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Maureen Martin is identified by HomePlus Mortgage as a California residential mortgage loan originator who works with FHA and VA mortgages. San Diego County borrowers can discuss three distinct VA loan paths with the company: a VA purchase loan, an Interest Rate Reduction Refinance Loan (IRRRL), or a VA cash-out refinance. Which path fits depends on the existing mortgage, eligibility, occupancy, lender underwriting and the costs of the new loan—not simply the advertised rate.
HomePlus Mortgage is a private mortgage business, not the Department of Veterans Affairs, and says it is not affiliated with the VA or another government agency. The VA establishes program rules; private lenders originate and underwrite loans. HomePlus’s profile lists Martin’s NMLS ID as 247664 and California DRE license 01266511. The California Department of Real Estate’s public record lists her broker license as licensed, with an expiration date of March 27, 2028, and separately records that an MLO license endorsement was voluntarily surrendered on December 31, 2021, with a right to reapply after three months. A broker-license record does not establish current mortgage-originator credential status; borrowers should verify that status and confirm current contact details directly with the business.
Which VA loan path fits your goal?
| Loan path | Purpose and existing loan | Can you receive cash? | Key eligibility and review points |
|---|---|---|---|
| VA purchase loan | Buy a home using a VA-backed mortgage arranged through a private lender. | Not an equity-cash-out product. | Generally requires a Certificate of Eligibility (COE), lender underwriting, satisfactory credit and sufficient income. The home is generally for personal occupancy. Lenders may impose additional standards. |
| IRRRL | Refinance an existing VA-backed loan, potentially to lower the payment or move from an adjustable to a fixed rate. | No. An IRRRL cannot pay cash to the borrower. | Must already have a VA-backed loan and certify current or prior occupancy. Review any subordinate lien, closing costs and the new loan balance. |
| VA cash-out refinance | Replace a current mortgage to access home equity, or refinance a non-VA loan into a VA-backed loan. | Potentially, subject to eligibility, lender terms and available equity. | Requires applicable COE eligibility, VA and lender credit/income standards, and occupancy of the home being refinanced. Review appraisal, costs and the new balance relative to home value. |
These distinctions follow the VA’s descriptions of purchase loans, IRRRLs and cash-out refinances. A COE confirms VA program eligibility; it does not by itself mean a lender will approve the mortgage.
Using a VA loan to buy a home
A VA purchase loan is not a mortgage issued directly by the VA. An eligible borrower applies through a private lender, which reviews the COE and the borrower’s finances under VA requirements and its own underwriting standards. The property is generally intended for the borrower’s personal occupancy. Credit, income, property and lender requirements all affect approval.
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The VA’s home-loan overview says “nearly 90% of VA-backed loans are made with no down payment.” That is a program-level statistic, not a promise that every eligible borrower can buy without a down payment. A lender may require one based on the transaction or its standards. Ask what down payment, closing costs and any funding fee would apply to your specific purchase.
Refinancing a VA loan with an IRRRL
An Interest Rate Reduction Refinance Loan—often called a streamline refinance—can refinance an existing VA-backed mortgage. The VA says an IRRRL may lower the monthly payment or make payments more stable, such as when moving from an adjustable-rate loan to a fixed-rate loan. It is not a cash-out option.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
Am I eligible for an IRRRL?
You must already have a VA-backed home loan and certify that you currently live in or previously lived in the home. If another lender holds a second mortgage, that lien holder may need to agree to subordinate its lien so the refinanced VA loan retains the required priority. The VA and lender requirements still apply.
How do I get an IRRRL?
Start by asking lenders for written estimates of the proposed rate, payment, closing costs and total new loan balance. Costs may be included in the new loan or handled through other permitted arrangements; rolling costs into the balance increases what you owe. Compare the total cost with the expected monthly savings to calculate how long it would take to break even. If you expect to move or refinance again before that point, the transaction may not recover its costs.
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When a VA cash-out refinance may be relevant
A VA-backed cash-out refinance replaces the existing mortgage. Depending on eligibility, the property’s value and lender terms, it may let a borrower access equity or convert a non-VA mortgage into a VA-backed loan. The borrower must meet applicable VA and lender credit and income requirements and occupy the home being refinanced.
Compare the cash proceeds with the new loan balance, not just the monthly payment. A higher balance can reduce equity, and closing costs reduce the net amount available. The property’s appraised value and lender requirements affect how much, if any, equity can be accessed. Ask the lender to show the proposed balance, fees and proceeds together so the trade-off is clear.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Compare costs, terms and the funding fee
VA says borrowers are strongly urged to contact several lenders because terms may vary. For each quote, compare the interest rate alongside the annual percentage rate where provided, lender fees, other closing costs, estimated payment, total new balance and any cash proceeds. A lower payment alone does not establish that refinancing saves money: the loan term, financed costs and time you expect to keep the loan all matter.
The VA funding fee is generally a one-time charge that helps support the loan program, and some borrowers are exempt. Its rate depends on loan type and other factors; for purchase loans, applicable factors include first or subsequent use and down-payment amount. The VA’s published chart states that its listed rates took effect April 7, 2023. Because that chart date does not establish that the rates remain current, check the official funding-fee chart and your exemption status before relying on a percentage.
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Questions to ask HomePlus Mortgage
- Which path is being proposed—purchase, IRRRL or cash-out—and how does it meet my goal?
- What COE, occupancy, credit, income or property requirements apply to my situation?
- What are the rate, payment, total closing costs and final loan balance, including any financed costs?
- For a refinance, what is the break-even period, and how does the new balance compare with keeping my current loan?
- Does the transaction permit cash to me, and what amount would remain after costs?
- Am I exempt from the VA funding fee, and what current chart and rules support the amount quoted?
- What is Martin’s current mortgage-originator credential status, and who will handle the application and servicing questions?
The VA cautions borrowers to be wary of refinance claims built around skipped payments or unusually low rates. A skipped payment does not make a refinance free, and no lender can guarantee approval or savings without evaluating the borrower and loan terms. The VA’s guidance on IRRRLs and cash-out loans explains the program rules; HomePlus’s site describes the company’s services and claims about its expertise, which are business statements rather than independent findings about borrower outcomes.
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