In the current and very problematic housing market, the lowest foreclosure rates belong to veterans with VA-backed home mortgage loans. As a result of this, veterans used the Home Loan Guaranty Program to purchase approximately 1.3 million homes last year.
The Home Loan Guaranty Program’s success stems from it preventing loss to the lenders should a borrower fail to fulfill their obligation under the mortgage loan. This means more affordable house ownership for veterans, active-duty members, and some surviving spouses taking advantage of the program.
The Home Loan Guaranty Program does more than just make home loans. The program’s mission of helping veterans remain in their homes and avoid foreclosure is accomplished by loan specialists interceding on the veterans’ behalf to help veterans in danger of foreclosure.