2.3: Homeownership
Improve the ability of veterans to purchase and retain a home by meeting or exceeding lending industry standards for quality,
timeliness, and foreclosure avoidance.
Other Information:
Purpose and Outcomes: The purpose of VA’s Loan Guaranty Program is to help veterans and active duty personnel purchase and
retain homes in recognition of their service to the Nation. The outcomes for the Loan Guaranty Program are to: • Assist veterans
and active duty personnel in purchasing a home; • Assist veterans and active duty personnel who are seriously delinquent on
their VAguaranteed mortgage in retaining their homes; and • Ensure home ownership for veterans at a rate equal to or higher
than the general population. Home loan origination volume is expected to be stable in FY 2003 and FY 2004. VA guaranteed over
317,000 loans in FY 2002, and expects to guarantee approximately 248,000 loans in FY 2008. Strategies and Processes: VA will
implement the following strategies to ensure that veterans receive the assistance they deserve when purchasing a home, have
the opportunity to retain their homes, and receive world-class service: • VA will provide veterans with easy access to information
and the opportunity to interact with VA for benefits and services, at a convenient time and place. • VA will build or enhance
crosscutting partnerships with the private lending institutions and other organizations to improve delivery of home loan benefits.
• VA will design and implement information systems that integrate with the systems of our lender partners and other key organizations
to optimize service delivery of loan guarantee benefits. External Factors: • Economy - A significant downturn in the economy
nationwide, or in specific areas of the country, would have an adverse effect on the ability of veterans to obtain or retain
their homes.
Indicator(s):
|
