Mortgage Brokers Oakland Township, Michigan

Gem Home Loans has a team of mortgage brokers in Oakland Township, Michigan who will always work in your best interests. We’ll tell you about loan programs you might not have previously considered, or maybe didn’t even know about. We’ll also let you know if you have a realistic chance of qualifying for a loan, such as a VA home loan. When you work with us, you can always be assured we’ll never try to pressure you into accepting a loan that won’t be the absolute best for your specific situation.

VA Loans 101

A lot of people think that when they get a VA loan, that money will be coming from the Department of Veterans Affairs. Actually, the money comes from lenders, such as banks and mortgage companies. The VA’s role is guaranteeing the loan up to a specific amount. If, for some reason, the borrower isn’t able to pay back the loan and goes into default, the VA pays the unpaid amount.

As you can probably figure out, that makes most lenders very willing to approve VA loans, because they have protection. This also means that VA loans typically have mortgage rates that are a great deal lower than other loan programs.

Of course, not everyone can get a VA loan. In fact, the eligibility requirements are pretty stringent. Like other loans, you’ll need a solid credit history and proof that you make enough money to be able to afford the home you’re interested in. But other eligibility requirements are a lot different. These are just a few.

• You will either have to be an active member of a branch of the U.S. Armed Forces, or a veteran. If you’re currently serving, you must have served for a certain amount of time. If you’re retired, you had to have been in the military for a certain time period.

• If you’re not a veteran or active military, you have to either be a member of the National Guard, or you have to be a Reservist.

• If you have no military experience, then you have to be the surviving spouse of a veteran who has passed away.

These just scratch the surface of the many stringent requirements you’ll have to meet before you’re even considered for a VA home loan. An expert with Gem Home Loans can tell you more.

The Benefits of a VA Home Loan

If you are eligible to pursue a VA home loan, the benefits can be incredible. Millions of people have received these loans over the past several decades. If you qualify, you’ll enjoy a lot of substantial advantages. These are just a couple of them.

• You won’t have to put down a penny for a down payment, as long as the home you’re interested doesn’t cost more than its appraised value. Even if you received another type of loan backed by the US government – an FHA loan – you’d have to put down at least 3.5 percent.

• VA loans also don’t require private mortgage insurance, or PMI. If you receive a conventional loan, you’ll have to pay PMI if your down payment is less than 20 percent of the home’s purchase price. Not having to pay PMI can save you thousands of dollars over the life of the loan.

Learn more about VA loans from Gem Home Loans by contacting us online or calling (248) 780-1030. We’ll show you what separates us from other mortgage brokers in Oakland Township, Michigan.