI once your loan balance reaches 80% of the home’s original value and you meet the lender’s requirements. In general, PMI is automatically terminated when your loan balance is scheduled to reach 78% of the home’s original value, as long as your loan is current.
Need help?
If you have questions about PMI or your mortgage options, connect with a mortgage loan officer for personalized guidance.
An NMLS ID is a unique identification number assigned to mortgage loan originators and mortgage lending institutions through the Nationwide Multistate Licensing System & Registry. It helps identify the person or company handling your mortgage and supports transparency in the mortgage process.
Why it matters
An NMLS ID allows consumers to verify the identity and licensing information of a mortgage professional or lender. It can also help you confirm who you are working with when you review mortgage advertisements, emails, disclosures, and loan documents.
Where you may see it
You may see an NMLS ID on mortgage websites, marketing materials, email signatures, loan paperwork, and other mortgage-related communications. If you want to look up a mortgage professional or lender, you can search the NMLS Consumer Access website.
Need help?
If you have questions about an NMLS ID or want help identifying the mortgage professional working with you, call 844-700-7328 during business hours.
When you apply for a mortgage with People Driven Credit Union, you will generally need documents that help verify your identity, income, assets, employment, and insurance information. Having these items ready can help move your application along more smoothly.
Documents you may need for a PDCU mortgage application
- Copy of your driver’s license or state-issued ID, to verify your identity and legal name
- Last 2 years of W-2 forms, to review your employment history and income consistency
- Most recent 30 days of pay stubs, to confirm your current income
- Last 2 years of federal tax returns, including all schedules, to help review your full financial picture
- Most recent 2 months of bank statements, including all pages, to verify assets, down payment funds, and available reserves
- Contact information for your homeowner’s insurance agent, if applicable, to help prepare for closing and insurance requirements
Why these documents matter
These documents help People Driven Credit Union review your mortgage application and determine whether you meet program and underwriting requirements. Depending on your loan type or financial situation, additional documentation may also be requested.
Helpful tips
- Gather your documents before you start the application
- Make sure bank statements include every page
- Use clear scans or photos if you are uploading documents
- Be ready to provide additional information if requested
If you have questions about what to prepare or want help getting started, connect with a mortgage loan officer for additional guidance.
Disclosures
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Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Program availability is subject to change without notice. |
Available to all members using a conventional mortgage loan program on a purchase transaction with People Driven Credit Union in the State of Michigan. Not eligible on multi-unit properties, condos, townhomes, or manufactured houses. The Loan Example is current as of 9/9/2025 and based on a $200,000 loan amount with a conventional 30-year fixed rate term (360 monthly principal and interest payments of $1,231.43); 0% Down Payment; 6.25% Interest Rate with an Annual Percentage Rate (APR) of 6.465%. Rates quoted assume excellent borrower credit history. Payment example does not include taxes and insurance; the actual payment obligation will be higher. The cost of Private Mortgage Insurance (PMI) is waived as part of this promotion, to be paid by the Lender. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Member First Mortgage, LLC (MFM) is a partner of People Driven Credit Union. Michelle Dzon #401292, is authorized to act as agent of People Driven Credit Union (24333 Lahser Road, Southfield, MI 48033 | (248) 263.4100 | NMLS ID: 776727) and is authorized to represent Member First Mortgage, LLC, a licensed Mortgage Lender/Servicer (Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | (616) 538.1818 | NMLS ID: 149532). For licensing information, please visit www.nmlsconsumeraccess.org. Equal Housing Opportunity.
SAFE Act Compliance Testing:
We conduct annual independent testing of our mortgage compliance in accordance with the SAFE Act (Reg G) requirements.
All other trademarks are the property of their respective owners.
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People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727 |
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