El Paso VA Loan Rates, Closing Costs & Stats

EL PASO, TX

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    El Paso's 119 lenders originated 2,368 VA loans during 2023. The total origination value was $671,990,000, with an average VA loan value of $283,780.

    El Paso VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in El Paso averaged 5.97% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    El Paso's average VA mortgage closing costs are $6,138.

    The average rate for the prior week (2024-12-06) was 6.1% and one month ago for the week of 2024-11-08, the average rate was 6.3%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.19%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    El Paso VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the El Paso level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 393 6.60% $7,251
    UNITED WHOLESALE MORTGAGE, LLC 205 6.23% $5,958
    NAVY FEDERAL CREDIT UNION 142 5.86% $6,997
    Rocky Mountain Mortgage Company 124 6.21% $4,798
    AMERICAN PACIFIC MORTGAGE CORPORATION 119 6.50% $11,925
    CARDINAL FINANCIAL 93 6.48% $14,387
    CADENCE LENDING GROUP, INC. 81 6.28% $10,072
    USAA Federal Savings Bank 62 6.20% $10,110
    City Bank 57 5.94% $8,418
    CMG MORTGAGE, INC. 55 6.13% $13,083
    Commerce Home Mortgage, Inc. 51 6.59% $11,637
    CROSSCOUNTRY MORTGAGE, LLC 48 6.53% $9,103
    PATRIOT MORTGAGE COMPANY 43 5.86% $8,209
    BROKER SOLUTIONS, INC. 41 6.66% $10,001
    First National Bank Texas 40 6.03% $6,829
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 39 6.52% $9,512
    MOVEMENT MORTGAGE, LLC 38 6.42% $9,856
    QUICKEN LOANS, LLC 33 6.23% $12,388
    EUSTIS AND AMERICAN MORTGAGE COMPANY 31 6.53% $7,501
    GUARANTEED RATE, INC. 31 6.23% $9,325
    PENNYMAC LOAN SERVICES, LLC 29 5.65% $8,891
    MORTGAGE SOLUTIONS OF COLORADO, LLC 23 7.55% $4,283
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.11% $8,863
    Plains Commerce Bank 20 6.13% $9,565
    PLAZA HOME MORTGAGE, INC. 19 6.30% $13,236
    Town Square Mortgage & Investments, Inc. 19 6.38% $9,268
    FREEDOM MORTGAGE CORPORATION 18 6.49% $10,609
    THE MORTGAGE LINK, INC. 18 6.76% $15,381
    Nations Lending Corporation 14 6.15% $8,509
    Century Mortgage Company DBA Century Lending Company 13 6.63% $8,795
    NEWREZ LLC 12 6.47% $7,934
    Flagstar Bank, FSB 12 6.85% $8,313
    PENTAGON FEDERAL CREDIT UNION 12 5.63% $10,015
    SECURITYNATIONAL MORTGAGE COMPANY 10 6.84% $8,151
    LOANDEPOT.COM, LLC 9 6.43% $9,363
    NBKC BANK 8 6.19% $8,489
    FirstLight Federal Credit Union 8 5.97% $5,997
    Waterstone Mortgage Corporation 8 6.24% $10,728
    Ixonia Bank 8 6.66% $11,879
    GUILD MORTGAGE COMPANY 7 6.77% $8,971
    WILLOW BEND MORTGAGE COMPANY, LLC 7 6.34% $11,610
    CASTLE & COOKE MORTGAGE, LLC 7 6.20% $12,849
    Armed Forces Bank 6 6.23% $9,607
    AMCAP MORTGAGE, LTD. 6 6.44% $8,893
    Sunflower Bank 6 6.00% $9,357
    PLANET HOME LENDING, LLC 6 6.42% $8,884
    MORTGAGEONE, INC. 6 6.92% $6,836
    V.I.P. MORTGAGE, INC. 5 6.20% $9,622
    MUTUAL OF OMAHA MORTGAGE, INC. 5 5.55% $8,861
    Barrington Bank & Trust Company, N.A. 5 5.81% $8,215
    Network Funding, L.P. 5 5.86% $6,158
