Greenville VA Loans

GREENVILLE-ANDERSON, SC

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 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.

Greenville's 201 lenders originated 3,448 VA loans during 2021. The total origination value was $885,610,000, with an average VA loan value of $256,847.

Greenville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Greenville averaged 5.31% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.54% and one month ago for the week of 2022-04-08, the average rate was 5.17%.

The average rate one year ago was 3.18%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.3%.

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

Greenville VA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 326 2.84% $5,453
QUICKEN LOANS, LLC 292 2.49% $4,701
FREEDOM MORTGAGE CORPORATION 209 2.45% $3,287
PENNYMAC LOAN SERVICES, LLC 159 2.48% $5,083
USAA Federal Savings Bank 101 2.78% $4,253
NEW DAY FINANCIAL, LLC 95 2.70% $7,636
NAVY FEDERAL CREDIT UNION 90 2.56% $6,365
LOANDEPOT.COM, LLC 76 2.71% $5,665
LAKEVIEW LOAN SERVICING, LLC 58 2.52% $2,770
VILLAGE CAPITAL & INVESTMENT LLC 55 2.34% $4,045
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 55 2.94% $6,340
MOVEMENT MORTGAGE, LLC 54 2.86% $4,518
UNITED WHOLESALE MORTGAGE, LLC 54 2.53% $4,809
PRIMELENDING, A PLAINSCAPITAL COMPANY 53 3.08% $5,615
Mr. Cooper ( Nationstar Mortgage ) 50 2.75% $4,378
DHI MORTGAGE COMPANY, LTD. 48 2.69% $7,198
Wells Fargo Bank 45 2.48% $4,785
CLEARPATH LENDING 42 2.36% $4,776
CALIBER HOME LOANS, INC. 38 2.62% $3,676
HOME POINT FINANCIAL CORPORATION 37 2.46% $6,435
APEX HOME LOANS, INC. 36 2.60% $4,368
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 33 2.95% $6,019
NEWREZ LLC 31 2.59% $4,076
NVR Mortgage Finance, Inc. 31 2.88% $3,997
GUARANTEED RATE, INC. 28 2.67% $3,934
Low VA Rates, LLC 26 2.40% $4,428
The Federal Savings Bank 24 2.50% $6,162
Countybank 24 2.48% $4,134
GUILD MORTGAGE COMPANY 24 2.90% $5,258
ON Q FINANCIAL, INC. 21 3.13% $6,780
Ameris Bank 20 2.80% $4,920
Network Funding, L.P. 20 2.97% $7,671
HOMESIDE FINANCIAL, LLC 20 2.93% $5,225
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 19 3.14% $4,039
PENTAGON FEDERAL CREDIT UNION 18 2.31% $1,622
UNION HOME MORTGAGE CORP. 17 2.72% $8,587
HOMESTAR FINANCIAL CORPORATION 17 3.01% $6,474
LENDUS, LLC 15 3.13% $10,462
Flagstar Bank, FSB 15 2.57% $4,155
BROKER SOLUTIONS, INC. 15 2.64% $5,203
Renasant Bank 14 2.81% $6,710
First Guaranty Mortgage Corporation 14 2.56% $3,307
ACOPIA, LLC 14 3.50% $4,174
PLANET HOME LENDING, LLC 14 2.46% $2,420
Southern First Bank 14 2.47% $6,826
Carrington Mortgage Services, LLC 13 3.34% $5,689
Paramount Residential Mortgage Group, Inc. 13 2.99% $8,255
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 2.90% $7,930
RESOURCE FINANCIAL SERVICES, INC. 13 2.59% $4,103
AMERICAN FINANCIAL NETWORK, INC. 13 2.55% $9,218
AMERISAVE MORTGAGE CORPORATION 12 2.77% $7,423
CROSSCOUNTRY MORTGAGE, LLC 12 2.81% $4,901
TOWNE MORTGAGE COMPANY 11 3.07% $4,399
