VA home loans in Alpena, Michigan are incredible. But they can be very hard to get, because you have to meet a lot of requirements in order to qualify. Talk to a professional with Gem Home Loans and we’ll let you know if that’s possible. But if it’s not, don’t worry. There’s a very good chance we’ll be able to help you find another loan that will be perfect for your financial situation.

VA Home Loans – The Basics

VA Home Loans Alpena, MichiganA lot of people assume that VA home loans come from the VA itself, or the Department of Veterans Affairs. It actually doesn’t work that way. If you get approved, the money will be coming from a mortgage lender, such as Gem Home Loans, or from a banking institution. The VA insures the loan against a default – up to a certain amount of money. If a borrower should default, the VA will pay the lender.

If you can meet the eligibility requirements, you’ll probably find it pretty easy to get a VA loan. Most people find it a lot easier than getting a so-called “conventional” loan. One of the biggest reasons is that lenders are more open to approving a VA loan, since the government will pay if a default occurs.

Just because it might be easier to get, however, you still have to be eligible. There’s a reason why these loans have such great terms – it’s because only so many people can get them.

First of all, the VA has to give you an eligibility certificate. You’ll have a pretty good chance to get one if you fall into one of the following categories.

  • You’re actively serving in a U.S. military branch. Or, you could be retired and qualify if you served for a certain time period. There are lots of different requirements the VA sets regarding service time. Basically, you will have to have served at least 90 consecutive days in wartime. During peacetime, that number jumps to at least 181. This can get a little complicated, but a Gem Home Loans expert can let you know more.
  • You’re either in the Reserves or the National Guard.
  • You were married to someone who served and is deceased.

There are other eligibility requirements you will likely have to meet as well. Again, a Gem Home Loans representative will be more than happy to spell them all out.

Why VA Home Loans are Great

If you do qualify, you’re going to be able to enjoy some fantastic advantages. Here are just a few.

  • You won’t have to put anything down in the vast majority of instances. The only way you would is if you’re paying more for the house than its appraised value.
  • While the VA will only insure your loan up to a certain point, there isn’t any cap on how much you can borrow. If you can find a lender to approve a larger-than-normal loan, the VA won’t stand in your way.
  • You won’t have to pay any PMI, or private mortgage insurance. The average borrower has to pay it, especially if they pay less than 20 percent down. Since you won’t have to pay PMI, you could save thousands of dollars – if not more.

Talk to us to learn more about VA home loans in Alpena, Michigan. You can contact Gem Home Loans online or call (248) 780-1030.