Memphis VA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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.

Memphis's 187 lenders originated 4,874 VA loans during 2021. The total origination value was $1,329,370,000, with an average VA loan value of $272,747.

Memphis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Memphis averaged 0.17% for the week of 2023-01-20, compared to the national average (all VA variants) of 0% for the same period.

Memphis's average VA mortgage closing costs are $5,555.

The average rate for the prior week (2023-01-13) was 6.25% and one month ago for the week of 2022-12-16, the average rate was 6.42%.

The average rate one year ago was 3.83%.

For refis of the same type during the week of 2023-01-20, the average rate was 0.02%.

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

Memphis 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 Memphis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 449 2.48% $5,165
Mortgage Research Center, LLC 415 2.90% $6,544
FREEDOM MORTGAGE CORPORATION 308 2.50% $3,148
COMMUNITY MORTGAGE CORPORATION 249 2.67% $7,644
PENNYMAC LOAN SERVICES, LLC 247 2.42% $5,511
NAVY FEDERAL CREDIT UNION 189 2.54% $5,370
NEW DAY FINANCIAL, LLC 132 2.86% $7,194
USAA Federal Savings Bank 112 2.89% $4,799
LOANDEPOT.COM, LLC 103 2.68% $6,065
Patriot Bank 98 2.36% $6,252
VILLAGE CAPITAL MORTGAGE 92 2.41% $3,208
UNITED WHOLESALE MORTGAGE, LLC 78 2.48% $5,608
Trustmark National Bank 56 2.52% $5,375
LAKEVIEW LOAN SERVICING, LLC 56 2.53% $2,265
The Federal Savings Bank 56 2.63% $7,412
Mr. Cooper ( Nationstar Mortgage ) 49 2.93% $4,499
BARTLETT MORTGAGE, INC. 47 2.56% $7,912
CLEARPATH LENDING 46 2.31% $3,776
Wells Fargo Bank 43 2.63% $3,840
CALIBER HOME LOANS, INC. 41 2.70% $5,655
Pinnacle Bank 39 2.52% $7,491
MORTGAGE INVESTORS GROUP, INC. 38 2.71% $6,307
PRIMELENDING, A PLAINSCAPITAL COMPANY 37 3.05% $5,291
PLANET HOME LENDING, LLC 37 2.53% $3,257
Barrington Bank & Trust Company, N.A. 35 2.74% $5,755
HOME POINT FINANCIAL CORPORATION 34 2.40% $4,742
Eagle Bank and Trust Company 34 2.71% $8,744
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 2.94% $7,591
Low VA Rates, LLC 32 2.28% $4,592
CROSSCOUNTRY MORTGAGE, LLC 30 2.91% $8,425
GUILD MORTGAGE COMPANY 30 2.96% $6,432
First Horizon Bank 28 2.60% $5,352
Bank of England 27 2.73% $8,552
Nations Lending Corporation 26 3.09% $6,840
Sierra Pacific Mortgage Company, Inc. 24 3.16% $8,023
PENTAGON FEDERAL CREDIT UNION 23 2.35% $3,901
AMERICAN FINANCIAL NETWORK, INC. 23 2.77% $8,157
BROKER SOLUTIONS, INC. 23 2.78% $9,286
Flagstar Bank, FSB 21 3.01% $8,707
Evolve Bank & Trust 20 2.80% $4,784
Regions Bank 20 3.03% $6,496
AMERISAVE MORTGAGE CORPORATION 20 2.67% $6,953
BancorpSouth Bank 19 2.76% $8,591
NBKC BANK 18 2.48% $5,015
Carrington Mortgage Services, LLC 17 3.10% $5,511
ACCELERATE MORTGAGE, LLC 17 2.38% $5,923
First Federal Bank 16 3.05% $5,791
GUARANTEED RATE, INC. 16 2.73% $6,539
FirstBank 16 2.68% $7,417
SOUTHWEST FUNDING, LP 16 3.59% $11,127
First Guaranty Mortgage Corporation 15 2.46% $3,484
SUN WEST MORTGAGE COMPANY, INC. 15 2.46% $4,060
MUTUAL OF OMAHA MORTGAGE, INC. 15 2.73% $4,486
NEWREZ LLC 14 2.70% $3,543
Plains Commerce Bank 14 2.65% $9,186
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 3.03% $8,417
Magnolia Bank 13 2.58% $7,928
InterContinental Capital Group, Inc 12 2.31% $3,577
Wolfe Financial, Inc 12 2.90% $12,342
Renasant Bank 12 2.70% $10,986
Mid-Continent Funding, Inc. 11 2.93% $6,482
NP, Inc. 11 2.36% $4,051
Citizens Bank 11 2.60% $8,348
Triumph Bank 10 2.55% $9,948
FINANCE OF AMERICA MORTGAGE LLC 9 2.54% $5,069
Lakeview Community Capital, LLC 8 2.53% $2,377
Independent Bank 8 2.86% $7,345
MOVEMENT MORTGAGE, LLC 8 2.97% $4,003
North American Savings Bank, F.S.B. 8 2.33% $4,003
The Home Loan Expert LLC 8 2.63% $7,347
SOVEREIGN LENDING GROUP INCORPORATED 8 2.73% $6,239
KELLER MORTGAGE, LLC 7 2.64% $5,502
AMERICAN PACIFIC MORTGAGE CORPORATION 7 2.86% $6,788
CMG MORTGAGE, INC. 7 2.70% $6,333
AMERICAN FINANCING CORPORATION 7 2.55% $3,733
BNC National Bank 7 2.46% $5,168
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.73% $7,671
Paramount Residential Mortgage Group, Inc. 6 2.88% $4,065
U.S. Bank 6 2.58% $7,187
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.28% $4,197
