The historic VA home loan program is in the middle of an incredible stretch.
The Department of Veterans Affairs backed its 20 millionth loan in October 2012. The program set an all-time record for loan guarantees in FY 2013, and it's on the verge of breaking that just two years later.
Veterans and service members are turning to this flexible, $0 down home loan like never before, driven in large part by a tough and unwelcoming credit environment. VA loan volume has soared since the housing crash, and this long-cherished loan product has emerged as arguably the most powerful mortgage on the market.
I've had the honor of interviewing Mike Frueh, director of the VA loan program, several times during the last few years. Our latest conversation about VA loans and veteran homeownership took place at the beautiful U.S. Navy Memorial in Washington, D.C.
We covered a host of topics during our 40-minute conversation, from the amazing growth of VA loans to the critical role they're playing for first-time homebuyers and veterans in the current housing market.
A VA Loan is a mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs. Here we look at how VA loans work and what most borrowers don’t know about the program.
Veterans are turning to their home loan benefit in never-before-seen numbers, driven by rock-bottom interest rates and a surge in refinance interest.