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 11 2.99% $7,413
NP, Inc. 11 2.52% $5,583
Magnolia Bank 11 2.69% $8,778
VANDERBILT MORTGAGE AND FINANCE, INC. 11 2.85% $2,578
NBKC BANK 10 2.54% $4,118
Alcova Mortgage LLC 9 3.25% $4,211
Barrington Bank & Trust Company, N.A. 9 2.80% $9,135
Sierra Pacific Mortgage Company, Inc. 9 2.89% $4,106
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.73% $10,436
Truist Bank 8 2.78% $3,800
South State Bank 8 2.45% $7,345
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 3.44% $7,024
Wyndham Capital Mortgage, Inc. 8 2.36% $3,006
First Heritage Mortgage, LLC 8 2.86% $6,818
Lakeview Community Capital, LLC 8 2.76% $1,723
First Federal Bank 8 3.79% $6,069
SUCCESS MORTGAGE PARTNERS, INC. 8 2.98% $7,726
United Community Bank 7 2.66% $2,915
LOANPAL, LLC 7 2.57% $8,263
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 2.77% $3,452
INSPIRE HOME LOANS INC. 7 2.98% $3,102
GUARANTEED RATE AFFINITY, LLC 6 2.77% $5,636
ACCELERATE MORTGAGE, LLC 6 2.16% $7,114
Nations Lending Corporation 6 2.81% $9,670
SOUTHWEST FUNDING, LP 6 3.71% $7,793
AMERICAN FINANCING CORPORATION 6 2.63% $3,107
North American Savings Bank, F.S.B. 6 2.29% $3,868
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 3.29% $7,034
MUTUAL OF OMAHA MORTGAGE, INC. 5 3.18% $4,142
SUN WEST MORTGAGE COMPANY, INC. 5 2.25% $2,806
First Home Bank 5 2.65% $5,383
Strong Home Mortgage, LLC 5 2.73% $5,191
GENEVA FINANCIAL, LLC 4 2.88% $9,402
EMBRACE HOME LOANS, INC. 4 2.62% $3,467
First-Citizens Bank & Trust Company 4 2.31% $4,186
CONTOUR MORTGAGE CORPORATION 4 2.44% $7,555
CHURCHILL MORTGAGE CORPORATION 4 2.53% $11,820
BNC National Bank 4 2.25% $2,202
Equity Prime Mortgage LLC 4 3.66% $3,854
Synovus Bank 4 2.66% $8,079
AmeriHome Mortgage Company, LLC 4 3.03% $1,728
NATIONS DIRECT MORTGAGE, LLC 4 3.59% $7,936
INTERLINC MORTGAGE SERVICES, LLC 4 3.25% $4,571
ZILLOW HOME LOANS, LLC 3 2.71% $7,900
AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 2.25% $2,189
Citizens Bank 3 2.63% $11,392
CMG MORTGAGE, INC. 3 3.21% $11,437
CORNERSTONE HOME LENDING, INC. 3 2.92% $6,236
EAGLE HOME MORTGAGE, LLC 3 2.67% $7,992
FBC MORTGAGE, LLC 3 2.83% $8,818
FINANCE OF AMERICA MORTGAGE LLC 3 2.92% $11,394
First Savings Bank 3 2.58% $9,701
InterContinental Capital Group, Inc 3 2.25% $4,190
KELLER MORTGAGE, LLC 3 2.79% $2,562
KS StateBank 3 2.25% $1,506
Meridian Bank Corporation 3 2.25% $4,369
Mid-Continent Funding, Inc. 3 2.75% $5,704
Paramount Bank 3 2.25% $2,414
PNC Bank 3 2.83% $4,821
RAPID MORTGAGE COMPANY 3 3.13% $9,200
Regions Bank 3 2.71% $4,053
RELIANCE FIRST CAPITAL, LLC 3 2.83% $10,336
TBI MORTGAGE COMPANY 3 2.58% $8,214
TJC Mortgage, Inc. 3 2.58% $13,140
Bank of America 2 3.00% $1,996
OCEANSIDE MORTGAGE COMPANY 2 2.25% $1,390
Century Mortgage Company DBA Century Lending Company 2 2.75% $5,257
ENVOY MORTGAGE, LTD 2 3.38% $11,212
PLAZA HOME MORTGAGE, INC. 2 2.62% $2,196
VAN DYK MORTGAGE CORPORATION 2 2.88% $11,812
TruHome Solutions, LLC 2 2.75% $8,451
Armed Forces Bank 2 2.25% $1,717
