Since 1944, veterans, active duty service members, and eligible surviving spouses have been able to purchase a home through the VA home loan program. The VA home loan program offers a wide array of benefits to borrowers, and some of the lowest rates in the industry when compared to other programs that loan to borrowers with a history of bankruptcy or foreclosure.
And the VA loan program is still going strong. Secretary of Veterans Affairs, Eric K. Shinseki, even stated that “The continued high performance of VA loans is due to the dedication of VA’s loan professionals, the support of our partners in the mortgage industry, and most notably, the responsibility of our veterans and their desire to maintain home ownership. VA is making good on its promise to help veterans achieve the American dream of owning a home.”
The VA Home Loan Program strives to make purchasing and owning a home to eligible borrowers more affordable with perks such as zero down payment, no mortgage insurance required, and regulated closing costs. VA-approved lenders may even help borrowers facing foreclosure by finding home-retention options for them. Lenders are able to secure options such as repayment plans, forbearances, and loan modifications all to help the borrower keep their home.
This type of lender dedication has increased borrower success in the VA home loan program dramatically. The Mortgage Bankers Association National Delinquency Survey reports show that the VA’s foreclosure rates have been the lowest of all measured loan types – including prime loans – for the last eight quarters, and serious delinquency rates have been the lowest for the last five consecutive quarters.
The VA Home Loan program has helped nearly 19 million veterans, active duty service members, and eligible spouses achieve homeownership, and the program’s success derives from the dedication of VA employees and VA-approved lenders alike. These individuals’ primary goal has been to enhance the lives of veterans and active duty service members by providing them with the option of affordable home ownership, and their ability to do so has made the VA Home Loan programs one of the most progressive lending programs on the market.
Photo thanks to JaxStrong under creative common license on Flickr.