In an era when low down payment loans and no down payment loans from the past are usually the highest rate of default and generally the riskiest loans in the housing market, it is truly GREAT to hear that VA loans (which usually have no down payment) are some of the lowest risk and lowest rate of default mortgages in the housing market!
The article "Why VA Loans Lead in Foreclosure Avoidance" by Chris Birk (posted by DSnews - link below) cites 2 main reasons for the success of these loans: 1) there is a Loan Guaranty Program that actively helps and intervenes when a VA loan shows signs of risk; 2) underwriting standards that require a certain amount of residual income is left in the borrowers budget.
As a huge supporter and fan of our military and all of those who so bravely serve our country and serve and protect our freedoms as citizens, I cannot adequately describe how happy I am to hear this report, and to know that our veterans have these resources available to them.
Click HERE for the LINK to the DSnews article.
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Mike Rosenthal, Realtor(r), CDPE(r), PSC
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