The VA guaranteed nearly 630,000 mortgage loans in 2013, says Mike Frueh, the director of the VA’s Loan Guaranty Program. The average loan was about $225,000. The VA’s total loan volume has soared about 372 percent since 2007, according to Chris Birk, the executive editor at Veterans United Home Loans. An overall tight lending environment is also making VA loans more attractive to service members. VA loans do not require a downpayment for first-time #home buyers, and about 90 percent of all VA-guaranteed loans for home purchases are made without any money down. The loans also do not require private mortgage insurance. read more....
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