Michigan VA Home Loan Rates

If you have any questions regarding Michigan VA home loan rates, but you’re worried that if you ask a professional you’ll get a “hard sell,” get in touch with Gem Home Loans. We don’t ever pressure anyone to go in a particular direction when it comes to home loans. All we care about is making sure you have the information you need to make the best possible decision for your financial future. Other mortgage lenders care more about commissions than people – but not us.

The Advantages of VA Home Loans

Millions of people have taken advantage of VA home loans since they were first created in the 1940s. Here are just some of the many reasons why.

• No PMI – Most types of loans require borrowers to pay for private mortgage insurance, or PMI. With a VA home loan, however, that won’t be an issue. You won’t have to pay PMI each month because the U.S. government backs VA loans – not private lenders. That could help you save thousands of dollars over the long term.
  

• Credit score flexibility – If you don’t have sterling credit, you will probably have a very hard time getting a conventional loan. With a VA loan, on the other hand, you can have a lower score and still get approved in many instances. Get in touch with us and we’ll tell you a lot more.
  

• No down payment – This is arguably one of the biggest reasons so many people opt for a VA loan. As long as you’re not paying more for the home than it’s worth, you won’t have to pay a penny down if you get approved. Most other loan programs require at least a 3 percent down payment, while many require at least 10 percent down.
  

Worth the Effort

Of course, not just anyone can obtain a VA home loan. You have to meet very specific eligibility requirements – and doing so can be extremely difficult. In order to be eligible, you’ll very likely have to be in one of the following categories.

• You have to have served for a certain amount of time if you’re no longer active military.

• If you are active, you have to have been in the military for a specific time period.

• You either need to be in the National Guard or the Reserves.

• You’re the spouse of a deceased veteran.

This is only a thumbnail sketch of what it takes to earn the Certificate of Eligibility needed in order to qualify for a VA home loan. We’ll be more than happy to spell out the eligibility requirements in detail. We’ll also let you know if a VA loan is the best option, or if you’d be better off pursuing a different type of loan program.

Gem Home Loans is Ready to Help

Even though there are great reasons to try to get this kind of loan – such as extremely low Michigan VA home loan rates and many, many others – that doesn’t automatically mean it will be the best decision for your specific situation. Get in touch with a representative with Gem Home Loans and we’ll help you sort through all of your options. Just use our convenient online form for more information, or give us a call at (248) 780-1030. Let us help you get into the home of your dreams – and do so on your terms.