    UNION HOME MORTGAGE CORP. 5 5.95% $13,460
    MANN FINANCIAL INC. 5 6.40% $4,301
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 6.55% $14,101
    Equity Prime Mortgage LLC 4 7.34% $7,369
    MORTGAGE FINANCIAL SERVICES, LLC 4 6.13% $7,482
    Paramount Residential Mortgage Group, Inc. 4 6.44% $12,013
    First Option Mortgage, LLC 4 6.84% $14,442
    Mr. Cooper ( Nationstar Mortgage ) 4 6.31% $11,730
    NOVA FINANCIAL & INVESTMENT CORPORATION 4 6.22% $8,605
    GENEVA FINANCIAL, LLC 4 6.69% $9,220
    SUN WEST MORTGAGE COMPANY, INC. 3 7.00% $13,189
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.29% $10,724
    Northpointe Bank 3 6.17% $13,432
    Wells Fargo Bank 3 5.92% $13,107
    Citizens Bank 3 6.04% $9,948
    COMPASS MORTGAGE, INC. 3 6.50% $9,509
    JPMorgan Chase Bank 3 6.29% $2,824
    INTERCAP LENDING INC. 3 6.42% $4,515
    LAKEVIEW LOAN SERVICING, LLC 2 5.50% $10,671
    CHERRY CREEK MORTGAGE, LLC 2 5.44% $729
    AmeriHome Mortgage Company, LLC 2 6.31% $8,634
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.50% $4,865
    DIRECTIONS EQUITY, LLC 2 4.99% $7,814
    The Loan Store, Inc. 2 5.88% $13,140
    American Mortgage & Equity Consultants, Inc. 2 6.75% $7,407
    Keystone Funding, Inc. 2 7.00% $5,446
    OCMBC, INC. 2 6.50% $13,103
    LEADERONE FINANCIAL CORPORATION 2 6.00% $9,989
    Credence Funding Corporation 2 5.31% $3,848
    Mid-Continent Funding, Inc. 2 6.44% $8,724
    FLAT BRANCH MORTGAGE, INC. 2 6.25% $11,556
    ACADEMY MORTGAGE CORPORATION 2 6.56% $17,338
    NATIONS DIRECT MORTGAGE, LLC 2 6.44% $6,036
    CHURCHILL MORTGAGE CORPORATION 2 6.63% $8,412
    Citizens Bank of Las Cruces 1 6.25% $10,130
    Citibank 1 5.75% $7,215
    ENCORE BANK 1 6.25% $9,408
    Evolve Bank & Trust 1 6.38% $12,306
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.75% $6,528
    First United Bank and Trust Company 1 5.38% $8,904
    Gateway First Bank 1 6.25% $2,218
    GMFS LLC 1 6.75% $6,061
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $2,692
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $6,810
    INTELLILOAN, INC. 1 5.99% $2,906
    JMAC LENDING, INC. 1 6.25% $7,392
    LENOX FINANCIAL MORTGAGE CORPORATION 1 5.25% $14,324
    MASON MCDUFFIE MORTGAGE CORPORATION 1 7.13% $6,329
    MICHIGAN MUTUAL, INC. 1 5.63% $2,125
    MID AMERICA MORTGAGE, INC. 1 7.75% $3,836
    CANOPY MORTGAGE, LLC 1 6.63% $12,803
    CALCON MUTUAL MORTGAGE LLC 1 7.75% $4,470
    BNC National Bank 1 6.38% $5,033
    BELEM SERVICING LLC 1 7.00% $1,990
    NEW DAY FINANCIAL, LLC 1 6.25% $12,931
    PANORAMA MORTGAGE GROUP, LLC 1 6.38% $8,766
    BAY EQUITY LLC 1 5.63% $13,307
    Platinum Home Mortgage Corporation 1 7.25% $7,410
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $12,021
    Presidential Bank, FSB 1 5.75% $19,824
    SeaTrust Mortgage Company 1 6.38% $7,664
    SWBC MORTGAGE CORPORATION 1 7.25% $11,717
    T2 FINANCIAL LLC 1 7.13% $2,916
    The Federal Savings Bank 1 6.63% $8,958
    TOWNE MORTGAGE COMPANY 1 7.25% $11,234
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.00% $4,773
    US MORTGAGE CORPORATION 1 5.63% $11,454
    VILLAGE CAPITAL MORTGAGE 1 6.25% $3,785

