Our blog

08 Nov 2019
by Sean Stephens
Honoring all who have served!

Honoring All Who Served!

Honoring all who have served!In observance of Veterans Day, we wanted to take a moment to honor the brave men and women who served our country! We celebrate them for their love of country and willingness to sacrifice for the common good.

Per History.com, Veterans Day originated as “Armistice Day” on Nov. 11, 1919, the first anniversary of the end of World War I. Congress passed a resolution in 1926 for an annual observance, and Nov. 11 became a national holiday beginning in 1938.

Unlike Memorial Day, Veterans Day pays tribute to all American veterans – living or dead – but especially to those living veterans who served honorably during war or peacetime.

Let us honor all who have served and thank them for their service!

Tampa FL VA Approved Lender

23 Aug 2019
by Sean Stephens
VA
How soon can you qualify for a VA loan after a bankruptcy in Florida?

How soon can you qualify for a VA loan after a bankruptcy?

How Soon Can You Qualify for a VA Loan after a Chapter 7 or Chapter 13 Bankruptcy?  The answer may surprise you!

Today’s video tip will cover the details on how qualifying for a VHow soon can you qualify for a VA loan after a bankruptcy in Florida?A loan after bankruptcy can be possible and discuss when possible exceptions may apply.

However, if you have a qualifying question or a transaction that is experiencing trouble, remember that I started Metroplex way back in 2001, so let our experience be a resource for you and take advantage of our Free Second Opinion Service (“SOS”) which can be a great way to help keep your mortgage approval headed in the right direction!

How soon can you qualify for a VA loan after a bankruptcy?

As a reminder, these are the basic differences between bankruptcies which impact VA qualifying differently:

  • Chapter 7 Bankruptcy: you ask the bankruptcy court to discharge most of the debt you owe
  • Chapter 13 Bankruptcy: you file a repayment plan with the bankruptcy court to pay back all or a portion of your debts over time.

(This does not cover all differences but just a frame of reference. Read a detailed description about each bankruptcy.)

So, does the type of bankruptcy filed affect VA loan qualifying? The answer is YES, it most definitely does.Tampa FL VA Approved Lender List

How soon can you qualify for a VA loan after a Chapter 7 Bankruptcy?

  • Chapter 7 Bankruptcies discharged more than two years ago may be disregarded.
  • If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that the applicant or spouse is a satisfactory credit risk unless both of the following requirements are met:
  1. The applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period; and
  2. The bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified. Divorce is not generally viewed as beyond the control of the borrower and/or spouse.

Please note that additional factors can contribute towards granting an exception to the 2 year policy, but any and all factors considered would have to be reviewed on a case by case scenario prior to approval. Borrowers discharged for less than a year will not generally be accepted as a satisfactory credit risk.Tampa FL VA Approved Lender

How soon can you qualify for a VA loan after a Chapter 13 Bankruptcy?

A. For Chapter 13 Bankruptcies that are still in progress:

  • The applicant must document at least one year into the payout plan has elapsed along with satisfactory payment history
  • The applicant must obtain court permission to enter into the new mortgage
  • When the bankruptcy is still in repayment, the Chapter 13 payment will be counted in the debt ratios

B. Once the borrower has satisfactorily completed the repayment, the borrower is considered to have re-established credit

 As you can see, the type of bankruptcy can drastically impact VA loan eligibility and the required waiting period.

Today’s topic was just another tip on how to maximize the VA loan program and help our eligible service members into homeownership.

Remember to just call or email to discuss your scenario and let us show you the “Metroplex” difference!

800-806-9836 Ext. 280
SeanS@MPLX.org

At Metroplex Mortgage Services we thank you all of our brave men and women fighting for our freedoms each and every day!

Tampa FL VA Approved Lender

21 Jun 2019
by Sean Stephens
VA
Tampa FL VA Approved Lender

Does the seller have to pay for a termite inspection on a VA loan?

Can a veteran pay for a termite inspection on a VA loan in Florida, Texas, or Alabama?

In what states can a veteran pay for a termite inspection?Tampa FL VA Approved Lender

As you can imagine, this is a common question that we receive, and in today’s video I will discuss the facts that you need to know in order to help our veterans and Realtors be prepared for your next sales contract negotiation.

And remember, as a VA approved lender, we are here to help, if you have any qualifying scenarios or need help with a new pre-qualification, just call or email to discuss your scenario and let us show you the “Metroplex” difference!

(800) 806-9836 X 280
SeanS@MPLX.org

Does the seller have to pay for a termite inspection on a VA loan?Tampa FL VA Lender List

As a starting point, many times we hear that sellers are resistant to the VA loan programs because of the concern that they will be required to pay additional fees, but remember that sellers will only pay for what they have agreed upon as part of the sales contract.

