VA Home Loans Royal Oak, Michigan

A lot of people get VA home loans in Royal Oak Michigan and find they’re the perfect way to get into a new home. Talk to a Gem Home Loans expert and see if this, or another type of loan program, is the best fit for you. There are a lot of lending companies that will try to steer you one way or another, because it helps them make a lot of money. But we’re not like that at Gem Home Loans. We look at our clients as people, not numbers, or steppingstones to reach a certain profit margin. When you work with us, we’ll make sure whatever lending program you choose is the best possible fit.

VA Loans 101

You might assume that when you get a VA loan you’ll be getting it directly from the Department of Veterans Affairs. But that’s not the case at all. Actually, you’ll be getting your money from a lender, such as Gem Home Loans or a bank. The reason it’s called a VA loan is that the VA covers the loan to a certain amount of money. If a borrower winds up defaulting on that loan, the VA pays the lending institution.

This is one of the reasons it’s typically a lot easier to get a VA loan than what’s known as a “conventional” loan. The VA provides the lender a layer of protection, and they’ll be more willing to loan money to people who might not have great credit scores as a result.

But getting a VA loan isn’t automatic. You have to be eligible in more ways than one. First, you have to be able to obtain a certificate of eligibility from the VA. If any of the following apply to you, there’s a good chance you’ll qualify.

• You’re currently serving in a branch of the U.S. military, or you served for a certain period of time. The VA sets a lot of different requirements when it comes to service time, but in general, you will probably qualify if you served for 90 consecutive days during wartime, or 181 consecutive days during peacetime. Tell an expert with Gem Home Loans exactly when you served, and how long you served, and we’ll let you know if you qualify.

• You’re a member of the National Guard or the Reserves.

• You’re the spouse of a deceased veteran.

VA Home Loan Benefits

If you’re eligible to receive a VA home loan, you may be able to enjoy a wide range of advantages. These are just some of them.

• You avoid paying private mortgage insurance (PMI) – In the vast majority of cases, a typical borrower will have to pay PMI – especially when putting down less than 20 percent of the home’s price as a down payment. By not requiring PMI, a VA loan could help you save thousands of dollars.

• No down payment in most instances – As long as you’re not paying more for a home than its appraised value, you won’t have to make a down payment.
  

• No cap – The VA will only cover a certain portion of your loan. However, there’s no maximum amount of money you can borrow – as long as the lender is willing to approve the loan.
  

Talk to Us

The professionals with Gem Home Loans are here to answer any questions you may have regarding VA home loans in Royal Oak, Michigan. Call (248) 780-1030 or contact us online.