POLARIS HOME FUNDING CORP. 2 2.88% $6,303
Capital Bank 2 2.25% $2,251
United Bank 2 2.25% $3,386
CRESCENT MORTGAGE COMPANY 2 2.56% $4,918
SOVEREIGN LENDING GROUP INCORPORATED 2 2.56% $6,234
FirstBank 2 2.75% $647
LIBERTY HOME MORTGAGE CORPORATION 2 2.25% $2,808
Goldwater Bank, N.A. 2 2.56% $7,358
HANCOCK MORTGAGE PARTNERS, LLC 2 3.25% $5,281
Northpointe Bank 2 2.50% $0
Bank of England 2 3.13% $16,969
FIRST COMMUNITY MORTGAGE, INC. 2 2.88% $3,531
INTERCAP LENDING INC. 2 2.50% $4,360
EVERETT FINANCIAL, INC. 2 2.94% $6,818
First Community Bank 2 3.19% $2,928
Progress Bank and Trust 1 2.13% $1,136
Colonial Savings, F.A. 1 3.63% $5,920
VERITAS FUNDING, LLC 1 2.25% $11,796
ACADEMY MORTGAGE CORPORATION 1 3.25% $9,054
1ST SIGNATURE LENDING, LLC 1 3.00% $10,013
CityWorth Mortgage LLC 1 2.88% $17,597
RESIDENTIAL HOME FUNDING CORP. 1 2.25% $17,197
CELEBRITY HOME LOANS, LLC 1 3.13% $3,549
SIRVA MORTGAGE, INC. 1 3.13% $5,746
CAPITAL CENTER, L.L.C. 1 2.75% $801
SOUTHERN TRUST MORTGAGE, LLC 1 3.25% $9,711
CANOPY MORTGAGE, LLC 1 2.75% $8,721
CALCON MUTUAL MORTGAGE LLC 1 3.25% $15,042
BAYSHORE MORTGAGE FUNDING, LLC 1 3.88% $22,407
Sunflower Bank 1 2.38% $2,351
BANKSOUTH MORTGAGE COMPANY, LLC 1 2.50% $2,972
T2 FINANCIAL LLC 1 3.25% $3,988
1ST PREFERENCE MORTGAGE CORP. 1 2.75% $8,751
Texana Bank 1 2.88% $2,711
The Central Trust Bank 1 2.50% $3,848
THE MORTGAGE FIRM, INC. 1 2.99% $3,634
TIAA, FSB 1 2.75% $16,842
TIDEWATER MORTGAGE SERVICES, INC. 1 2.75% $3,676
1ST FINANCIAL, INC. 1 3.25% $5,515
Atlantic Union Bank 1 2.25% $6,726
Trustmark National Bank 1 2.50% $10,847
ANGEL OAK HOME LOANS LLC 1 2.75% $7,711
Amerifirst Financial, Inc. 1 3.63% $0
UNITED SECURITY FINANCIAL CORP 1 2.88% $2,119
American Security Mortgage Corp. 1 2.63% $6,590
LEADERONE FINANCIAL CORPORATION 1 2.75% $18,263
JPMorgan Chase Bank 1 2.75% $4,241
Manufacturers and Traders Trust Company 1 3.25% $10,042
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.63% $17,347
MID AMERICA MORTGAGE, INC. 1 2.50% $1,728
U.S. Bank 1 2.75% $4,533
MIDLAND MORTGAGE CORPORATION 1 2.38% $4,165
Mortgage Network, Inc. 1 2.63% $3,962
MORTGAGE EQUITY PARTNERS LLC 1 2.75% $2,312
Hometown Lenders, Inc. 1 2.88% $1,668
HOMESTEAD FUNDING CORP. 1 2.50% $14,714
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $9,821
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $10,580
GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $3,432
NBH Bank 1 2.88% $14,127
Glacier Bank 1 2.63% $4,264
First Palmetto Bank 1 2.75% $1,548
First Mortgage Solutions, LLC 1 2.25% $13,703
First Horizon Bank 1 2.25% $12,716
NFM, INC. 1 2.63% $7,687
First Federal Bank of Kansas City 1 2.25% $4,865
NTFN, INC. 1 2.88% $13,367
OVM FINANCIAL, INC. 1 2.75% $7,944
PANORAMA MORTGAGE GROUP, LLC 1 2.75% $7,674
AMCAP MORTGAGE, LTD. 1 3.13% $2,376
First Bank 1 2.63% $6,946
Evolve Bank & Trust 1 3.25% $13,522
PHH Mortgage Corporation 1 3.00% $5,766
Pinnacle Bank 1 2.25% $1,969
Colten Mortgage, LLC 1 2.38% $8,373
Princeton Mortgage Corporation 1 3.00% $16,007

