Present and former service members who used home loan guarantees backed by the Department of Veterans Affairs were less likely to default, according to the VA – even though more than 90 percent of all VA-assisted loans are made without down payments. “VA’s percentage of loans in foreclosure is the lowest of all measured loan types – lower even than prime loans, which require high credit scores and a 20 percent down payment by the borrower,” the VA stated. The agency attributes the comparatively high rate of success to VA loan specialists, who help borrowers restructure payment plans when trouble arises. Information about VA home loan guarantees is available by calling toll-free (877) 827-3707, or visiting http://www.homeloans.va.gov on the Web.