CRESCENT MORTGAGE COMPANY 5 2.40% $4,221
Commerce Home Mortgage, Inc. 5 2.73% $2,686
Hometown Lenders, Inc. 5 3.25% $7,690
HOMESIDE FINANCIAL, LLC 5 2.55% $6,027
TJC Mortgage, Inc. 5 2.40% $4,513
Wyndham Capital Mortgage, Inc. 4 2.31% $3,295
AmeriHome Mortgage Company, LLC 4 2.81% $2,725
CHURCHILL MORTGAGE CORPORATION 4 2.65% $8,372
CONTOUR MORTGAGE CORPORATION 4 2.31% $4,660
EMBRACE HOME LOANS, INC. 4 3.16% $6,613
MID AMERICA MORTGAGE, INC. 4 2.94% $3,032
M&T Bank 4 2.97% $7,918
T2 FINANCIAL LLC 4 3.09% $7,064
Truist 4 2.74% $3,980
BAYSHORE MORTGAGE FUNDING, LLC 3 2.29% $2,066
EVERETT FINANCIAL, INC. 3 3.04% $13,398
AMERICAN MORTGAGE SERVICE COMPANY 3 2.79% $3,214
First Citizens National Bank 3 2.67% $2,125
Goldwater Bank, N.A. 3 3.29% $6,636
SOUTHWEST STAGE FUNDING, LLC 3 3.13% $5,397
Meridian Bank Corporation 3 2.25% $4,964
Strong Home Mortgage, LLC 3 2.54% $1,032
KS StateBank 3 2.33% $2,237
Financial Federal Bank 2 2.38% $7,237
Paramount Bank 2 3.00% $7,908
SIRVA MORTGAGE, INC. 2 3.38% $6,660
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.56% $9,015
BEST CAPITAL FUNDING 2 2.50% $6,715
TOWNE MORTGAGE COMPANY 2 2.81% $11,719
ACOPIA, LLC 2 3.06% $6,636
UNION HOME MORTGAGE CORP. 2 2.25% $3,632
FirstTrust Home Loans, Inc. 2 3.63% $5,126
AMERICAN MORTGAGE SERVICES INCORPORATED 2 2.88% $6,430
Community Bank of Mississippi 2 2.81% $7,210
Willamette Valley Bank 2 2.88% $6,002
BELEM SERVICING LLC 2 3.75% $9,426
Ixonia Bank 2 3.38% $6,061
Hometown Equity Mortgage, LLC 2 3.25% $10,835
RELIANCE FIRST CAPITAL, LLC 2 2.44% $10,738
FIRST COMMUNITY MORTGAGE, INC. 2 2.56% $6,412
GUARANTEED RATE AFFINITY, LLC 2 2.31% $7,652
SUCCESS MORTGAGE PARTNERS, INC. 2 3.44% $15,035
Sunflower Bank 2 2.63% $3,143
LENDUS, LLC 2 2.44% $9,084
MORTGAGE FINANCIAL SERVICES, LLC 2 3.44% $12,691
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.13% $4,092
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.44% $5,846
Presidential Bank, FSB 1 2.25% $477
CELEBRITY HOME LOANS, LLC 1 3.50% $6,375
Capital Bank 1 2.25% $3,000
BOKF 1 2.63% $5,837
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $10,463
ROYAL UNITED MORTGAGE LLC 1 2.38% $9,701
SeaTrust Mortgage Company 1 2.75% $3,739
Home Mortgage Alliance Corp 1 2.38% $1,746
SHELTER LENDING SERVICES, L.L.C. 1 2.75% $3,308
Bank of Tennessee 1 2.63% $13,963
SRE MORTGAGE ALLIANCE INC. 1 2.25% $5,590
STEARNS LENDING, LLC 1 2.25% $1,238
Bank of America 1 3.00% $12,335
SWBC MORTGAGE CORPORATION 1 3.13% $2,442
ALLIED MORTGAGE GROUP, INC. 1 2.25% $3,617
Texana Bank 1 2.38% $3,163
The Central Trust Bank 1 2.75% $12,783
Assurance Financial Group, L.L.C. 1 2.75% $9,483
ASSEMBLIES OF GOD Credit Union 1 2.63% $3,327
TIDEWATER MORTGAGE SERVICES, INC. 1 2.38% $3,895
Towne Bank 1 2.25% $6,420
ARC HOME LLC 1 2.50% $1,297
Amerifirst Financial, Inc. 1 3.13% $3,466
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.00% $9,918
AMERICAN HOME LENDING USA, LLC 1 3.13% $8,655
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $9,762
INTERCAP LENDING INC. 1 2.63% $4,939
SECURITYNATIONAL MORTGAGE COMPANY 1 2.63% $4,560
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $4,575
LEADERONE FINANCIAL CORPORATION 1 2.50% $1,866
Leaders Credit Union 1 2.50% $8,111
GSF Mortgage Corporation 1 4.13% $6,639
GENEVA FINANCIAL, LLC 1 2.75% $3,829
Midwest Community Bank 1 2.25% $5,934
Gateway First Bank 1 3.00% $3,643
F&M Bank 1 2.50% $12,274
First Home Bank 1 2.38% $2,949
Wilson Bank And Trust 1 2.75% $4,627
First Bank 1 2.75% $450
NATIONS RELIABLE LENDING, LLC 1 2.63% $9,619
NBH Bank 1 2.88% $499
Fifth Third Bank 1 3.13% $4,103
FIDELITY BANK 1 2.75% $5,813
FEDEX EMPLOYEES CREDIT ASSOCIATION 1 2.63% $3,031
NFM, INC. 1 3.00% $16,431
Northpointe Bank 1 3.13% $7,335
Equity Prime Mortgage LLC 1 3.75% $2,267
OCEANSIDE MORTGAGE COMPANY 1 2.25% $1,082
Origin Bank 1 2.50% $15,140
Orion Federal Credit Union 1 3.13% $2,600
OVM FINANCIAL, INC. 1 2.88% $19,564
DHI MORTGAGE COMPANY, LTD. 1 2.88% $22,215
DELMAR FINANCIAL COMPANY 1 3.25% $13,042
CORNERSTONE HOME LENDING, INC. 1 3.25% $10,603
PHH Mortgage Corporation 1 2.50% $3,618
CityWorth Mortgage LLC 1 2.75% $966
Citibank 1 2.88% $2,426
CHERRY CREEK MORTGAGE, LLC 1 2.50% $818
PLAZA HOME MORTGAGE, INC. 1 1.99% $2,869
PREMIA MORTGAGE, LLC 1 2.63% $5,040

