HadIt.com Elder allan Posted December 9, 2009 HadIt.com Elder Share Posted December 9, 2009 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/> . Link to comment Share on other sites More sharing options...
Moderator broncovet Posted December 9, 2009 Moderator Share Posted December 9, 2009 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. Link to comment Share on other sites More sharing options...
timetowinarace Posted December 10, 2009 Share Posted December 10, 2009 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. Link to comment Share on other sites More sharing options...
HadIt.com Elder Pete53 Posted December 10, 2009 HadIt.com Elder Share Posted December 10, 2009 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. Veterans deserve real choice for their health care. Link to comment Share on other sites More sharing options...
grent Posted December 10, 2009 Share Posted December 10, 2009 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 Link to comment Share on other sites More sharing options...
grent Posted December 10, 2009 Share Posted December 10, 2009 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 Link to comment Share on other sites More sharing options...
HadIt.com Elder MikeR Posted December 11, 2009 HadIt.com Elder Share Posted December 11, 2009 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. Link to comment Share on other sites More sharing options...
Question
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/> .
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