According to the Department of Veterans Affairs, VA home loans continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry. And in the past fiscal year, veterans have taken out VA home loans in record numbers, with originations at their highest level 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 service members 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.
In fiscal year 2011, VA guaranteed 357,594 loans, an increase of nearly 14 percent over the previous year. There are currently over 1.5 million active VA home loans.
VA loans make homeownership more affordable for U.S. veterans, active duty service members and eligible surviving spouses. Buyers get a no-downpayment loan, and lenders receive a guarantee from loss if a borrower fails to repay the loan.
The VA advises veterans and service members in trouble on their mortgage to first contact the lender that services the loan. Depending on the situation, however, VA’s loan specialists can intervene on a veteran’s behalf to help pursue repayment plans, forbearances and loan modifications. Veterans and service members can call VA toll-free at (877) 827-3702 to speak with a VA specialist concerning foreclosure avoidance.
Veterans may obtain a certificate of eligibility and sign up for eBenefits through the VA’s web portal at www.ebenefits.va.gov. Service members may enroll in eBenefits using their Common Access Card at any time during their military service or before they leave during their Transition Assistance Program briefings. Veterans may also enroll in eBenefits and obtain a premium account by verifying their identity in-person at the nearest regional office or online, depending on their status, or calling VA’s toll free number at (800) 827-1000.
“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 service members 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.
In fiscal year 2011, VA guaranteed 357,594 loans, an increase of nearly 14 percent over the previous year. There are currently over 1.5 million active VA home loans.
VA loans make homeownership more affordable for U.S. veterans, active duty service members and eligible surviving spouses. Buyers get a no-downpayment loan, and lenders receive a guarantee from loss if a borrower fails to repay the loan.
The VA advises veterans and service members in trouble on their mortgage to first contact the lender that services the loan. Depending on the situation, however, VA’s loan specialists can intervene on a veteran’s behalf to help pursue repayment plans, forbearances and loan modifications. Veterans and service members can call VA toll-free at (877) 827-3702 to speak with a VA specialist concerning foreclosure avoidance.
Veterans may obtain a certificate of eligibility and sign up for eBenefits through the VA’s web portal at www.ebenefits.va.gov. Service members may enroll in eBenefits using their Common Access Card at any time during their military service or before they leave during their Transition Assistance Program briefings. Veterans may also enroll in eBenefits and obtain a premium account by verifying their identity in-person at the nearest regional office or online, depending on their status, or calling VA’s toll free number at (800) 827-1000.