    The top El Paso VA lender as defined by loan originations is Mortgage Research Center, LLC, with 393 VA loans originated. Their average total fees are $7,251, which is $1,292 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee El Paso VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,283), Rocky Mountain Mortgage Company ($4,798), UNITED WHOLESALE MORTGAGE, LLC ($5,958), First National Bank Texas ($6,829) and NAVY FEDERAL CREDIT UNION ($6,997).

    The lowest rate El Paso VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (5.63%), PENNYMAC LOAN SERVICES, LLC (5.65%), PATRIOT MORTGAGE COMPANY (5.86%), NAVY FEDERAL CREDIT UNION (5.86%) and City Bank (5.94%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - El Paso (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $167,950 (2.2%) $197,104 (-3.2%) 0.62 3,504
    2018-02-01 $168,225 (2.0%) $196,667 (-3.7%) 0.61 3,531
    2018-03-01 $169,775 (2.3%) $198,781 (-3.0%) 0.60 3,449
    2018-04-01 $172,225 (3.8%) $200,788 (-3.6%) 0.58 3,259
    2018-05-01 $173,488 (3.9%) $201,242 (-3.3%) 0.58 3,213
    2018-06-01 $175,000 (4.2%) $203,328 (-4.6%) 0.58 3,162
    2018-07-01 $176,475 (5.1%) $205,403 (-3.7%) 0.59 3,158
    2018-08-01 $177,250 (5.5%) $204,217 (-3.5%) 0.59 3,066
    2018-09-01 $177,388 (5.6%) $203,735 (-3.9%) 0.60 3,075
    2018-10-01 $176,975 (5.5%) $202,710 (-3.2%) 0.60 3,188
    2018-11-01 $178,475 (6.0%) $203,760 (-3.3%) 0.61 3,144
    2018-12-01 $179,900 (6.8%) $206,745 (4.5%) 0.62 2,987
    2019-01-01 $183,725 (9.4%) $208,978 (6.0%) 0.63 2,797
    2019-02-01 $184,975 (10.0%) $210,193 (6.9%) 0.62 2,784
    2019-03-01 $187,629 (10.5%) $214,423 (7.9%) 0.61 2,692
    2019-04-01 $189,925 (10.3%) $218,853 (9.0%) 0.60 2,620
    2019-05-01 $191,475 (10.4%) $221,680 (10.2%) 0.60 2,621
    2019-06-01 $191,950 (9.7%) $222,335 (9.4%) 0.60 2,597
    2019-07-01 $191,450 (8.5%) $222,094 (8.1%) 0.60 2,654
    2019-08-01 $191,727 (8.2%) $223,539 (9.5%) 0.61 2,638
    2019-09-01 $190,755 (7.5%) $224,757 (10.3%) 0.61 2,611
    2019-10-01 $190,583 (7.7%) $226,490 (11.7%) 0.61 2,594
    2019-11-01 $195,000 (9.3%) $228,928 (12.4%) 0.64 2,576
    2019-12-01 $193,450 (7.5%) $226,399 (9.5%) 0.65 2,442
    2020-01-01 $192,950 (5.0%) $226,825 (8.5%) 0.64 2,381
    2020-02-01 $192,950 (4.3%) $228,575 (8.8%) 0.63 2,408
    2020-03-01 $195,975 (4.5%) $230,152 (7.3%) 0.61 2,308
    2020-04-01 $193,950 (2.1%) $228,213 (4.3%) 0.61 2,249
    2020-05-01 $202,950 (6.0%) $233,740 (5.4%) 0.62 1,944
    2020-06-01 $210,470 (9.7%) $243,421 (9.5%) 0.62 1,598
    2020-07-01 $217,088 (13.4%) $245,834 (10.7%) 0.63 1,458
    2020-08-01 $216,066 (12.7%) $248,534 (11.2%) 0.62 1,478
    2020-09-01 $215,700 (13.1%) $251,572 (11.9%) 0.62 1,413
    2020-10-01 $225,950 (18.6%) $256,073 (13.1%) 0.65 1,413
    2020-11-01 $232,100 (19.0%) $262,264 (14.6%) 0.68 1,340
    2020-12-01 $228,107 (17.9%) $261,980 (15.7%) 0.68 1,353
