Shinseki Says Va's Home Loan Program A "continued Success

[allan]

Recent VA News Releases

To view and download VA news release, please visit the following

Internet address:

http://www.va.gov/opa/pressrel

Shinseki Says VA's Home Loan Program a "Continued Success"

Veterans More Likely to Avoid Foreclosure with VA-Backed Loan

WASHINGTON (Dec. 7, 2009) - Despite problems in the nation's housing

market, mortgage loans backed by the Department of Veterans Affairs (VA)

had a lower foreclosure rate than any other type of home loan in the

industry, as of the end of the last fiscal year.

"The dedication of VA's loan professionals, the support of our partners

in the mortgage industry and most importantly, the hard work and

sacrifice of our Veterans have made this possible," said Secretary of

Veterans Affairs Eric K. Shinseki. "VA is making good on its promise to

help Veterans buy homes, and Veterans are achieving their dreams."

Currently, about 1.3 million active home loans were obtained using VA's

Home Loan Guaranty Program. The program makes home ownership more

affordable for Veterans, active-duty members, and some surviving spouses

by protecting lenders from loss if the borrower fails to repay the loan.

More than 90 percent of VA-guaranteed loans are made without a

downpayment. Despite this, VA has the lowest serious delinquency rate

in the industry, according to the Mortgage Bankers Association.

Furthermore, VA's percentage of loans in foreclosure is the lowest of

all measured loan types-lower even than prime loans, which require high

credit scores and a 20 percent downpayment by the borrower.

Much of the program's strength stems from the efforts of VA employees

and loan servicers nationwide, whose primary mission is to help Veterans

stay in their homes, avoid foreclosure and protect their credit lines

from the consequences of a foreclosure, Shinseki said.

Depending on the situation, VA's loan specialists can intervene on a

Veteran's behalf to help pursue home-retention options such as repayment

plans, loan modifications and forbearance. Additionally, under certain

circumstances, VA can refund a loan, which involves purchasing the loan

from the mortgage company and modifying the terms so the Veteran can

afford the new mortgage payment.

Since 1944, when home-loan guarantees were offered under the original GI

Bill, through the fiscal year that ended Sept. 30, VA has guaranteed

more than 18.7 million home loans worth $1.04 trillion.

To obtain more information about the VA Home Loan Guaranty Program,

Veterans can call VA at 1-877-827-3702. Information can also be

obtained at http://www.homeloans.va.gov <http://www.homeloans.va.gov/> .

[broncovet]

Yes, it sounds like Shinseki's plan is to make Veterans homeless by delaying and denying their claims before they can get a VA loan, so it will make VA loan program look like a success, even tho there are hundreds of thousands of Veterans who COULD have gotten a VA loan if the VA would just stop delaying or denying their claims.

[timetowinarace]

I almost lost my home waiting on the VA. It's a VA home loan.

I called the VA home loan people and guess what? Nothing they could do but send a letter to VARO to ask them expidite my claim.

The article is propaganda.

[Pete53]

The VA helped me actually refinanced my loan but its a long story. If you are having problems with a Loan you have to really gear up and beg the VA to do their job. At least they did not let the Bank foreclose on me in 1991.

[grent]

Yes, it sounds like Shinseki's plan is to make Veterans homeless by delaying and denying their claims before they can get a VA loan, so it will make VA loan program look like a success, even tho there are hundreds of thousands of Veterans who COULD have gotten a VA loan if the VA would just stop delaying or denying their claims.

IS THAT APPEAL ABLE IF YOU GET DENIAL

[grent]

Yes, it sounds like Shinseki's plan is to make Veterans homeless by delaying and denying their claims before they can get a VA loan, so it will make VA loan program look like a success, even tho there are hundreds of thousands of Veterans who COULD have gotten a VA loan if the VA would just stop delaying or denying their claims.

IS THAT APPEAL ABLE OR CAN NOD BE FILED

[MikeR]

I got my first house with the VA loan. It was a good deal, I only needed less than $500.00 for earnest money and had a mortgage of $322.00 and that was in 1994.