You’ve probably done a little research into VA home loans in Farmington Hills, Michigan, but you might not be completely sure if you should try to get one. At Gem Home Loans, we know that trying to obtain any sort of home loan can be complex and stressful. But we work hard to make the process go smoothly. We’ll carefully explain the pros and cons of all loan programs. That way, you’ll be completely confident and happy with the choice you make.
The Veterans Administration sets strict eligibility criteria when it comes to VA home loans. There are a lot of benefits to a VA loan – a lot. As a result, it can be very hard to qualify.
You’ll find that it’s actually pretty hard to meet those requirements. Factors that go into determining eligibility include not only how long a person served, but the character of that service as well. Duty status, time served and other requirements come into play as well. A representative with Gem Home Loans will gladly let you know whether or not you’re eligible.
But even if you do qualify, that doesn’t automatically mean that a VA loan would even be the best option. It’s very likely it would be your best route, but there’s a chance another kind of loan would be even better.
That’s where we come in. At Gem Home Loans, we’re not like other lenders. We won’t try to direct you toward a certain kind of loan just because it will make us a lot of money. Our team members have seen that approach, and we can’t stand it. The reason is that, in far too many instances, this approach isn’t in the client’s best interests. We’ll make sure you get into the program that is the absolute best for your financial future.
VA loans have been around for decades – since the 1940s, in fact. But a lot of people still have some misperceptions when it comes to this program. Many, for example, think they can only get one VA home loan in their lifetime. But you can get multiple loans if you want. The benefits also don’t expire. No matter how long ago you served, you can still apply.
There are a lot of advantages to a VA home loan. You’ll get great terms, and you’ll probably find it’s more affordable than other programs. Also, you won’t have to produce a down payment, unlike other kinds of loans. If you got an FHA loan, you’d have to put down 3.5 percent. Some conventional loans require even more than that.
When it comes to credit, though, some people find it difficult to obtain approval even if they do qualify. There is no minimum credit score a person has to have in order to qualify for a VA home loan – in theory. In reality, though, you’ll probably need a score of no lower than 620 in order to be approved.
Get in touch with Gem Home Loans and we can answer all of your questions about VA home loans in Farmington Hills, Michigan. You can use our online contact form or call (248) 780-1030.