January 10, 2014
Veterans will have continued and uninterrupted access to credit through VA home loans.
COLUMBIA, Mo. Veterans United Home Loans today released a statement from its president of strategic operations, Greg Steinhoff, on the Department of Veterans Affairs Loan Guaranty Services release of guidance that reaffirms Veterans will have continued and uninterrupted access to credit through VA home loans.
The information was released today by VA to clarify lender compliance with the Consumer Financial Protection Bureaus Ability-to-Repay and Qualified Mortgage rules: www.benefits.va.gov/homeloans/documents/circulars/26_14_1.pdf
"Veterans United Home Loans applauds VA for its timely efforts to reaffirm certainty that mortgages guaranteed through the VA home loan program will continue to provide access to homeownership for Americas heroes our Veterans and service members," Steinhoff said. VA loans lead the way in safety and security, and that has never been more evident than when we look at the programs track record during the recent economic downturn. This announcement further validates this earned benefit will continue to be an available and essential path for Veterans to access the American dream. VA's leadership role in the mortgage industry is clear. It's a role that sees VA at the forefront of safe and responsible lending in partnership with private industry. And, this is a partnership that ensures our Veterans, who on average have $7,000 in assets, grow in their awareness and use of a program where nine in 10 purchase without a down payment. VA loan volume hit an all-time record in 2013, and these efforts to protect Veteran's access to affordable credit are critical.