    2021-01-01 $230,000 (19.2%) $267,421 (17.9%) 0.69 1,265
    2021-02-01 $230,462 (19.4%) $269,435 (17.9%) 0.67 1,188
    2021-03-01 $234,975 (19.9%) $267,420 (16.2%) 0.67 1,148
    2021-04-01 $237,611 (22.5%) $268,856 (17.8%) 0.64 1,073
    2021-05-01 $245,000 (20.7%) $277,518 (18.7%) 0.65 1,027
    2021-06-01 $248,950 (18.3%) $287,782 (18.2%) 0.66 1,016
    2021-07-01 $249,900 (15.1%) $285,176 (16.0%) 0.66 1,061
    2021-08-01 $247,950 (14.8%) $284,989 (14.7%) 0.66 1,122
    2021-09-01 $247,950 (15.0%) $286,008 (13.7%) 0.66 1,098
    2021-10-01 $250,000 (10.6%) $292,552 (14.3%) 0.67 1,161
    2021-11-01 $253,588 (9.3%) $293,015 (11.7%) 0.68 1,104
    2021-12-01 $255,950 (12.2%) $300,425 (14.7%) 0.69 1,022
    2022-01-01 $261,500 (13.7%) $306,624 (14.7%) 0.71 911
    2022-02-01 $267,656 (16.1%) $310,205 (15.1%) 0.70 881
    2022-03-01 $275,000 (17.0%) $317,585 (18.8%) 0.69 870
    2022-04-01 $280,000 (17.8%) $320,751 (19.3%) 0.67 931
    2022-05-01 $282,600 (15.4%) $329,216 (18.6%) 0.65 1,014
    2022-06-01 $281,600 (13.1%) $332,242 (15.5%) 0.63 1,171
    2022-07-01 $284,950 (14.0%) $333,165 (16.8%) 0.64 1,498
    2022-08-01 $285,475 (15.1%) $329,146 (15.5%) 0.66 1,538
    2022-09-01 $291,225 (17.5%) $334,289 (16.9%) 0.68 1,576
    2022-10-01 $291,725 (16.7%) $333,290 (13.9%) 0.69 1,840
    2022-11-01 $290,975 (14.7%) $328,828 (12.2%) 0.70 1,890
    2022-12-01 $291,250 (13.8%) $329,155 (9.6%) 0.72 1,884
    2023-01-01 $293,475 (12.2%) $333,079 (8.6%) 0.73 1,877
    2023-02-01 $296,975 (11.0%) $336,712 (8.5%) 0.72 1,829
    2023-03-01 $298,938 (8.7%) $342,437 (7.8%) 0.71 1,822
    2023-04-01 $300,030 (7.2%) $350,990 (9.4%) 0.70 1,666
    2023-05-01 $310,000 (9.7%) $355,655 (8.0%) 0.70 1,741
    2023-06-01 $303,888 (7.9%) $352,426 (6.1%) 0.68 1,951
    2023-07-01 $304,800 (7.0%) $352,381 (5.8%) 0.69 2,112
    2023-08-01 $300,950 (5.4%) $352,679 (7.2%) 0.69 2,189
    2023-09-01 $299,500 (2.8%) $352,175 (5.4%) 0.70 2,253
    2023-10-01 $294,950 (1.1%) $348,420 (4.5%) 0.69 2,414
    2023-11-01 $294,213 (1.1%) $345,927 (5.2%) 0.70 2,501
    2023-12-01 $295,000 (1.3%) $344,035 (4.5%) 0.72 2,330
    2024-01-01 $295,000 (0.5%) $339,830 (2.0%) 0.72 2,303
    2024-02-01 $298,570 (0.5%) $340,766 (1.2%) 0.72 2,435
    2024-03-01 $299,500 (0.2%) $345,633 (0.9%) 0.70 2,449
    2024-04-01 $300,125 (0.0%) $350,940 (0.0%) 0.70 2,462
    2024-05-01 $302,285 (-2.5%) $352,246 (-1.0%) 0.68 2,542
    2024-06-01 $300,000 (-1.3%) $355,004 (0.7%) 0.67 2,638
    2024-07-01 $299,995 (-1.6%) $351,920 (-0.1%) 0.69 2,604
    2024-08-01 $299,995 (-0.3%) $351,649 (-0.3%) 0.70 2,552
    2024-09-01 $298,125 (-0.5%) $349,048 (-0.9%) 0.70 2,555
    2024-10-01 $295,000 (0.0%) $344,743 (-1.1%) 0.69 2,696
    2024-11-01 $294,975 (0.3%) $343,630 (-0.7%) 0.71 2,695
    El Paso's median listing price for 2024-11-01 was $294,975, a difference of $762 (0.3%) versus the prior year and $-25 versus the prior month.

