VA Home Loans Michigan

VA home loans in Michigan have made the dream of home ownership possible for thousands of people over the years. The experts with Gem Home Loans could do the same for you. We’ve helped many prospective homebuyers secure VA loans, and we can walk you through the process to make it as easy as possible.

Unfortunately, there are a lot of mortgage brokers who have certain agendas. They may know full well that a VA loan would be your best option, but they might try to steer you in another direction. They might try to convince you that a different kind of loan is actually the best way to go – even if it isn’t. The only reason they’ll do this is because that other loan will make them a huge commission.

We’ve seen how those types of mortgage companies work, and, frankly, we hate that approach. That’s actually one of the main reasons we started Gem Home Loans in the first place. When you work with us, you can rest assured we’ll always do what’s best for you and your family – not our profit margin.

The Basics of VA Home Loans

There are a lot of people assume that VA home loans come directly from the VA (the US Department of Veterans Affairs), but they don’t. The VA backs the loans, but the money comes from a lender, just like about every other type of home loan. Basically, the VA will pay the lender if the borrower defaults on the loan for whatever reason.

This is the biggest difference between VA loans and so-called “conventional” loans. The VA is providing a layer of protection to lenders that conventional loans don’t provide. As a result, lenders are more willing to approve VA loans, even when clients don’t have really high credit scores.

Qualifying for a VA loan isn’t that straightforward, however. In order for you to qualify, the VA has to provide you with a certificate of eligibility. How do you get one? You’ll need to fit into one of these categories:

• You’re either in the US military, or you’ve previously served. Keep in mind, though, there are specific requirements in regard to service time. A Gem Home Loans representative can give you more details, but, in general, you need to have served for 90 straight days during wartime. If you served during peacetime, you must have at least 181 consecutive days of service.

• You belong to the Reserves or the National Guard.

• Your wife or husband was a veteran and they are deceased.

The Benefits

If you do qualify for a VA home loan, the benefits are incredible. There won’t be any limit on the amount of money you can borrow, as long as the lender is willing to lend that amount. Also, in most cases, you won’t need to put anything down. The only exception will be if you’re trying to get into a home that costs more than its appraised value. Finally, you won’t have to pay PMI, or private mortgage insurance. That feature alone could save you thousands of dollars over the life of the loan.

If you have any questions about VA home loans in Michigan, the experts with Gem Home Loans will be more than happy to answer them. Just contact us online or call (248) 780-1030.