Further, while the VA program does prohibit the veteran from paying certain charges, this does not mean that the seller automatically has to pay for these items, because VA guidelines state that they have to be paid for by “some party other than the veteran” which could be the lender, Realtor, or even the seller if so negotiated.

With that being said, can a veteran pay for a wood destroying insect report, commonly referred to as a termite inspection?Who pays for a termite inspection on a VA loan in Florida

Now, while it is true that the majority of states prohibit a veteran from paying for a termite inspection, VA has identified certain states where exceptions apply which include Florida, Alabama, and Texas as being among the states that currently allow the veteran to pay for a termite inspection.

While the list of exceptions does vary from the type of fee and state or territory, please consult with your local VA Regional Loan Center for any further questions.

In summary, remember the following:

  • A veteran can pay for a termite inspection in some states;
  • There are certain charges that a veteran may not pay; and
  • The seller is only required to pay for what has been agreed upon as part of the sales contract.

Remember if you have any questions, that is what we are here for!

As a USDA and VA approved lender take advantage of our 100% financing government loan expertise.Tampa FL VA Approved Lender

With VA in-house underwriting and upfront systems in place, use my team as a resource so we can review and assist with key items such as:

  • VA Certificates of Eligibility;
  • Calculating the VA entitlement;
  • Determining VA income eligibility; and of course any
  • VA Minimum credit qualifying questions                                          

I want everyone to make it a great day and look forward to seeing you right here for the next Loan Pro video quick tip!

07 Jun 2019
by Sean Stephens
Tampa FL VA Approved Lender List

How much can a seller pay in closing costs on a VA loan?

How much can a seller pay towards a veteran’s closing costs?

Now, this topic brings quite a bit of confusion, and in today’s video I am going to walk you through the specifics and share with you some qualifying details that you may not have been aware of.Tampa FL VA Approved Lender List

However, if you have a qualifying question or a loan approval that is experiencing trouble, remember that I started the company way back in 2001, so let our experience be a resource for you and take advantage of our Free Second Opinion Service (“SOS”) which can be a great way to help keep your mortgage approval headed in the right direction!

How much can a seller pay in closing costs on a VA loan?

Unfortunately, there is a myth passed on by many lenders that the maximum VA will allow a seller to pay is 4% towards closing costs, but today we will “bust” that myth and dive into the details.

As a starting point, VA guidelines define a seller concession as the following:

“a seller concession is anything of value added to the transaction by the builder or seller for which the buyer pays nothing additional and which the seller is not customarily expected or required to pay or provide”Tampa FL VA Approved Lender

With that being said, VA includes the following examples of what could be paid through seller concessions:

  • payment of the buyer’s VA funding fee
  • prepayment of the buyer’s property taxes and insurance
  • gifts such as a television set or microwave oven
  • payment of extra points to provide permanent interest rate buydowns
  • provision of escrowed funds to provide temporary interest rate buydowns, and
  • pay off of credit balances or judgments on behalf of the buyer.

Yes, believe it or not, a seller can pay off a veteran’s credit balances at closing through seller concessions, and VA also states that, “any seller concession or combination of concessions which exceeds four percent of the established reasonable value of the property is considered excessive, and unacceptable for VA-guaranteed loans.”Tampa FL VA Approved Lender

However, many lenders mistakenly conclude that there is a 4% cap on what a seller can pay, but because “seller concessions do not include payment of the buyer’s closing costs, or payment of points as appropriate to the market” this shows that the 4% cap only applies to certain charges such as those discussed.

Additionally, common examples of closing costs which are not included within the 4% cap would be title company charges, property surveys, recording fees, loan charges, and real estate administrative fees.

In summary, if you have a veteran who wants to purchase a home with a no down payment VA loan, the flexibility allowed can help them achieve homeownership and reduce their costs through what a seller is allowed to pay for at closing.

Remember, as a VA Approved Lender, we offer in-house underwriting and are here as a resource to help our veterans walk through the VA home loan qualifying process.Tampa FL VA Approved Lender

Just call or email to discuss your scenario and let us show you the “Metroplex” difference!

800-806-9836 Ext. 280
SeanS@MPLX.org

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

However, if you have a qualifying question or a loan approval that is experiencing trouble, remember that I started the company way back in 2001, so let our experience be a resource for you and take advantage of our Free Second Opinion Service (“SOS”) which can be a great way to help keep your mortgage approval headed in the right direction!

