For the seventh year in a row, VA purchase loans increased year-over-year, with volume for fiscal 2018 up 59% from five years ago, with an increase of nearly 50% to Sumter, according to the annual VA loan statistics map recently released by Veterans United Home Loans, the country’s largest VA lender.
Purchase loans in South Carolina jumped 85% in fiscal 2018, compared to 2013.
The VA Loan is a $ 0 down payment mortgage option issued by private lenders and guaranteed by the United States Department of Veterans Affairs that is available to veterans, active duty members, and certain military spouses. VA loans are issued by private lenders and guaranteed by the United States Department of Veterans Affairs.
Locally, VA purchase loans increased 48% in Sumter over the same period.
Over 10,900 purchase loans have been issued in the state with an average loan amount of $ 226,986. A total of 15,859 home loans – including 5,265 refinancing loans – were issued in 2018 for a total amount of $ 3.59 billion.
In comparison, 13,847 home loans were issued for a total of $ 2.68 billion in 2013.
Nationally, the VA supported more than 610,000 loans worth more than $ 161 billion in 2018.
Created by the federal government in 1944 to help returning servicemen buy homes without the need for a down payment or great credit, the program has guaranteed more than $ 22 million in loans to help veterans, servicemen and women in active duty and their families to buy a home or refinance their mortgage. .
“More veterans have used this $ 0 loan in the past five years than in the previous twelve years combined,” said Chris Birk, director of education at Veterans United. “While VA data shows refinance loans cooled in 2018, the buying market remains strong as more veterans and military families look to what has become. the most powerful home loan on the market. “
VA loans now represent about 10% of the mortgage market, a huge increase in market share from just a decade ago, a statement said.
“This historic benefit program has seen a resurgence since the housing crisis,” he said.
According to mortgage software company Ellie Mae, the VA loan has had the lowest average interest rate in the market for the past 53 consecutive months, the release said.
And although it doesn’t require a down payment, the VA loan has had the lowest foreclosure rate of any loan product for 48 consecutive quarters, according to data from the Mortgage Bankers Association.
“This hard-earned job advantage will turn 75 in 2019,” Birk said. “The VA Loan Program continues to fulfill its original mission of helping a new generation of veterans and military personnel realize the American dream of homeownership.”
For more information on VA home loans, visit www.veteransunited.com.
For an overview of VA home loans in other states and territories, visit www.veteransunited.com/education/tools/stats/.