    El Paso's median listing price comes in at 71% of the national average.

    El Paso's average listing price for 2024-11-01 was $343,630, a difference of $-2,297 (-0.7%) versus the prior year and $-1,113 versus the prior month.

    For the 2024-11-01 period, El Paso had 2,695 MLS listings, a difference of -1 listings (0%) versus the prior month and 194 listings (8%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - El Paso (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 97 days 1,800 sqft
    2018-02-01 100 days 1,800 sqft
    2018-03-01 86 days 1,803 sqft
    2018-04-01 79 days 1,823 sqft
    2018-05-01 80 days 1,823 sqft
    2018-06-01 80 days 1,843 sqft
    2018-07-01 78 days 1,846 sqft
    2018-08-01 71 days 1,859 sqft
    2018-09-01 71 days 1,859 sqft
    2018-10-01 66 days 1,856 sqft
    2018-11-01 70 days 1,855 sqft
    2018-12-01 73 days 1,852 sqft
    2019-01-01 83 days 1,840 sqft
    2019-02-01 74 days 1,841 sqft
    2019-03-01 69 days 1,869 sqft
    2019-04-01 67 days 1,888 sqft
    2019-05-01 65 days 1,905 sqft
    2019-06-01 64 days 1,913 sqft
    2019-07-01 58 days 1,899 sqft
    2019-08-01 60 days 1,908 sqft
    2019-09-01 65 days 1,899 sqft
    2019-10-01 67 days 1,900 sqft
    2019-11-01 72 days 1,913 sqft
    2019-12-01 79 days 1,892 sqft
    2020-01-01 81 days 1,886 sqft
    2020-02-01 70 days 1,874 sqft
    2020-03-01 66 days 1,884 sqft
    2020-04-01 76 days 1,855 sqft
    2020-05-01 83 days 1,892 sqft
    2020-06-01 76 days 1,903 sqft
    2020-07-01 66 days 1,936 sqft
    2020-08-01 57 days 1,952 sqft
    2020-09-01 46 days 1,909 sqft
    2020-10-01 54 days 1,937 sqft
    2020-11-01 65 days 1,967 sqft
    2020-12-01 68 days 1,954 sqft
    2021-01-01 67 days 1,954 sqft
    2021-02-01 50 days 1,916 sqft
    2021-03-01 50 days 1,925 sqft
    2021-04-01 56 days 1,913 sqft
    2021-05-01 44 days 1,987 sqft
    2021-06-01 42 days 1,987 sqft
    2021-07-01 43 days 1,975 sqft
    2021-08-01 38 days 1,932 sqft
    2021-09-01 44 days 1,937 sqft
    2021-10-01 45 days 1,960 sqft
    2021-11-01 52 days 1,964 sqft
    2021-12-01 65 days 1,959 sqft
    2022-01-01 55 days 1,945 sqft
    2022-02-01 33 days 1,936 sqft
    2022-03-01 36 days 1,910 sqft
    2022-04-01 37 days 1,938 sqft
    2022-05-01 30 days 1,938 sqft
    2022-06-01 34 days 1,930 sqft
    2022-07-01 32 days 1,930 sqft
    2022-08-01 48 days 1,930 sqft
    2022-09-01 52 days 1,941 sqft
    2022-10-01 52 days 1,954 sqft
    2022-11-01 60 days 1,941 sqft
    2022-12-01 68 days 1,941 sqft
    2023-01-01 73 days 1,933 sqft
    2023-02-01 67 days 1,935 sqft
    2023-03-01 60 days 1,930 sqft
    2023-04-01 54 days 1,941 sqft
    2023-05-01 50 days 1,950 sqft
    2023-06-01 53 days 1,941 sqft
    2023-07-01 57 days 1,951 sqft
    2023-08-01 63 days 1,951 sqft
    2023-09-01 64 days 1,941 sqft
    2023-10-01 61 days 1,914 sqft
    2023-11-01 65 days 1,899 sqft
    2023-12-01 74 days 1,894 sqft
    2024-01-01 76 days 1,878 sqft
    2024-02-01 67 days 1,884 sqft
    2024-03-01 58 days 1,898 sqft
    2024-04-01 57 days 1,894 sqft
    2024-05-01 53 days 1,876 sqft
    2024-06-01 58 days 1,876 sqft
    2024-07-01 66 days 1,876 sqft
    2024-08-01 71 days 1,873 sqft
    2024-09-01 69 days 1,873 sqft
    2024-10-01 62 days 1,854 sqft
    2024-11-01 64 days 1,842 sqft
    El Paso's median listing age (time on market) for 2024-11-01 was 64 days. This is -1% shorter than the same period one year ago.

    El Paso's median square footage for active listings during the 2024-11-01 period was 1,842 sqft. One year prior, the average listing was 1,899 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.