24 May 2019
by Sean Stephens

Memorial Day – A Time to Remember

While Memorial Day often evokes thoughts of cookouts and great sales, it’s important to reflect on, and respect all those who have lost their lives in service to our country. Falling on the last Monday of every May, Memorial Day became a Federal Holiday in 1971 and is celebrated by loved ones and families that visit graves, memorials, or simply remember those they have lost.Memorial Day

Here are some facts about Memorial day you may not know about (courtesy of History.com):

  • It was originally known as Decoration Day
  • It is believed to have started in towns during the Civil War, their residents decorating graves with flowers and reciting prayers
  • It is often regarded as marking the beginning of summer
  • There is a national moment of silence every Memorial Day at 3:00PM local time
  • Many Southern states honored their dead on separate days from the rest of the country until after WWI

Tampa Florida VA Approved LenderEven though the Civil War saw more American casualties than any other U.S. conflict, people gather every year to honor not only their fallen, but opposition as well, a tradition that has continued since the late 1800’s.

 

 

 

We want to thank those who have paid the ultimate sacrifice for our nation as we remember you on Memorial Day!

 

Tampa FL VA Approved Lender

29 Mar 2019
by Sean Stephens
Tampa FL USDA Approved Lender List

What is a “trigger lead” and how can it affect your mortgage application?

How does a mortgage application “trigger” other lenders to start contacting the consumer?

Most likely, you’ve probably never heard of the term “mortgage trigger lead”, but as a consumer or Realtor, it is important to know these details and how it can impact a mortgage application.

In today’s short video, I will discuss “trigger lead” details and what proactive steps may be taken so you can avoid potential problems!Tampa FL USDA Approved Lender List

However, before we get started, don’t forget to take advantage of our Second Chance Service.

This  is a great way to get access to an expert second opinion which can be especially helpful for those recent loan denials or if you are just in need of guidance on how to make the most out of your home loan qualification.

So what’s a trigger lead?

When applying for a mortgage, a credit report is processed which takes information obtained from the national credit bureaus. One or more of the bureaus then convert the fact that you are shopping for a mortgage into a commercial product — a trigger lead — which is then sold  to competing lenders, thus allowing multiple lenders whom you have never even spoken to or known about, to solicit you solely based on the fact that you had inquired for a mortgage. Question Mark

Many times, trigger leads are created and sold within 24 hours of your credit inquiry and within hours, your phone may start ringing and within days offers may even start arriving by mail which may include enticing terms that may be deceptive, or if legitimate, it could be no better than what you have already been quoted.

Further, because so many of these lead-driven offers have been deceptive, there has been a push by industry advocates for an outright ban on trigger leads sold by the national credit bureaus due in part to the inevitable risk of identity theft and the disruption it causes to consumers during an ongoing mortgage transaction.

As you can see, a major concern for consumers is that they may not know who they are really talking to and because so many are frequently misled, it can lead to uncertainty and if they should believe what the caller is offering or not.

Additionally, because the main objective of some trigger calls is to “convince” consumers into applying with their company, many individuals have been tricked into allowing these lenders to pull credit and reveal their financial information.Tampa FL VA & USDA Approved Lender List

However, it is not until after speaking with their original lender that the consumer realizes they have inadvertently opened a credit file with an unknown entity.

Here are some ways to protect your information and stop trigger lead harassment:

Metroplex Mortgage Services has been a trusted resource since 2001 and is here to help make your mortgage transaction successful.Sebring Florida USDA Loans

Just call or email to discuss your scenario and let us show you the “Metroplex” difference.

800-806-9836 Ext. 280

SeanS@MPLX.org

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

Tampa FL USDA Approved Lender List

What are Five Things “Not To Do” During the Mortgage Application Process?

What are FIVE things “Not To Do” when trying to get approved for a mortgage?

Recently we discussed what you should do during the mortgage application process, but in today’s video I will share advice of what “Not To-Do” in order to help keep your financing from falling off the tracks.Tampa FL USDA Approved Lender List

However, if you have a qualifying question or a loan approval that is experiencing trouble, remember that I started the company way back in 2001, so let our experience be a resource for you and take advantage of our  free Second Opinion Service (“SOS”) which can be a great way to help keep your mortgage headed in the right direction.

As the saying goes, an ounce of prevention is worth a pound of cure and may of the issues that we see are unfortunately self-inflicted so let’s take a moment and go over some of the more common mistakes we see so you can be prepared to avoid them before they become an unintended consequence.

  1. Do not apply for creditTampa FL USDA Approved Lender List

It can be common to receive invitations for credit cards, furniture stores, electronics, appliances, and the list goes on and on, but simply put, do NOT respond to these offers, as any additional inquires can be a factor towards lowering your credit score.

