The Home Loan Guaranty program of the U.S. Department of Veteran Affairs (VA) has seen a staggering rise in the numbers in 2015. Experts suggest that the strong performance was due to the heavy refinancing on low interest rates.
Compared to the fiscal year 2014, VA Loans grew at a rate of 44% by numbers and at a rate of 54% by volume in the fiscal 2015, which ended on September 30, 2015.
The VA Loan numbers in 2015 surpassed the figures achieved in 2013. Although, most other loan programs did see a rise in volume and numbers compared to 2014 but failed to surpass the levels achieved in 2013.
The number of VA Loans in 2014 was 438,398 and in 2015, the figure stood at 631,142, which was a growth of about 44%. VA Loans also grew on volume as well. In the fiscal 2014, the balance was about $99.6 billion and in 2015, the balance was about $153.5 billion which was an increase of 54% compared to 2014.
Over the past seven decades, the Department of VA has provided the guarantee to the home loans taken by eligible veterans, active duty personnel of the U.S. Armed Forces and their surviving spouses. The loan program comes with several benefits like zero down payment, lower interest rates and others.
The Department of Veteran Affairs has stated that it has witnessed a surge in refinance loans, due to the low rates. The VA Interest Rate Reduction Refinance Loan, also known as the VA Streamline Refinance, accounted for almost 31% of the total VA Loans, by volume. The Department of Veteran Affairs has also stated that the volume of Purchase loans, which are the loans people take to buy a home, continue to remain strong
To benefit a greater number of people, the VA has also increased its outreach and reduced the processing time with a considerable amount of time. Around 66% of the borrowers are getting their Certificate of Eligibility (COE) instantly. Others, who are not processed by the system, are also getting their COE in just about two days.
These benefits along with several others make the prospect of getting a VA Loan quite lucrative for military home buyers in America. The leading VA Loan Lenders in the United States have their offices in almost every major state in the country. So, if you are looking for Texas VA Loans or VA Loans in California, it is always better to take the advice of such VA Loan experts and get the most out of the benefits of VA Loans. If you are a current or a past member of the U.S. Military, then you can easily fulfill that dream of yours by getting a VA Loan with the help of the expert
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