With mortgage rates at historic lows, Veterans and military personnel continue to use the VA home loan program in record numbers to purchase a home or refinance their existing loans.
Since the VA Home Loan program began in 1944 as part of the original GI Bill, VA has helped Veterans by guaranteeing more than 19 million home loans, valued at over $1 trillion. During the past four years, the number of Veterans VA has helped purchase a home increased by 63 percent.
At a time where other no-downpayment programs are virtually non-existent and mortgage credit can be difficult to obtain, Veterans and Servicemembers have an avenue to obtain financing and take advantage of historically low rates through the VA home loan program.
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. VA-guaranteed home loans are made by banks and mortgage lenders, with VA ensuring payment of a portion of the loan if the borrower fails to repay the balance. A unique aspect of VA’s program is a commitment to help borrowers keep their homes if they encounter financial difficulties. During the past decade, VA loan specialists have helped more than 150,000 families hold onto their homes when threatened by foreclosure.
-From the VA
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