Mortgage Company East Lansing, Michigan

There’s no mortgage company that serves East Lansing, Michigan like Gem Home Loans. You might have felt intimidated working with one in the past, or you found that it didn’t quite meet your needs. There’s even a chance that the mortgage company stuck you with a loan that wasn’t right for you – and you paid the price for years afterward. Gem Home Loans won’t ever put you in that kind of a situation. We’ve seen how others work, and we can’t stand that approach.

Should You Pursue a VA Loan?

The VA (Veterans Administration) home loan program is incredibly popular, and has been since it first started way back in the 1940s. Millions of people have used the program to get into homes that otherwise might have been out of reach.

As great as this program may be, it’s not for everyone – in fact, it’s extremely hard to qualify, as you’ll soon see. But if you are eligible, here are just a few of the many, many benefits you’ll enjoy.

• PMI (private mortgage insurance) doesn’t exist when it comes to a VA loan. If you’re at all unsure whether or not you qualify, it’s worth looking into just for this reason alone. When you get a conventional loan, you have to pay PMI – and, over the life of the loan, that can easily reach into the thousands of dollars – maybe even the tens of thousands.
• You can get a VA loan without needing a fantastic credit score. With a conventional loan, if you don’t have a good score you’ll find really hard to get approved. If you’re looking for a loan that has a low interest rate, you might find it impossible to do so. Talk to a Gem Home Loans professional for more information.
• Probably the most important thing for most borrowers is that they don’t have to pay a dime toward a down payment with a VA loan. There are some loans where you have to pay a whopping 20 percent down. Many others will require you to put down at least 3 percent, often times 10 percent.

Qualification

This is where things can get difficult when it comes to trying to get a VA loan. It’s a great loan for sure – but it’s also extremely hard to get. You’d assume that anyone who has ever served in the military would be eligible, but that’s not the case. You’ll need to fall into one of the following categories just to have a chance to qualify.

• You served for a certain amount of time in the military before you retired.
• You’re active military, and you’ve served for the required time period.
• You aren’t active but you aren’t quite retired – you’re still serving in the Reserves, or the National Guard.
• You’re the spouse of a veteran who has passed away.

This is only a brief glimpse at all of the qualification requirements for a VA home loan. Get in touch with Gem Home Loans and we’ll tell you much more.

We’d Love to Hear From You

The professionals with Gem Home Loans are ready to tell you more about why we should be your mortgage company in East Lansing, Michigan. You can get in touch with us by giving us a call at (248) 780-1030, or using our online contact form.