The benefits of VA home loans in Sterling Heights, Michigan are outstanding. It’s no wonder that so many members of the military have turned to this type of loan over the last few decades. A professional with Gem Home Loans can let you know if you qualify for a VA loan, and help you decide whether it’s the best option for your specific financial situation.
Things You Might Not Know About a VA Home Loan
A lot of lenders don’t take the time to educate their clients about VA loans and other loan programs. Either they want to steer people toward a certain kind of financing program, or they don’t know enough about VA loans to recommend them.
But Gem Home Loans isn’t like other lenders. Not only are we experts in all types of programs, we also work in our clients’ best interests. We’ll never try to convince you to obtain a loan because it makes us a lot of money. We want you to make the best choice for you and your family.
There are a lot of things about a VA loan that a lot of people don’t know. Here are just a few.
- You won’t need a down payment or mortgage insurance – Most loan programs require at least some sort of down payment, typically anywhere from 3.5 to 5 percent. But if you can qualify for a VA loan, you won’t have to deal with that. You also won’t have to pay private mortgage insurance, or PMI.
- You can get a VA loan multiple times – If you want to do so, you can obtain a VA home loan as many times as you like. After you sell your home and pay off your original loan, you can get a brand new one.
- There’s no time limit – Even if you served 50 years ago, you can still use a VA loan to get a new home. As long as you’re still eligible, you can get a VA loan even if you’ve never done so before. We can help you determine whether or not you qualify.
- Military spouses may be eligible as well – If you’re the surviving spouse of a member of the military, you may be able to qualify for a VA loan. Get in touch with us and we’ll let you know if that’s the case.
- Lower rates – Rates for VA loans are typically lower than those for conventional loans. Lenders are more willing to approve these lower rates because the government backs VA loans. Monthly payments are typically more affordable with a VA loan than through a conventional loan.
- You can also refinance with a VA loan – Most people assume that they can only use a VA loan to buy a new home, but they have other options as well. You may, for example, be able to use a VA loan to refinance a home to lower your interest rate. This is known as a VA streamline finance. A Gem Home Loans professional can give you more details.
Ready to Learn More?
If you have any questions regarding VA home loans in Sterling Heights, Michigan, the professionals with Gem Home Loans will have the answers. Just use our convenient online contact form or call (248) 780-1030 for more information.