This report provides a descriptive analysis of the VA home loan program between 2005 and 2014. The analysis provides an overview of the VA loan program, its trends, borrowers, and lenders. The findings highlight the growing role of VA loans in home finance markets since the beginning of the Great Recession. VA loans represented approximately 9 percent of all mortgage lending activity in 2014, up from less than 2 percent in 2005. The lenders originated at least one VA loan in 95 percent of all counties during the 2012 to 2014 period.

During this time, refinance loans came to represent a majority of VA lending for three straight years (2012-2014) because of historically low interest rates. VA origination rates are consistently high for minority home purchase loans, when compared to conventional home purchase loans, even as default rates are said to be low, which may, at least in part, reflect the programs’ approach. Private mortgage companies and large volume lenders play a big role in the market, with program lender requirements possibly limiting small lender involvement. As long as the program can adapt to future changes, such as a smaller and more diverse veteran population and an increased importance of internet access, the VA loan products will continue to be a source of high quality, affordable housing finance for many veterans and their families.

The report contains program sheets that describe various programs and initiatives available for veterans as well as eligibility requirements and additional resources for each program. Keywords are provided to better help orient the guide. Each keyword can be found at the back of the report with a list of corresponding programs and their page numbers within the guide. HAC’s Veteran Resource Guide aims to provide insights into how to better utilize available resources. Knowing where to refer veterans to for needed services is critical in ensuring that veterans receive the services that will enable them to remain in safe, secure housing.

INTRODUCTION
ELIGIBILITY FOR VA PROGRAMS
DEFINITIONS
GLOSSARY OF ABBREVIATIONS

REPORT SECTIONS

HOUSING

HEALTH

COMMUNITY PROGRAMS

OTHER PROGRAMS