In her recent visit to the National Association of REALTORS® conference in San Diego this year, Robyn had some pretty interesting stats to share about VA Loans from Mark Bologna, Director of Loan Guaranty Service.
- VA has a 2.1% foreclosure rate on loans, amazing considering that 98% of all borrowers do not put any money down on their home purchase.
- VA also has no minimum FICO scores; however, the tracked average FICO score is 703.
- The average purchase price is $208,000 with $6800 in liquid household assets.
Why is the default rate so low? Mark Bologna cites the character of the borrower. While serving in Iraq, they are helping rebuild a country and trust. They understand and 'get' the definition of commitment.
Posted by ERA Landmark Real Estate on
Leave A Comment