MARQUETTE — The Home Builders Association of Michigan (HBAM) have announced a ruling on May 29th from the United States Department of Veterans Affairs (VA) who have officially cleared the way for military veterans in Michigan to have full access to affordable financing on all types of homes.
Several factors in Michigan’s housing market have meant that veterans have been forced to use conventional financing when purchasing a single-family home in the state. This is due to the VA interpreting single family homes in site condominium developments within Michigan as “condos” in their processing protocols.
This created additional reviews that delayed and often eliminated VA financing for these certain homes. But that has changed and veterans are now getting more opportunities in housing.
“The VA has sent a directive out throughout Michigan and to all of the lenders to their offices,” said Senior Officer Home Builder Association of Michigan, L.R. Swadley. “Explaining that site-condominium’s are the same as any other lot in any other state in the United States and should be treated that way. This is a great victory for veterans in Michigan. Our veterans deserve all the help we can give them.”
State Representative Jason Wentworth (R-Clare) and Congressman Jack Bergman (R-Michigan) were able to work with the Home Builders Association of Michigan and Chemical Bank, the largest Michigan-based bank, to find the solution.