VA Loan Stats and Reports, 2008
Many common misconceptions exist about the federal Veteran Loan program offerings. Below you will find basic information explaining how the program is used, as well as important stats and figures for the program for 2008.
Availability and Awareness
Of the nearly 24 million living Veterans, less than 10% have used a VA Loan.
Although nearly all Veterans are eligible for VA Loans, there are only 2.2 million currently issued.
Nearly 20% of veterans are not aware of the VA Home Loan program.
Over the history of the program, 18 million VA Home Loans have been insured by the government.
Don't be left out on the benefits you've earned! Your service has afforded you the right to use the benefits of a VA Loan in taking steps towards owning a home. Let us help you learn more about it. Click here.
Qualifications and Typical Loans
Over 80% of VA Loan borrowers could not qualify for a conventional loan.
Because the VA understands the unique needs of Veterans, they have a different set of standards for helping those who've helped the country.
VA Home Loans are nearly identical to most conventional loans and often involve many extra benefits.
The main factor that sets VA Loans apart from other loans is the no down payment requirement.
Over half of VA Loan borrowers cited not having to make a down payment as their main reason for taking out a VA Loan.
Another government program, the FHA, is trying to implement no down payment, but that is unlikely to happen. For veterans, money down doesn't have to stand in the way of owning a home. In fact, many of the loan fees can even be packaged into the mortgage.
Who benefits from VA Loans?
Census Bureau Statistics On VA Borrowers:
- Less than 7% of Veterans are women. This percentage has risen only about 2% over the past twenty years.
- 38% of Veterans are aged 65 and over. The majority of these individuals served in Vietnam.
- Nearly 30% of US Veterans are disabled. When taking out a VA Loan, the funding fee (which can be up to 3.3% of the loan amount) is waived for disabled Veterans.
- While the number of Veterans nationwide decreases, it rose in the Southern United States by nearly 7% over the course of a decade.
Other VA Benefits
Along with VA Home Loans, Veterans are entitled to a number of other benefits that you may not know about. Health and disability coverage, small business funding and more are all backed by the VA. Veterans interested in learning more about all that they are entitled to should visit The Department of Veterans Affairs website to learn about the many benefit programs currently being offered.
Funding and Future
The VA Home Loan program will receive nearly $6 billion in funding in 2008. Although VA funding is down from recent years, the VA Home Loan program will still obviously be receiving a great deal of money in 2008. Many other VA programs will also be benefiting from federal dollars in 2008, with the total budget at about $86.4 billion.
Learn More and Contact a VA Specialist
To learn more about obtaining a VA Loan to help finance your home purchase, contact one of our VA Loan Specialists today. If you would prefer to speak with a VA Specialist directly, give us a call at 800-405-6682.
