VA Homeloans

Home loans guaranteed by the Department of Veterans Affairs continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry.  Veterans have also taken advantage of their home loan benefit in record numbers, as VA loan originations reached their highest total in eight years. “The continued strong performance and high volume of VA loans are a testament to the importance of VA’s home loan program and a tribute to the skilled VA professionals who help homeowners in financial trouble keep their homes,” said Secretary of Veterans Affairs, Eric K. Shinseki.  Last year, VA helped 72,391 Veterans and Servicemembers who were in default on their mortgage loan retain their homes or avoid foreclosure, an increase from 66,030 from the prior year.  At the same time, foreclosures on VA guaranteed loans dropped by 28 percent. According to the Mortgage Bankers Association National Delinquency Survey, VA’s foreclosure rate for the last 14 quarters and serious delinquency rate for the last 11 quarters have been the lowest of all measured loan types, even prime loans.  Since 1944, when home loan guaranties were first offered under the original GI Bill, VA has guaranteed more than 19.4 million home loans worth over $1.1 trillion. More information is available at www.benefits.va.gov/homeloans.