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What is a Certificate of Eligibility (COE)?

March 21, 2023 by MMS Mortgage Services

One of the requirements for applying for a VA home loan is to submit your Certificate of Eligibility (COE). If you are confused about COEs, you are in the right place. In this post, we are going to explain everything you need to know about this important document.

What is a COE?

Qualifying for a VA mortgage involves meeting certain service requirements. Your COE is the document that verifies these qualifications.

Veterans: We need to see your DD214 discharge or separation papers.

Active-duty service members: You need your commander, personnel officer or adjutant to sign a statement of service.

Current or former activated Reserve members: We need your DD214.

Current or former activated National Guard members: We need your DD214. If you performed 90 or more days of active-duty service wherein at least 30 of those days were consecutive, we may ask you for more paperwork.

Current Reserve or National Guard members never activated: You just need a signed statement of service.

Former Reserve members never activated: You need to provide your most recent annual retirement points and proof of honorable service.

Former National Guard member never activated: For every service period, you will need a Report of Separation and Record of Service (NGB Form 22). Also necessary is Retirement Points Statement (NGB Form 23) along with documentation that verifies the character of service performed.

Surviving spouses: At a minimum, we require your deceased spouse’s DD214. Sometimes additional documentation is needed.

How Do You Obtain Your COE?

Now you understand what a Certificate of Eligibility is, and have an idea what the documentation entails based on your classification. But how do you obtain the necessary paperwork?

The fastest and most efficient way to do it is by requesting it through the Web LGY VA online portal.

Although you can do this yourself, you do not have to. Our VA mortgage experts can use the portal to request the necessary documentation.

Apply Now for a VA Mortgage

If you are ready to get your COE and apply quickly and easily for a VA mortgage, you can rely on MMS Mortgage Services to streamline the process from start to finish. To begin, please give us a call at (248) 788-0800 to schedule your free consultation. We work with VA homebuyers and homeowners in Michigan and 15 other states.

FHA MIP and VA Funding Fees Reduced

March 21, 2023 by MMS Mortgage Services

If you are going to be applying for a VA or FHA mortgage, you will be happy to learn that FHA MIP and certain VA funding fees are decreasing. Below, you can find the full details.

FHA MIP Reduced

For starters, monthly mortgage insurance premiums (MIP) are decreasing by 30 bps for loans backed by the Federal Housing Administration (FHA). This change is effective as of March 20^th, 2023.

This change in mortgage insurance premiums will help around 850,000 projected borrowers to save an amount that is expected to add up to about $678 million collectively.

HUD says, “For the same borrower with a mortgage of $467,700 – the national median home price as of December 2022 – FHA’s annual MIP reduction will save them more than $1,400 in the first year of their mortgage. In addition to providing overall savings to borrowers, a lower annual MIP can also help more people qualify for a mortgage.”

Some VA Loan Funding Fees are Lower

More good news on the government-backed mortgage front concerns VA loans, specifically those for purchase or construction (not refinancing). The funding fees for some of these loans are reducing.

This only applies to mortgages that close on or after April 7^th, 2023 and before November 14^th, 2031. Also, you must put 5% or more down when you take out your mortgage; otherwise, you will not be eligible for these reduced VA loan funding fees.

Apply for a VA Loan or FHA Mortgage Now

Have more questions about these changes, or ready to apply for a VA or FHA mortgage? Please give us a call now at (248) 788-0800 to schedule your free consultation. We can help you buy a home in Michigan or 15 other states with a flexible, affordable home loan.

Choosing a Way to Receive Reverse Mortgage Money

March 13, 2023 by MMS Mortgage Services

If you want to supplement your income during retirement, you may be able to tap into your home equity with a reverse mortgage. One of the advantages of reverse mortgages is that you can receive the funds from the reverse mortgage in three different ways: as a lump sum, in monthly installments, or as a line of credit. In this post, we are going to explain each of these options to you and discuss how you can choose the one that is suitable for your needs.

Options for Reverse Mortgage

Lump sum. One way you can receive the money from a reverse mortgage is all at once through a lump sum. This option may be worth considering if you need all the money right now in order to make some kind of a large payment. As you might guess, a lump sum does have some drawbacks. You may pay more in interest for a lump sum, and you may qualify for less in total than you would if you chose a different option for disbursement.
Monthly payouts. Another option for receiving your reverse mortgage disbursements is in the form of monthly installments. If you do not need the entire amount right now, you might want to think about this option instead. Receiving the money over time can be helpful if you would otherwise be tempted to spend it all at once. Plus, you will only end up paying interest on what you actually receive, and you will likely qualify for more than you would with a lump sum.
Line of credit. One more option for how you can receive reverse mortgage money is in the form of a line of credit that you can use on an as-needed basis.This is another option that is ideal for keeping your interest to a minimum, as you will only have to pay interest on what you actually use. You will be able to use as much or as little of the available line of credit as you need at any given time, maximizing flexibility.

Learn More About Reverse Mortgages or Apply Now

During your consultation, you will be able to ask us your questions about reverse mortgages. When you share the details of your scenario with us, we also will be able to give you personalized advice regarding which disbursement method may be ideal for you. If you are ready to get the supplement to your income that you need to make the most of your retirement, please call us at (248) 788-0800 to schedule your consultation. We work with senior homeowners in Michigan and 15 other states.

Lindsey Robbins

12:57 23 Mar 23

We had an Outstanding experience working with MMS Mortgage Services! Thank you for being there with your wisdom through each step of the buying experience. We appreciate everyone who helped along the way.

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16:15 23 Jan 23

I can't say enough good things about this team! If you are looking for a mortgage loan their team is knowledgeable, communicative and they have great rates.