With minimum credit score requirements being so critical, you don’t’ want to put yourself in a position where one point can lead to your loan application being denied. Do not pay off collections or

  1. Charge-offs and Collections

While this may sound like the complete opposite of what you should do, whenever you make a payment on a negative account, depending on the date it last reported to the credit bureaus, the recent payment actually updates the most recent activity which can turn an old collection into a new problem.Tampa FL USDA Approved Lender List

While sometimes paying off negative accounts may be a requirement of loan approval, with our credit expertise, we can provide the proper advice so you know the pros and cons before you make that payment.

  1. Do not increase credit card balances

Increasing credit card balances is one of the fastest ways to bring your credit score down so make sure to not go on a spending spree in anticipation of your loan closing and keep those credit card balances in check.

  1. Do not close out credit card accounts

Closing out a credit card can have an immediate negative impact on your score because your are eliminating available credit which can impact the all import ratio between your credit card amount owed and your available credit limit.

  1. Do not make unexplained deposits into your bank accounts

Underwriting guidelines can very strict when it comes to verifying deposits and the source of where they come from, regardless of the amounts so be prepared to document any deposits including those tough to verify cash deposits.

In summary, while this is not an all inclusive list of what “Not To-Do” during the mortgage approval process, just remember to be proactive and ask questions so you can be in the know about how any decisions can impact your financing.

As always, I want to thank everyone for the continued recommendations and trusting us with all of your mortgage needs.

Whether it be FHA, VA, USDA, or Conventional – Just call or email to discuss your scenario and let us show you the “Metroplex” difference.

800-806-9836 Ext. 280
SeanS@MPLX.org

Just call or email if you have any qualifying questions, want to discuss a new scenario, or would just like to take advantage of our free 2nd opinion service which is great for those existing transactions

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

 

Tampa FL USDA & VA No Down Payment Construction Loans

What “TO DO” During The Mortgage Application Process

What should be on your “To Do” list during the mortgage application process?

When you’re going through the home buying process, how do you separate good information from misinformation?Tampa FL USDA & VA No Down Payment Construction Loans

Qualifying for a mortgage, looking at properties, and preparing an offer are all steps that require professional guidance, but with all of the information available, it’s sometimes hard to know what is right and wrong during the mortgage application process.

This short video tip will go over what “TO DO” in order to keep you and your dream of homeownership on the right track.

1. Stay current on your existing accounts:

If there are late payments on your existing mortgage, car payment or any other item which reports to the credit bureaus, it could dramatically drop your credit score, and eliminate your ability to purchase a home.Tampa FL USDA Approved Lender List

Just one 30-day late payment has the ability to drastically reduce your credit score very quickly.

2. Maintain appropriate credit cards balances:

It is very important to make sure that your credit card balance is low in comparison to your credit card limit. Note that it isn’t the balance that counts, but instead the ratio of your balance in comparison to your credit limit.

Having credit cards that are at or near their limit is a formula that can damage your credit score.

3. Potential medical collections:

Way too often I see a small collection that was as a result of miscommunication between the insurance company, doctor’s office, and the patient. This can rapidly decrease credit scores and in some cases be a reason for loan denial.

4. Rental History

When rental history is required, paying by check is a clear way to verify your payment history, and remember that while paying by cash or money order may seem convenient, it will not always be an acceptable form of verification by underwriting.

5. Don’t be afraid to ask for advice

Your mortgage lender is the best resource for details about what actions help or hinder your loan approval.Tampa FL USDA Approved Lender List

If you have any questions or concerns about a financial event you are considering during the loan process, ask your mortgage lender PRIOR to taking action.

We are here to help you navigate the process and make it as smooth as possible.

Whether it be FHA, VA, USDA, or Conventional – just call or email to discuss your scenario and let us show you the “Metroplex” difference.

800-806-9836 Ext. 280
SeanS@MPLX.org

I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

 

Have Questions or Need Help? Contact Us Today - 800-806-9836

Home | About Us | Loan Types | Apply Online | Contact Us | Legal & Privacy | Site Map | Accessibility Statement

© 2018 Metroplex Mortgage Services, All Rights Reserved

We lend in the following states: Alabama, Florida, Tennessee & Texas. Any loan program may require sufficient equity and certain conditions may apply.

As a VA Approved lender, we are not endorsed or affiliated with the Department of Veteran Affairs. As a USDA Approved lender, we are not endorsed or affiliated by the U.S. Department of Agriculture.

VISUALLY or HEARING IMPAIRED?CLICK HERE for 42 USC 3606 DISCLOSURE