VA home loans in Traverse City, Michigan are very popular. But what if you’re not eligible? The professionals with Gem Home Loans will have you covered. We know that trying to get a loan can be a frustrating experience, one filled with a lot of stress. But we don’t feel it should be that way. We believe this should be an exciting time instead. Our team of experts will do whatever it takes to make sure that’s the case. We’ll recommend a loan that you can handle, one that will help you get into the home you want.

Reasons to Pursue a VA Home Loan

VA Home Loans Traverse City, MichiganIf you can meet the eligibility requirements, you should definitely consider trying to get a VA loan. The requirements can be pretty involved, but one of our professionals can tell you whether or not you “fit the bill,” so to speak. You either have to be active military, in the Guard or Reserves, or have been married to a vet who has passed away. There are more requirements, but if any of those apply to you, then you should have a pretty good chance of being eligible.

One of the biggest benefits is that you don’t have to worry about paying PMI (private mortgage insurance) payments each month. With a conventional loan, PMI would be part of your loan. The reason VA loans don’t have it is that the U.S. government – specifically, the Department of Veterans Affairs – insures them.

You also don’t need to have nearly as high a credit score to qualify. That doesn’t mean your score won’t play a role in your ability to gain approval, however. If you don’t have a score of at least 620, then it’s going to be very hard. But there are other loan programs that may still work. We’ll tell you about all of them.

A huge advantage of the VA home loan program is that, in the vast majority of instances, you won’t have to put one penny toward a down payment. The only way you would is if you wanted a home so badly you’d be willing to pay more than the appraised value. Since that doesn’t apply to most homebuyers, they can use the money they save on a down payment to build equity that much faster.

As you can see, there are plenty of benefits to going for a VA home loan. If you’re eligible and you get approved, you’ll reap those benefits for decades to come. However, don’t be discouraged if you can’t. Again, Gem Home Loans has plenty of other programs for you to pursue. We’ll do everything we can to find one that works for you.

One More Thing on Eligibility

In order to qualify for a VA loan, you’re going to need a VA certificate of eligibility. You will either need to have served at least 90 days straight in time of war, or no less than 181 consecutive days of service during peacetime.

You probably have questions regarding VA home loans in Traverse City, Michigan. If that’s the case, we’ll have the answers. You can get in touch with Gem Home Loans whenever you like. Just use our convenient online contact form, or give us a call at (248) 780-1030. We look forward to working with you.