Quick Search


view all


Any

Any

No Min.

No Max.

Veterans

What is an MRP?

The Military Relocation Professional (MRP) certification is for real estate professionals who want to work with current and former military service members. The MRP certification program educates REALTORS® about working with U.S. service members, veterans and their families to find the housing solutions that best suit their needs and to take full advantage of available benefits and support. We have connections across the USA to help relocate for your PCS, and we are capable of text communication and video taping properties to buy sight unseen, helping U.S. servicemen halfway around the world any hour of the day or night. It is 100% Free to have our buyers agents help you find and buy your home, the sellers agent compensates us.

What are the basics of the VA loan?

The VA home loan is a zero down mortgage option for home buyers with current or former military service. It’s often the top choice for for those eligible because it offers 100% financing and does not require great credit.


Zero down payment mortgage: 0% VA loans require no down payment, but those who wish to can make put any amount down.

Eligibility: Based on current or former military service. Required service requirement is typically 90 days if currently serving, or two years on active duty if separated from service. Those in the Reserves or National Guard are eligible after six years of service.

VA mortgage insurance and fees: Typically, 2.15% upfront fee is required for first-time home buyers putting less than 5% down. If you’ve used a VA loan before, your upfront fee increases to 3.3% of the loan amount. Veterans receiving benefits for injuries sustained on duty are exempt from the funding fee. VA loans do not require monthly mortgage insurance – a potential savings of hundreds of dollars per month. This allows home buyers to afford a more valuable home.

Credit: Required FICO scores are usually 620 and above, although some lenders will allow lower credit scores. VA does not officially publish a minimum score for the program.


VA mortgage rates: VA mortgages come with some of the lowest rates available anywhere. Rates run almost one-half of a percentage point below conventional rates according to Ellie Mae.

Who is this loan good for? The VA loan option should be the first loan type that military veterans consider. With no monthly mortgage insurance, lenient credit requirements, and low rates, eligible home buyers are often surprised they can buy a home – and with zero down, too.


Veteran VS Conventional Home Loans

VA Loans 

Conventional Loans 

0% Down

(for qualified borrowers)

VA Loans are among the last 0% down home loans available on the market today.

Up to 20% Down

Conventional loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many home buyers

No PMI

Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.

PMI Required

Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home's value, tacking on additional monthly expenses.

Competitive Interest Rates

The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans.

Increased Risk for Lenders

Without government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan.

Easier to Qualify

Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.

Standard Qualification Procedures

Conventional options hold stricter qualification procedures that can put
home ownership out of reach for some home buyers.

Acronyms

  • Military Relocation Professional MRP
  • Accredited Buyers Representative ABR
  • Temporary Duty TDY
  • Base Realignment and Closing BRAC
  • Transition Assistance Program TAP
  • Stands for “Permanent Change of Station” move PCS
  • Expiration of Terms of Service ETS
  • Basic Allowance for Housing BAH
  • DisLocation Allowance DLA
  • Monetary Allowance in Lieu of Transportation MALT
  • Temporary Lodging Expense TLE
  • Per Diem Allowance reimburses meals and lodging enroute to new station PDA
  • Advance Basic Pay is an interest-free loan for a PCS move ABP
  • Do IT Yourself DITY
  • DisLocation Allowance DLA
  • Servicemembers Civil Relief Act SCRA
  • Special Housing Adaptation SHA
  • Specially Adapted Housing grant SAH
  • Temporary Residence Adaptation grant TRA
  • Homeowner Assistance Program HAP
  • Certificate of Eligibility COE
  • Household Goods HHG
  • Interest Rate Reduction Loan IRRL
  • National Personnel Records Center NPRC
  • Minimum Property Requirement MPR
  • Lender Appraisal Processing Procedure LAPP
  • Point of Contact POC
  • Uniform Standards of Professional Appraisal Practice USPAP
  • Notice of Value NOV
  • Staff Appraisal Reviewer SAR

Important Link's

Moving

Determine VA Benefit Entitlement Amount

US Department of Veterans Affairs

Wounded Soldiers NRD

Help for New Military Personnel

Special Needs (Family)

US Department of Defense

Check Condominium Approval

Lost records (Archives)

RIHOH, llc AKA Rhode Isaland Host of Homes is a Limited Liability Company of Host of Homes Realtors

Privacy Policy | DMCA

Copyright © 2018

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu