FHA market share declined while VA loan
share held steady.
On June 22, VA will celebrate the 75th anniversary of the VA Loan
The median loan amount for first-time homebuying servicemembers with a VA loan
increased in nominal dollars from $156,000 in 2006 to $212,000 in 2016, closely tracking the median value of conventional home loans taken out by non-servicemembers.
The VA Loan
Electronic Reporting Interface Redesign task order, managed by the Veterans Benefits Administration Loan Guaranty Division, has an estimated value of $16.3M over a base performance period of 18 months.
12 passed HR 3561, legislation that gives VA appraisers the ability to rely solely on information from approved third parties--such as an appraisal trainee or property inspector under the direction of a VA appraiser--when determining a home's value for a VA loan
. The bill's sponsors reportedly intend for it to address timeliness issues with some appraisals in rural areas.
If you qualify, a VA loan
requires no down payment whatsoever, nor does it require mortgage insurance, so it's usually a smart choice for those who can take advantage of it.
There's no time limit on when veterans must use the benefit and no limit on how many times they can use it, as long as the home purchased with a previous VA loan
has been sold or the loan paid off.
There are now an estimated 22 million veterans in this country, many of them with eligibility for VA loan
The VA Loan
Guaranty amount varies with the size of the loan and the location of the property.
This drop is largely the result of the decline in the market share of the FHA and VA loan
programs and the concurrent rise in the securitization of non-government-backed mortgages.
The average house price financed with a conventional loan was $165,509; with an FHA loan, $92,340; and with a VA loan
Because there are no disadvantages (VA loan
rates are comparable with conventional interest rates), eligible veterans or their surviving spouses should inquire further about such loans through local mortgage-lending institutions.