VA Home Loan Rochester Hills, Michigan

Is a VA home loan in Rochester Hills, Michigan right for you? Talk to the experts with Gem Home Loans and we’ll figure it out together. A lot of lenders try to influence clients into going with a certain option, with little regard to what’s actually best for the client. We don’t work that way, because we don’t look at clients as just numbers. When you choose us, we’ll never try to sway you in a particular direction, just because it will help us make a lot of money. We want you to make the choice that’s right for you and your family.

How a VA Loan Works – The Basics

A VA mortgage loan doesn’t come from the Department of Veterans Affairs. It comes from mortgage companies, banks and other lenders. The VA simply guarantees the loan, up to a certain amount. If a borrower defaults on the loan, the U.S. government steps in to back that loan. Because of this added layer of protection, VA loan borrowers will typically receive terms that are more favorable than other types of loans.

Just like any other loan, you need to meet certain eligibility requirements in order to quality for a VA home loan. For example, you have to show you have enough income in order to be able to purchase a home, and you have to have a good credit history.

Part of what makes the VA eligibility process a little different is that you not only have to meet certain requirements from the lender, but you also need a VA Certificate of Eligibility. In order to get one, you will probably have to fall into one of these categories.

• You have to be either a member of the National Guard or a Reservist.

• You have to be a veteran and have served for a certain time period.

• You’re an active member of one of the U.S. Armed Forces and you’ve served a minimum amount of time.

• You’re a surviving spouse of a veteran who is deceased.

A Gem Home Loans professional can let you know whether or not you would be eligible for a VA home loan.

What are the Advantages of a VA Home Loan?

There are a lot of benefits to pursuing a VA home loan – once you confirm you’re eligible to receive one, of course. Here are just a few of the advantages.

• Complete financing – In a nutshell, this means you won’t need to put any money down in order to get into your new home – as long as the sales price of the home isn’t more than its appraised value. An FHA loan, on the other hand, will typically require at least a 3.5 percent down payment.

• No limits – While the VA will only guarantee loans up to a specific limit, there’s no cap on how much you can borrow. That limit may have an influence on the amount of money a lender will loan.
  

• No PMI – Borrowers typically have to pay for PMI, or private mortgage insurance, when getting certain types of home loans. This is usually the case for people who get a conventional loan and put down less than 20 percent of the purchase price. With a VA loan, however, PMI isn’t required. This can save people thousands of dollars in the long run
  

Contact Gem Home Loans

If you’re interested in a VA home loan in Rochester Hills, Michigan, talk to a Gem Home Loans representative. We’ll make sure you’re completely informed regarding all of your options. Contact us online or call (248) 780-1030.