VA Loan Success Rate – VA Loan Basics

VA Loan Success Rate – VA Loan Basics

The latest report from the VA shows that the number of veterans taking advantage of their VA loans is the highest in eight years. In 2010, the VA announced that the veterans’ mortgages hit the 19 million mark. Additionally, the foreclosure rate of VA loans is reportedly the lowest of all other loan programs.
Two unique factors of VA loans may attribute to the program’s success:
■The general sense of responsibility of VA borrowers
■The free mortgage counseling resources available to borrowers in default

VA loans are only offered to eligible veterans, military personnel and surviving spouses. The VA’s Secretary Shinseki has said that veterans have an “unshakeable sense of responsibility.”

Veterans Home Loan

Of the VA-employed mortgage counselors who assist VA borrowers in default, Secretary Shinseki has referred to them as having “professionalism and savvy.”

From 2006 to 2010, the number of VA-backed home loans for veterans rose by 63 percent. And, from summer of 2008 to fall of 2010 the VA’s foreclosure rate, as well as the serious delinquency rate for the last six quarters of this period, were the lowest in the lending industry. In 2011, the VA assisted 72,391 Veterans and Servicemembers in mortgage default keep their homes or avoid foreclosure. This is an increase of 66,030 from the previous year.

When measured against other loan programs, even prime lending, the VA mortgage program performs best with the lowest foreclosure rate for the last 14 quarters. And, the program has the lowest delinquency rate for the last 11 quarters.

For more information about the success of  VA Home Loans contact an approved lender.
Read more: http://valoan.military.com/654/va-loan-success-rate/#ixzz1viDQduKG
Military.com’s VA Loan Blog


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