Click chart for a larger image and more statistics
Veterans Administration (VA) guaranteed refinance mortgages have been on a steady climb during the first quarter of 2009. The chart shows the monthly number of VA mortgages for refinance over the past 30 months. March 2009 had over 15,000 new VA refinance mortgage originators, more than triple the number of the same type of VA mortgages for March of the prior year. The increase in VA mortgages for refinance is the result of low interest rates, more stringent qualifications for conventional mortgages, and easier qualifications for eligible veterans.
The average mortgage amounts of VA refinance mortgages are exceeding $215,000 in each of the first three months of 2009. The leading VA refinance mortgage originators include Wells Fargo Mortgage, National City Mortgage (Now PNC Bank), USAA Federal Savings Bank, Mortgage Investors Corp., and Taylor Bean & Whitaker Mortgage.