MRP National Exam flashcards

31 cards. Read the term and the definition here. The deck at the top of this page is optional.

VA Loan Guarantee

The VA guarantees a portion of a lender's loss on a VA-backed mortgage; the lender originates and funds the loan while VA provides the guaranty.

Certificate of Eligibility

The COE documents a veteran's entitlement and qualifying service; lenders use it to confirm VA eligibility before underwriting the loan.

VA Funding Fee

A percentage of the loan amount paid to VA, varying by down payment, first or subsequent use, and exemption status; it may be financed.

Funding Fee Exemption

Veterans receiving VA disability compensation and certain surviving spouses are exempt from the funding fee and must provide supporting documentation.

VA Occupancy Requirement

The veteran must certify intent to occupy the home as a primary residence within a reasonable time after closing, generally within 60 days.

VA Minimum Property Requirements

MPRs require the home to be safe, sound, and sanitary; the VA appraisal addresses both value and property condition before closing.

Basic Entitlement

For most veterans, basic entitlement is $36,000; full entitlement supports a 0% down purchase up to the county conforming loan limit.

Notice of Value

The VA appraisal result stating the property's value and condition; if the price exceeds value, the veteran may renegotiate, pay cash, or withdraw.

PCS Orders

Permanent Change of Station orders authorize military relocation and establish reporting dates; they are the legal basis for many relocation decisions.

SCRA Lease Termination

The SCRA lets service members terminate a residential lease with written notice plus a copy of PCS or deployment orders of 90 days or more.

Leave and Earnings Statement

The LES shows current pay, allowances, and deductions; lenders use it with W-2s and orders to verify military income.

BAH and BAS

Basic Allowance for Housing and Basic Allowance for Subsistence are non-taxable allowances; BAH depends on duty station, pay grade, and dependents.

VA Seller Concessions

VA permits sellers to pay up to 4% of the sales price toward the buyer's closing costs and prepaid items, reducing cash needed at closing.

Power of Attorney Closing

Deployed buyers or sellers may close remotely using a specific durable power of attorney; confirm the lender and title company accept it.

Relocation Company Sale

Some PCS sellers use employer or relocation-company buyout programs that change timelines, pricing, and who signs the contract.

Military Buyer Timeline

PCS timelines are often compressed to 30-60 days; agents should confirm orders, reporting date, and lease end before house hunting.

Preapproval Sequence

VA process: preapproval with COE and income review, then contract, VA appraisal, underwriting, and closing with disbursement.

Bonus Entitlement

Second-tier entitlement can be used when basic entitlement is tied up in an existing VA loan, potentially allowing a purchase above the conforming limit with a down payment.

Entitlement Restoration

Entitlement is restored when a prior VA loan is paid off and the property disposed of; a one-time restoration is available for moves to a new primary residence.

VA Appraisal Assignment

VA assigns the appraisal through its system; the appraiser issues a Notice of Value used by the lender and parties to proceed or renegotiate.

IRRRL Streamline

The Interest Rate Reduction Refinance Loan refinances an existing VA loan, generally requiring a net tangible benefit and often no appraisal or full underwriting.

VA Conforming Loan Limit

VA has no set maximum loan, but full-entitlement 0% down purchases are capped by the county conforming loan limit; above it a down payment may be required.

VA Closing Costs

VA rules limit certain fees and allow sellers to pay up to 4% in concessions; some costs such as the funding fee may be financed.

VA Loan Assumption

VA loans may be assumable subject to VA and lender approval; assumptions by non-veterans can affect the seller's remaining entitlement.

DPS Household Goods

The Defense Personal Property System manages government-arranged household goods shipments; members schedule pickup and delivery through it during PCS.

Personally Procured Move

In a PPM or DITY move, the member arranges the move and is reimbursed based on authorized weight and government cost comparisons.

TLE and TLA

Temporary Lodging Expense applies to CONUS moves and Temporary Lodging Allowance to OCONUS moves, offsetting temporary housing during relocation.

Dislocation Allowance

DLA is a lump-sum payment offsetting relocation costs; the amount depends on pay grade and whether the member has dependents.

MIC3 Compact

The Interstate Compact on Educational Opportunity for Military Children eases enrollment, placement, and graduation rules for transferring military children.

Installation Support Centers

Airman and Family Readiness Centers and similar offices provide relocation counseling, spouse employment help, and school liaison support during PCS.

PCS Relocation Calendar

A 60-90 day plan from orders to report date covering house hunting, lease termination, shipment dates, and school enrollment.