VA Launches Program to Help Over 40,000 At-Risk Veterans Avoid Foreclosure

VA launching new Veterans Affairs Servicing Purchase (VASP) program on May 31, 2024 to help over 40,000 veterans at risk of foreclosure stay in their homes
Through VASP, VA will purchase defaulted VA home loans and modify them so veterans have affordable 2.5% interest rates
VASP will help veterans who have exhausted other home retention options available to borrowers
The program is estimated to save taxpayers $1.5 billion over next 10 years by avoiding foreclosures
Veterans should work with their mortgage servicers, who will submit VASP requests; veterans cannot apply directly