You might have seen other providers claim they’re the best mortgage company in Sterling Heights, Michigan. It’s only natural they’d think that way. At Gem Home Loans, though, we have thousands of clients across the region who know we’re the best, because we’re different. You’ll never have to worry about us trying to play some of the games that many other mortgage companies play. The only thing we want to do is to make sure you find the loan program that works best for you and your family.

A Quick Look at VA Home Loans

Best Mortgage Company Sterling Heights, MichiganOne of the most popular programs out there is the VA (Veterans Administration) home loan program. If you qualify, you can reap some incredible benefits. Millions of people have received VA loans going all the way back to the 1940s, getting into homes that otherwise might have been out of reach.

Members of the military – and, in some cases, their spouses – are typically eligible to receive a VA loan. Since they’re backed by the US government, lenders are usually very eager to approve them. These are just some of the several advantages of obtaining a VA home loan.

  • Private mortgage insurance (PMI) – If you’re approved for a VA loan, then you won’t have to deal with costly PMI. People who get conventional loans have to pay PMI each month as part of their mortgage payment. They have to pay thousands of dollars more over the life of the loan as a result.
  • Credit scores – If you don’t have really good credit, then it will be hard to get a conventional loan. But that’s not as much of a consideration when pursuing a VA loan. You can get in touch with Gem Home Loans to learn more about what kind of credit score you’d need to participate in the VA program.
  • Down payment – This is a huge benefit of obtaining a VA loan. You won’t have to pay a dime for a down payment, as long as you’re paying either at or below the home’s market value. There are some non-VA programs that allow you to put 3 percent down, but most will require at least 10 percent.

Determining Eligibility

Considering how fantastic a VA home loan can be, you can see why not just anyone can qualify. Even if you’ve been in the military, that’s not an automatic guarantee that you’ll be eligible. You have to fall into one of the following groups.

  • Retired military members will need to have served for a specific amount of time.
  • Active military members need to have been enlisted for a certain amount of time.
  • You must be in the Reserves or National Guard if you are not retired and not actively serving.
  • If you’re not an active or retired member of the military, you have to be the spouse of a veteran who has passed away.

This is only a very general look at eligibility requirements. Get in touch with us so we can tell you whether or not you’d be able to qualify for a VA home loan.

We Look Forward to Speaking With You

If you work with Gem Home Loans just once, you’ll see why we’re the best mortgage company in Sterling Heights, Michigan. Use our online form or call (248) 780-1030 to get in touch.