VA LOANS

US Dept. of Veteran Affairs backed financing characterized by no down payment, no mortgage insurance, but with a VA funding fee. It is a great feeling to bring the joy of home ownership to a member of the military. As important as this program is, many are still unsure of the details so I have listed the following highlights:

MPLX is a USACares Certified Lending Institution
> View USACares Certificate

Highlights:

• NO DOWN PAYMENT and NO PMI !!!
• Eligibility:
  – Active Duty, Veterans, & eligible surviving spouses
  – Army, Navy, Air Force, Marines, Coast Guard, National Guard, & Reserves
  – Qualifying requirements vary and VA has final authority to approve eligibility
• 620 credit score required for underwriting purposes
• 0 Credit Score underwriting exceptions possible
• Full Income Documentation
• Primary Residences Only
• VA Funding fee is waived for Veterans with service connected disability

Interest Rate Reduction Refinancing Loan ( IRRRL ):

• Borrower must be eligible for a VA loan
• Existing mortgage must be a VA loan
• Acceptable mortgage payment history required
• No Cash Out allowed
• No appraisal required
• Closing costs can be included with new loan amount
• Great program to help reduce monthly payments and interest

Cash-Out Refinance:

• Borrower must be eligible for a VA loan
• Existing mortgage does not have to be a VA loan
• Acceptable mortgage payment history required for current loan
• Existing mortgage is required & property can not be “Free and Clear”
• Financing capped at 90% of the appraised value
• Full appraisal is required by a VA appraiser

Everyone at Metroplex Mortgage Services says thank you to the members of our military who sacrifice their lives each and every day for this great country. Thank you!