There are, as you’ll soon learn, a lot of benefits to getting VA home loans in Bloomfield Hills, Michigan. But even though you could enjoy a lot of advantages, it doesn’t automatically mean this will be the best option for you to pursue. At Gem Home Loans, we don’t try to influence our clients into getting a certain kind of loan. Some lenders will do that, but we don’t. We’ll work closely with you, telling you the pros and cons of different programs and giving you the information you need to make the best decision.

VA Home Loan Benefits

VA Home Loans Bloomfield Hills, MichiganAs long as you’re eligible to obtain a VA home loan (more on the eligibility requirements in a bit), you could reap some serious advantages. These are just a few of them.

  • Financing – A VA loan offers what is known as “complete financing,” which basically means you won’t have to come up with a down payment. That is, of course, contingent on the home not costing more than its appraised value. The vast majority of other loans require a down payment of anywhere from 3-10 percent or even more.
  • Borrow as much as you want – The VA will guarantee loans only to a specific amount. However, that doesn’t mean you can’t borrow more, as long as the lender is willing to do so.
  • No insurance payments – Another huge benefit of a VA home loan is that you won’t have to pay private mortgage insurance each month. Nearly all other kinds of loans require borrowers to pay PMI. If you get a conventional loan and pay a down payment of less than 20 percent, you’ll have to pay PMI. Since that’s not a part of a VA loan, you could save thousands of dollars over the life of the loan.

What You Need to Know About VA Home Loans

Since the Veterans Administration guarantees VA home loans, lenders are typically very willing to provide them to clients. When someone defaults on this kind of loan, the government pays the lender rather than the borrower. As a result, lenders will usually approve VA loans at extremely favorable rates, and under extremely attractive terms.

The downside of trying to get a VA loan is that it can be really difficult to qualify. You have to not only meet the lender’s requirements, you have to be able to obtain a Certificate of Eligibility from the VA. You’ll probably need to fall under one of these categories in order to qualify.

  • You’re an active member of a branch of the U.S. Armed Forces, and you have to have served for a certain time period.
  • You’re a Reservist or in the National Guard.
  • You’re a veteran who served for a required amount of time.
  • You’re the surviving spouse of a veteran who has passed away.

These really just scratch the surface of VA home loan eligibility requirements. At Gem Home Loans, we’re experts in this kind of loan and will know whether or not you qualify.

Contact Us

A Gem Home Loans representative will be very happy to answer any questions you may have about VA home loans in Bloomfield Hills, Michigan. Just give us a call at (248) 780-1030 or get in touch with us by using our convenient online form.