The top Greenville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 326 VA loans originated. Their average total fees are $5,453, which is $752 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Greenville VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($1,622), PLANET HOME LENDING, LLC ($2,420), VANDERBILT MORTGAGE AND FINANCE, INC. ($2,578), LAKEVIEW LOAN SERVICING, LLC ($2,770) and FREEDOM MORTGAGE CORPORATION ($3,287).

The lowest rate Greenville VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.31%), VILLAGE CAPITAL & INVESTMENT LLC (2.34%), CLEARPATH LENDING (2.36%), Low VA Rates, LLC (2.40%) and FREEDOM MORTGAGE CORPORATION (2.45%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Greenville (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 $265,400 (5.6%) $344,035 (2.0%) 0.98 3,623
2018-02-01 $268,995 (5.7%) $357,626 (5.8%) 0.97 3,630
2018-03-01 $270,000 (3.9%) $361,883 (6.0%) 0.93 3,655
2018-04-01 $274,700 (3.9%) $369,997 (4.5%) 0.92 3,790
2018-05-01 $273,990 (3.4%) $373,140 (6.4%) 0.91 3,907
2018-06-01 $275,161 (2.8%) $375,800 (6.6%) 0.92 4,001
2018-07-01 $274,950 (2.2%) $370,407 (4.1%) 0.92 4,032
2018-08-01 $273,750 (2.0%) $371,372 (4.9%) 0.91 3,987
2018-09-01 $264,966 (-1.1%) $366,227 (4.3%) 0.89 4,177
2018-10-01 $261,293 (-3.1%) $363,675 (2.6%) 0.87 4,227
2018-11-01 $263,094 (-1.8%) $364,549 (3.3%) 0.88 4,137
2018-12-01 $259,965 (-1.9%) $359,904 (3.5%) 0.89 4,003
2019-01-01 $262,445 (-1.1%) $361,972 (5.2%) 0.91 3,747
2019-02-01 $264,825 (-1.6%) $363,825 (1.7%) 0.89 3,617
2019-03-01 $273,714 (1.4%) $372,553 (3.0%) 0.89 3,543
2019-04-01 $280,484 (2.1%) $381,775 (3.2%) 0.88 3,501
2019-05-01 $282,450 (3.1%) $385,929 (3.4%) 0.87 3,666
2019-06-01 $279,900 (1.7%) $386,504 (2.9%) 0.86 3,901
2019-07-01 $275,675 (0.3%) $389,895 (5.3%) 0.86 4,091
2019-08-01 $274,963 (0.4%) $385,790 (3.9%) 0.87 4,060
2019-09-01 $269,057 (1.5%) $375,657 (2.6%) 0.85 4,038
2019-10-01 $270,950 (3.7%) $381,804 (5.0%) 0.86 4,122
2019-11-01 $269,900 (2.6%) $383,155 (5.1%) 0.87 4,071
2019-12-01 $265,000 (1.9%) $374,505 (4.1%) 0.88 3,804
2020-01-01 $267,400 (1.9%) $374,125 (3.4%) 0.89 3,603
2020-02-01 $272,500 (2.9%) $386,126 (6.1%) 0.88 3,371
2020-03-01 $276,395 (1.0%) $398,427 (7.0%) 0.86 3,386
2020-04-01 $279,250 (-0.4%) $401,430 (5.2%) 0.87 3,466
2020-05-01 $284,681 (0.8%) $417,193 (8.1%) 0.86 3,327
2020-06-01 $290,495 (3.8%) $429,143 (11.0%) 0.85 2,952
2020-07-01 $287,458 (4.3%) $431,994 (10.8%) 0.82 2,827
2020-08-01 $289,900 (5.4%) $440,582 (14.2%) 0.83 2,667
2020-09-01 $289,950 (7.8%) $440,748 (17.3%) 0.83 2,482
2020-10-01 $285,000 (5.2%) $429,500 (12.5%) 0.81 2,437
2020-11-01 $281,517 (4.3%) $415,924 (8.6%) 0.81 2,426
2020-12-01 $278,532 (5.1%) $411,796 (10.0%) 0.82 2,286
2021-01-01 $274,445 (2.6%) $412,740 (10.3%) 0.81 1,998
2021-02-01 $278,845 (2.3%) $420,561 (8.9%) 0.80 1,726
2021-03-01 $294,000 (6.4%) $435,950 (9.4%) 0.82 1,433
2021-04-01 $303,495 (8.7%) $458,085 (14.1%) 0.82 1,271
2021-05-01 $299,990 (5.4%) $467,747 (12.1%) 0.79 1,151
2021-06-01 $311,956 (7.4%) $477,625 (11.3%) 0.81 1,199
2021-07-01 $313,331 (9.0%) $471,479 (9.1%) 0.81 1,406
2021-08-01 $328,850 (13.4%) $481,668 (9.3%) 0.86 1,525
2021-09-01 $325,495 (12.3%) $466,138 (5.8%) 0.86 1,558
2021-10-01 $327,000 (14.7%) $469,410 (9.3%) 0.86 1,527
2021-11-01 $325,000 (15.5%) $466,783 (12.2%) 0.86 1,470
2021-12-01 $319,547 (14.7%) $469,371 (14.0%) 0.85 1,390
2022-01-01 $317,990 (15.9%) $465,553 (12.8%) 0.85 1,171
2022-02-01 $333,580 (19.6%) $489,925 (16.5%) 0.85 975
2022-03-01 $335,480 (14.1%) $500,747 (14.9%) 0.83 913
2022-04-01 $349,500 (15.2%) $495,605 (8.2%) 0.82 966
Greenville's median listing price for 2022-04-01 was $349,500, a difference of $46,005 (15.2%) versus the prior year and $14,020 versus the prior month.