Erich Dyer

15:45 23 Jan 23

Professional and closed quickly. I will be using them again 100%

Kam DeLano

18:30 18 Jan 23

Wow! This was the easiest mortgage group to work with! Chris and Jamie were amazing! They were able to get all the paperwork and have us ready to close in 3 weeks! Highly recommend Member Mortgage Services for your Mortgage needs.

Mark Howson

16:32 25 Aug 22

MMS had a better rate then any other company we talked to. Chris and Jamie were amazing. They were responsive and helpful through out the whole mortgage process. We were able to close earlier then expected with their help. Definitely recommend.

Jennifer Harbor

18:00 31 May 22

Keith Bartlett

19:36 26 May 22

Paul was great with managing our refi. The process was easy and did 98% from home. Great job.

John McGreevy

21:50 11 May 22

Chris Pugh and his team at Member Mortgage Service were wonderful in helping with the refinance of our family home. He was pleasant and professional. His help made the whole process run smoothly. Chris did a great job answering my many questions Communicating with Chris and Jaime Linz was one of the highlights of this experience.The team responded quickly to my many concerns. I highly recommend Chris Pugh and his MMS team mates.

Lori Potter

21:17 03 May 22

MMS was amazing with our service. They would return calls and emails in short order. They were very patient with all of our questions. They worked really fast to process all the paperwork. They were kind and compassionate. Can't say enough good things about Joanne and her team!!!!

Steph O.

15:12 30 Apr 22

Well where to start.... Best people to work with it is my pleasure to say Greatest experience in them doing everything to make sure I had everything to get in my forever home. Thank you Joanne and Jordan.

Chris Helder

20:06 29 Apr 22

Dominique Adams

12:18 26 Apr 22

JoAnn was so helpful with every step in purchasing my first home. She was supportive and answered every question I had!

Shannan Graham

20:08 22 Apr 22

Excellent communication through the processing stages of our refinance. Highly recommend!

Mary Lynn Williams

16:49 19 Apr 22

It was great to have my interest rate lowered. Mr. Boudreau was very helpful.

John Giordano

17:07 28 Mar 22

Jefferson Romero

18:18 18 Feb 22

John Paquette

14:05 15 Feb 22

From the 1st time I meet Chris just to ask a question till the finalizing of our mortgage , I felt we were in good hands best decision we made . thank Chris for his help

Coleman James

14:04 01 Feb 22

JoAnn and Jordan know how to get things done in a competent and excellent manner. They even accommodated us while we were vacationing in Florida as we were able close down there without a hitch. I highly recommend their services.

Christine Brimer

08:59 28 Dec 21

Joann and Jordan are great to work with and make the mortgage process very easy. Questions are answered promptly and the closing process was complete in less than 3 weeks. My original mortgage and now my refi went so smooth that I would highly recommend Member Mortgage Services to all my friends and family.

Angie Valchine

17:34 29 Nov 21

Our family's first mortgage was with MMS Mortgage Services over 25 years ago and then we took a different path because of a family members association with the banking industry. We are happy to say, we have returned to MMS and our refinancing process went smoothly and quickly! We want to thank Christopher and Jamie for all you did to help us to return our mortgage to MMS!!

Gary Mack

00:47 23 Nov 21

They made the process very easy for us. We highly recommend you check them out!

autumn johnston

17:21 22 Nov 21

D&J Drown

19:13 05 Nov 21

Joann and her team at MMS Mortgage Services made it easy from start to finish. Fast, helpful and always available to answer questions. Thanks again! You're the best!

Jane Sauchak

13:32 23 Oct 21

I moved from out of state. That presented several problems. All my previous closing papers were packed! Chris made me feel at ease, as he explained he could get the information through other sources. He walked me through the process smoothly and efficiently. Closing was right on schedule.

Melissa George

10:59 23 Oct 21

Professional, productive and knowledgeable are just a few words I would use to describe my experience with them. Highly recomend, you won't be disappointed!

Beth Portincasa

22:02 22 Oct 21

Everyone involved made the process so easy on us. Thank you MMS Mortgage.

Kevin Nicotera

21:58 22 Oct 21

Lou did a fantastic job at making sure our mortgage loan was handled quickly and effectively. When we needed help, he provided sound advice and walked us through every option available. I cannot recommend him enough!

Diana Linsey

19:16 11 Oct 21

I was able to get my mortgage at a lower rate and bundled some of my bills! Because Nick Santy led me through this process, I am able to manage my money in a more efficient manner! Nick kept me well informed and didn’t hesitate to call me with questions and encouraged me to do the same! Thank you!

Corey Buddy

19:18 27 Sep 21

We had a great experience with MMS Mortgage Services, Ltd. From application to closing, our loan officer made the process so simple and hassle free. JoAnn was always quick to return our calls and answer our questions. We highly recommend MMS Mortgage Services, Ltd to anyone who is looking to take out a home loan or refinance an existing loan. We will continue to do business with them.

RON HOLDER

18:37 27 Sep 21

MMS has now assisted us with 2 home financings and has always been available, responsive and client oriented. We had started a process of a refi and MMS really stepped up the make sure we got the best rate possible and closed in record time

What is a Certificate of Eligibility (COE)?

What is a COE?

How Do You Obtain Your COE?

Apply Now for a VA Mortgage

FHA MIP and VA Funding Fees Reduced

FHA MIP Reduced

Some VA Loan Funding Fees are Lower

Apply for a VA Loan or FHA Mortgage Now

Choosing a Way to Receive Reverse Mortgage Money

Options for Reverse Mortgage

Learn More About Reverse Mortgages or Apply Now

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