Whether you have a question about mortgage rates in Bloomfield Hills, Michigan, you’re looking to refinance, or you’re interested in pursuing a loan, the experts with Gem Home Loans will be ready to help. We’ll work hard to take as much stress and worry out of the process of buying a home as we can. After all, this should really be an exciting time – not one filled with confusion and frustration.

Is a VA Loan Right for You?

Mortgage Rates Bloomfield Hills, MichiganMany of our clients turn to us in order to help them attain a VA home loan. If you’ve served in any branch of the U.S. military, a VA loan can be an outstanding alternative to trying to get a conventional loan. Not only will you have a chance at getting incredible terms, this kind of loan will also be much more affordable than just about any other option.

These are just some of the advantages a VA loan can deliver.

  • Credit score flexibility – Let’s face it – a lot of us are in a situation where our credit score isn’t exactly where we want it to be. One of the great things about VA loans is that they typically don’t require high scores. In fact, if you have a 620 rating or higher, there’s a very good chance you’ll get approved.
  • No PMI – VA loans don’t require private mortgage insurance. The reason this is the case is that the federal government backs this kind of loan.
  • Low costs – Imagine being able to get into a new home without having to put a penny down. That’s possible with a VA loan. Not only can veterans avoid a down payment, so can military spouses in some cases. As a result, people can find a home they otherwise might not afford. They also start the process of building equity in that home much, much faster.

While a VA loan can offer a lot of benefits – and is often times a fantastic option – that doesn’t mean another type of loan won’t be even better. One of the reasons so may people choose Gem Home Loans is that we always present as many options as possible. You’ll never have to worry about us trying to steer you toward any particular kind of loan. We’ll clearly spell out all of your alternatives, and then recommend the one we feel will be the very best fit.

Qualifying for a VA Loan

As you might expect with a loan program that offers so many advantages, it can be very hard for someone to be able to obtain VA loan approval. You will have to have served in the military for a certain period of time. If you’re an active member of the armed forces, your eligibility will depend on the length of your current deployment. Duty status, service character, and other factors determine eligibility.

Millions of vets have obtained VA loans, which started way back in the 1940s. They don’t expire, so you can get one even if you served 50 years ago. Also, you can use it each time you purchase a home.

Ready to Take the Next Step?

At Gem Home Loans, we’re experts in VA loans, mortgage rates in Bloomfield Hills, Michigan, and much, much more. Contact us online or call (248) 780-1030 so we can help make your dreams of home ownership a reality.