The United States Department of Veterans Affairs (VA) established an all time record for home loans in 2015 by issuing 631, 151, a staggering increase of 19%. And, as the population of younger veterans is expected to increase 36 percent over the next five years, the future of the 71 year-old program is bright indeed.
In fact, it can be argued that these US Government-backed loans are the the most powerful residential loan product currently on the market. Credit guidelines tend to be more favorable for applicants, carry no mortgage insurance, limit what buyers have to pay in closing costs, and generally have a lower down payment requirement.
If you’re a veteran, what’s not to like?