Home Loans with low interest rates and other advantages and perks. Did you know that upon purchasing a home veterans do not have to pay for the following:
- Attorney
- Underwriting
- Escrow
- Processing
- Document
- Tax Service
These fees (above), and others, are example of charges that the veteran is not allowed to pay. Even though the VA lender requires a processing and an underwriting fee in order to approve the VA loan, the veteran may not pay for these charges and any other fee deemed "non-allowable". Read more about this.
Wanting to refinance your home?
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a "Streamline" or a "VA to VA." Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase. An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).
A certificate of eligibility is not required. Your lender can use the VA’s e-mail confirmation procedure for interest rate reduction refinance instead of a certificate of eligibility. No appraisal or credit underwriting package is required by the VA. Take note that lenders may require a credit report and an updated appraisal. Read more about IRRRL facts list.
Tuition Grant & Tuition Programs
Michigan provides an annual undergraduate tuition grant of up to $2,800 for the eligible children of certain deceased military personnel or totally and permanently disabled veterans. In addition, the National Guard Association of Michigan (NGAM) provides scholarships for eligible members. These scholarship awards vary depending on the number of applications received. Plus, a growing number of Michigan universities and colleges offer tuition grants to members of the Michigan National Guard. For details, visit Michigan Veterans Education Benefits.
Jobs For Veterans
Known for hard-working, motivated, ethics, skilled, diverse, loyal, and exceptional potential, veterans are renown for these attributes. There is a coalition of companies and corporations that have employer preference status. This is simply seeking out available US veterans for employment and giving them employment opportunity. In return they get to help people that helped our country, a potentially terrific employee and tax credits!
State Of Michigan Employment Opportunities
Veterans' preference will be given to eligible veterans or their spouses for initial employment with the state of Michigan.
Outreach Programs
Michigan offers veterans a large array of employment services including disabled veterans outreach programs and the Shifting Heroes Program, a component of the Michigan Shifting Gears Program which is a career-transition program for seasoned mid- and late-career professional talent going through, or preparing to go through, a career transition scenario.
- The private sector regularly taps into the largest pool of cleared active security clearance workers which is the military veterans. Veterans who leave the service with an active clearance are like gold to security firms, law enforcement and intelligence organizations, high-tech and software companies, state and federal government agencies and defense contractors, including several recognizable companies like Raytheon, Northrop Grumman, Boeing, and Lockheed Martin. This limited pool of available workers means employees with a clearance can demand a higher premium and enjoy job security that employees in general don’t have these days.
- Companies tap into this reliable source.
- Cuts out this competition.
About VA Benefits
Michigan ranks as one of the five states that has the lowest federal spending per veteran! Veterans' benefits can include health care, monthly disability checks, life insurance, home loans and education through the GI bill. Only 22% of Michigan's estimated 660,800 veterans used their health benefits. Approximately 13% of Michigan veterans received disability checks, according to federal data!
You served, so let the VA serve you and seek out the most benefits that you may qualify. There are veteran programs that are not advertised and that can go undetected unless they are sought out. These benefits can add up to a substantial monetary benefit to both you and your family, increasing your well being and quality of your life. Military pay is not taxed. Military retirement benefits in Michigan may be tax-free depending upon your age, filing status, income from other resources, and other pensions.
If you were denied any VA Benefits, you can appeal. An attorney is usually your best option going through the appeal process and prevail. This page has a few of the VA Benefits attainable.
Disability Compensation
This benefit is a tax free monetary benefit paid to veterans with disabilities that are the result of a disease or injury incurred or aggravated during active military service. Compensation may also be paid for post-service disabilities that are considered related or secondary to disabilities occurring in service and for disabilities presumed to be related to circumstances of military service, even though they may arise after service. Generally, the degrees of disability specified are also designed to compensate for considerable loss of working time from various types of illnesses and health conditions.
Dependency and Indemnity Compensation (DIC) is a tax free monetary benefit generally payable to a surviving spouse, child, or parent of Service members who died while on active duty, active duty for training, or inactive duty training or survivors of Veterans who died from their service-connected disabilities. DIC for parents is an income based benefit.
Special Monthly Compensation (SMC) is an additional tax-free benefit that can be paid to veterans, their spouses, surviving spouses and parents. For veterans, Special Monthly Compensation is a higher rate of compensation paid due to special circumstances such as the need of aid and attendance by another person or a specific disability, for example: The loss of use of one hand or leg. For spouses and surviving spouses, this benefit is commonly referred to as aid and attendance and is paid based on the need of aid and attendance by another person.
ESTATE PLANNING PROBATE
TRUSTS WILLS ELDER LAW
GUARDIANSHIP Conservatorship
POWERS OF ATTORNEY Crisis Planning
MEDICAID PLANNING Insurance Issues
VETERAN / VA BENEFITS
Aid & Attendance Benefits
Michigan Veterans Trust Fund
The Michigan Veterans Trust Fund is a financial grant to assist wartime veterans when an unforeseen situation has caused a temporary financial emergency or hardship.
If you are facing temporary financial issues and require assistance with utility bills, vehicle or home repairs, medical bills or other debts, please contact the MVAA at 800-MICH-VET (800-642-4838) or fill out form EMERGENCY ASSISTANCE FORM (See button link above.)
Life Insurance
Life insurance is an important benefit for serviceman, veterans, and their families. The VA provides life changing valuable life insurance benefits to veteran families protected and secure. Currently the norm in many cases are $400,000 per serviceman. VA’s life insurance programs are an important way to provide financial security for your family given the high risks involved in military service. Read more about this.