The Department of Veterans Affairs (VA) has seen record numbers of servicemembers use their home loan program to purchase or refince their homes. In fact, during the past four years the number of Veterans who have used a VA loan to purchase a home has risen by an astounding 63%. Rates on VA loans remain incredibly attractive and these loans are among the few available that can be obtained with no down payment.
Performance on VA loans is better than most. VA’s foreclosure rate for the last nine quarters and serious delinquency rate for the last six quarters have been the lowest in the housing industry, even when compared to prime loans, according to the Mortgage Bankers Association’s National Delinquency Survey. That means that borrowers who utilize the VA program have experienced fewer adverse payment situations than any other type of loan.
Started as a part of the original GI Bill in 1944, the VA has issued over 19 million home loans with a combined value of more than $1 trillion.
Most Veterans, Servicemembers, Reservists and National Guard members, as well as some surviving spouses, are eligible for the program, which provides an opportunity for borrowers to qualify for no-downpayment home loans as well as regular and interest-rate-reduction refinance home loans.
Mission Mortgage is proud to offer VA loans and we encourage servicemembers, active and retired, to contact us to see if we can assist them with their next home purchase or refinance. If you would like more information about the program, please email us at firstname.lastname@example.org.