VA Loans – Understanding the Basics

The VA Loan is available to millions of veterans and active duty members in the United States.

WHAT IS THE VA HOME LOAN BENEFIT?

Per VA.gov, “VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan against loss, enabling the lender to provide you with more favorable terms.”

Additionally, when compared to conventional programs, VA loans offer more flexible qualifying criteria and is commonly known its No Down Payment financing.

WHAT ARE UNIQUE BENEFITS OF THE VA LOAN PROGRAM?

  • 100% Financing: VA loans offer no down payment which offers an immediate reduction in out of pocket expenses!
  • No Private Mortgage Insurance
  • You do NOT have to be a first-time homebuyer
  • Must be an eligible service member to qualify
  • Additional “Bonus” Entitlement can be available – ask for details!

Soldier saluting

VA INTEREST RATE REDUCTION REFINANCE 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 which helps reduce monthly payment 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
  • Existing mortgage/lien is required & property may not be “Free and Clear“
  • Full appraisal is required by a VA appraiser

ARE YOU INTERESTED IN A VA MORTGAGE?

VA approved lender

As a VA approved lender, Metroplex Mortgage Services has dedicated systems in place for VA qualifying which helps walk homebuyers through the process from pre-qualification through closing.

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

(800) 806-9836 Ext. 280
PreQualify@MPLX.org

Metroplex is a VA Approved Lender. Not only do we understand the VA loan approval process, but most of all we appreciate working with our military heroes! At Metroplex Mortgage Services, we Thank You for your dedication and service!

If you are in the market for a home, it is important to become pre-qualified. You can get started in less than 5 minutes! Or you may contact us with any questions you may have.

GET PRE-QUALIFIED FOR A VA LOAN NOW!
QUESTIONS? CONTACT US HERE.

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