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VA Home Loans Have Lowest Foreclosure Rates

August 19, 2010

According to the Mortgage Bankers Association, mortgage loans guaranteed by the Department of Veterans Affairs have had the lowest foreclosure rates for all measured loan types in the past eight quarters. In a recent press release, Eric Shinseki--Secretary of Veterans Affairs--reports, "VA is making good on its promise to help Veterans achieve the dream of owning a home."

Today, the VA Home Loan Guaranty Program currently has 1.3 million active home loans. The program allows active-duty servicemembers, veterans, and eligible surviving spouses to receive low or no down payment loans and also protects lenders in cases where the borrower cannot repay the loan.

Since 1944, the VA has guaranteed $1.06 trillion worth of loans, for a total of nearly 19 million home loans.

For more information, refer to the Department of Veterans Affairs' Press Release: Veterans More Likely to Avoid Foreclosure with VA-Backed Loan.

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