VA home loans in Troy, Michigan are incredibly popular – and for good reason. They can help you get into the home you want without having a sparkling credit score, or, for that matter, even a down payment. Gem Home Loans can help you determine if you qualify for this type of loan, and also help you pursue one. Unlike a lot of other mortgage companies, we won’t try to push you in one direction or the other. They only care about making money. We care about our customers.

Why Choose Us?

VA Home Loans Troy, MichiganThe experts with Gem Home Loans are passionate about taking the stress, worry and complexity out of trying to get a mortgage loan. We love making money like anybody else, but we won’t jeopardize your financial future just to make a few bucks. Our professionals have a deep understanding of the Michigan home market, and we work with dozens of investors. If one type of program isn’t a good fit for you, we’ll find another.

The Basics of a VA Loan

The U.S. Department of Veterans Affairs backs all VA home loans. As a result, you won’t have to pay for private mortgage insurance if you’re approved. You won’t get your money from the VA, but rather a lender – just like any other type of mortgage. If a borrower defaults on this kind of loan, the VA pays the lender.

Because of this, it’s typically much easier to get a VA loan than a so-called “conventional” loan, such as a 15-year or 30-year mortgage. Banks will look more favorably on applicants because they have built-in protection against default. It’s also a reason why people with lower credit scores are often able to get VA loans.

However, if you think you’ll automatically qualify, you’ll be disappointed. It’s actually fairly hard to do so. The only way you’ll qualify is if you fall into one of the following categories.

  • You were married to a veteran who has passed away.
  • You are in either the Reserves or the National Guard.
  • You’re currently serving, or have served, in the U.S. military. If you served in peacetime, you would have had to do so for six consecutive months. If you served during time of war, that goes down to three consecutive months.

The Advantages of a VA Loan

There are a lot of reasons you should seriously consider applying for a VA loan if you believe you qualify. You already know you don’t have to pay PMI, or private mortgage insurance. That vast majority of borrowers have to do this, especially if they don’t have 20 percent of the purchase price for a down payment. You could save thousands of dollars over the life of the loan as a result.

Also, you usually won’t have to make a down payment. The only reason you would is if you’re paying more than the appraised value of the home. Finally, there’s no limit to how much you can borrow. Even though the VA will only insure a certain amount of that loan, you can get much more if you can get approved.

We’re Ready to Help

Please don’t hesitate to get in touch with Gem Home Loans to learn more about VA home loans in Troy, Michigan. You can use our online contact form or call (248) 780-1030.