Greenville's median listing price comes in at 82% of the national average.

Greenville's average listing price for 2022-04-01 was $495,605, a difference of $37,520 (8.2%) versus the prior year and $-5,142 versus the prior month.

For the 2022-04-01 period, Greenville had 966 MLS listings, a difference of 53 listings (6%) versus the prior month and -305 listings (-24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Greenville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 2,447 sqft
2018-02-01 79 days 2,452 sqft
2018-03-01 63 days 2,320 sqft
2018-04-01 61 days 2,386 sqft
2018-05-01 56 days 2,383 sqft
2018-06-01 60 days 2,400 sqft
2018-07-01 66 days 2,342 sqft
2018-08-01 70 days 2,279 sqft
2018-09-01 68 days 2,231 sqft
2018-10-01 67 days 2,206 sqft
2018-11-01 71 days 2,149 sqft
2018-12-01 81 days 2,100 sqft
2019-01-01 91 days 2,100 sqft
2019-02-01 89 days 2,088 sqft
2019-03-01 69 days 2,176 sqft
2019-04-01 59 days 2,252 sqft
2019-05-01 55 days 2,239 sqft
2019-06-01 57 days 2,219 sqft
2019-07-01 57 days 2,235 sqft
2019-08-01 59 days 2,209 sqft
2019-09-01 65 days 2,191 sqft
2019-10-01 66 days 2,172 sqft
2019-11-01 67 days 2,200 sqft
2019-12-01 76 days 2,135 sqft
2020-01-01 82 days 2,130 sqft
2020-02-01 80 days 2,144 sqft
2020-03-01 64 days 2,229 sqft
2020-04-01 64 days 2,264 sqft
2020-05-01 70 days 2,272 sqft
2020-06-01 77 days 2,281 sqft
2020-07-01 64 days 2,286 sqft
2020-08-01 58 days 2,225 sqft
2020-09-01 57 days 2,099 sqft
2020-10-01 57 days 2,089 sqft
2020-11-01 56 days 2,078 sqft
2020-12-01 65 days 2,071 sqft
2021-01-01 71 days 1,957 sqft
2021-02-01 63 days 1,941 sqft
2021-03-01 55 days 1,846 sqft
2021-04-01 55 days 1,960 sqft
2021-05-01 45 days 2,060 sqft
2021-06-01 43 days 2,123 sqft
2021-07-01 37 days 2,103 sqft
2021-08-01 40 days 2,207 sqft
2021-09-01 44 days 2,150 sqft
2021-10-01 49 days 1,995 sqft
2021-11-01 49 days 1,905 sqft
2021-12-01 51 days 1,984 sqft
2022-01-01 57 days 2,000 sqft
2022-02-01 46 days 1,953 sqft
2022-03-01 39 days 1,924 sqft
2022-04-01 36 days 1,956 sqft
Greenville's median listing age (time on market) for 2022-04-01 was 36 days. This is -34% shorter than the same period one year ago.

Greenville's median square footage for active listings during the 2022-04-01 period was 1,956 sqft. One year prior, the average listing was 1,960 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.