VA Mortgage Lenders in Michigan

There aren’t any VA mortgage lenders in Michigan like Gem Home Loans. Most mortgage companies care more about their bottom line than what’s in their clients’ best interests. They’ll try to steer people toward a certain type of loan, simply because it will deliver more profits. But we don’t work that way – in fact, we started Gem Home Loans largely because of that approach. We were tired of people being taken advantage of, so we decided to do something about it. When you work with us, you’ll always be able to do so with the confidence of knowing we’ll do what’s right for you and your family.

The Basics of a VA Loan

A lot of people think that when they get a VA loan, they’re getting it directly from the U.S. government – specifically, from the Department of Veterans Affairs. But that’s not the way it works. If you get approved, you’ll be getting your money from a mortgage company, a bank, or another type of lender.

So, where does the VA come into play? They back the loan. If a borrower should default for whatever reason, the VA will pay the lender. This is one of the many reasons why lenders love it when people want this kind of loan, and will offer incredible terms that are typically a lot better than many other loans.

However, you’ll still need to qualify, just like you would if you were trying to get a so-called “conventional” loan, such as a 30-year mortgage – and qualifying for a VA loan can be really difficult.

Not only do you need proof that you have enough income to buy a home, and at least a decent credit history, you’ll also need to meet stringent VA eligibility requirements. In order for you to obtain a Certificate of Eligibility from the VA, you’ll have to meet at least one of the following:

• You are an active member of the National Guard or Reserves.
• You served for a certain amount of time.
• You’re active military, and you’ve served a minimum number of months.
• You the spouse of a veteran who has passed away.

There are more details you’ll need to know, so get in touch with a Gem Home Loans expert for more information.

VA Loan Benefits

The advantages of getting a VA loan are worth any potential hoops you might have to jump through. These are just a few of the reasons why it’s an incredibly popular program.

• You won’t have to pay private mortgage insurance, or PMI. This is a really, really big deal because it could save you thousands of dollars over the life of the loan. If you went for a conventional loan – and your down payment was less than 20 percent of the home’s purchase price – you’d have to pay PMI.
• The VA will only back a loan up to a certain amount of money. However, there’s no cap on the amount you may be able to get.
• Maybe the biggest benefit is that you won’t have to put any money down. That’s incredible. There are a lot of great loans out there, but even the best ones will require a down payment of at least 3.5 percent.

Learn more about what separates Gem Home Loans from other VA mortgage lenders in Michigan by calling (248) 780-1030 or contacting us online.