While browsing the VA Mortgage website at http://www.homeloans.va.gov , I saw a press release from 6/12/2008 entitled: VA Reaching Out to Vets with Mortgage Problems. According to the release, April 2008 Foreclosures were down by more than 50% of the level they were at in April 2003. The nine regional centers which have VA Loan Counselors as well as prudent undwriting guidelines were attributed to the success of the VA loan program. Apparently, a proactive approach helps to keep deliquencies down. I saw another study that noted a surprisingly low number of delinquent conventional mortgage holders actually even make contact with their loan servicer.
It is interesting to note that most of the VA's loans are 100% financing, allow credit scores as low as 540 and delinquencies appear to be down in the current market. Using an experienced lender also can be a benefit for a veteran utilizing their Guaranty as well. Gateway Funding offers VA mortgage services with in-house Underwriting, processing, approval and closings. Gateway Funding has also been granted VA Automatic status from the Department of Veterans Affairs and has on staff underwriters with LAPP Authority to allow for faster, better, and easier appraisals
Michael Byrne
www.refi-fhasecure.com
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It is interesting that the VA has much more liberal lending practices, yet their foreclosures are down. I have a lot of clients who utilize their VA benefits to purchase and to date, not one has lost their home.