Mortgage Company Hudsonville, Michigan

You want a mortgage company in Hudsonville, Michigan that will make the loan application process easy. You want a mortgage company that will always act in your best interests, one that won’t try to steer you toward a loan just because it makes the company a lot of money. Gem Home Loans checks those boxes and many, many others. We’ll look at you not as a big dollar sign, but as a real person – and we’ll do everything we can to take the stress out of trying to get a loan.

FHA Home Loans – Are They Worth Pursuing?

We truly believe that the home buying process should be exciting, one where you’re looking forward to the next chapter in your life. You shouldn’t have to worry about finding the money to get into that home. One way we’ll try to remove your stress is to clearly explain the different advantages and disadvantages of the loans we believe will fit with your specific financial situation.

An FHA home loan could be that perfect fit. It’s a great option for people who don’t have 20 percent down, or whose credit scores might not be exactly where they want it to be. These are a few of the many reasons why this type of program could be right for you.

• With a lot of conventional loans, home buyers will need to be able to put down 20 percent of the purchase price. If they’re buying a $300,000 home, for example, they’ll have to be able to write a check for $60,000. If you have that much sitting in your bank account, fantastic. But if you’re like most people, you probably don’t. With an FHA loan, that won’t be a concern. You might be able to get one with as little as 3.5 percent down.
• Conventional loans will also often that buyers have credit scores of at least 620. Again, with an FHA loan, that won’t be nearly as much of a problem. You will very likely be able to get approved as long as your score isn’t lower than 580.
• You might think you’d only have to plan on buying a conventional house in order to quality for an FHA loan. But that’s not the case. You might be able to qualify if you’re purchasing a manufactured home (as long as it is permanently affixed to land), or even a condominium.

At the same time, however, there are a few drawbacks that you might want to keep in mind as well. These include the following.

• You will have to pay insurance premiums each month. However, those will disappear once your equity hits the 20 percent mark.
• If you want an FHA loan, it will have to be for a house you’re planning to live in. You can’t use it for something you want to flip, and you can’t use it for a vacation home.
• Seriously dilapidated fixer-uppers are also out. The house you buy has to meet minimum standards for health and safety.

Contact Us to Learn More

The experts with Gem Home Loans are ready to show you what separates us from the typical mortgage company in Hudsonville, Michigan. If you have any questions at all, please give us a call at (248) 780-1030 or contact us online.