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 report was made available in a statement released by the DVA on Monday.
“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 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.
“We are committed to making even more Veterans and Service members aware of this important benefit and delivering the assistance they deserve when financial difficulties arise,” said VA’s Under Secretary for Benefits Allison A. Hickey.
To obtain more information about the VA Home Loan Guaranty Program, please visit the program’s home page at www.benefits.va.gov/homeloans or call VA toll-free at (877) 827-3702 to speak with a VA specialist concerning foreclosure avoidance.
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