The top Memphis VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 449 VA loans originated. Their average total fees are $5,165, which is $1,379 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Memphis VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,265), FREEDOM MORTGAGE CORPORATION ($3,148), VILLAGE CAPITAL MORTGAGE ($3,208), PLANET HOME LENDING, LLC ($3,257) and First Guaranty Mortgage Corporation ($3,484).

The lowest rate Memphis VA lenders (with over 10 loans originated) are Low VA Rates, LLC (2.28%), CLEARPATH LENDING (2.31%), InterContinental Capital Group, Inc (2.31%), PENTAGON FEDERAL CREDIT UNION (2.35%) and Patriot Bank (2.36%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Memphis (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 $186,750 (9.9%) $245,947 (5.7%) 0.69 3,815
2018-02-01 $184,425 (8.5%) $242,803 (5.0%) 0.67 3,799
2018-03-01 $185,000 (6.5%) $248,319 (5.6%) 0.65 3,800
2018-04-01 $193,450 (7.5%) $255,206 (3.6%) 0.66 3,203
2018-05-01 $199,950 (8.1%) $265,133 (5.2%) 0.67 3,162
2018-06-01 $210,875 (8.6%) $267,469 (5.0%) 0.70 3,415
2018-07-01 $212,700 (8.1%) $266,363 (4.4%) 0.71 3,759
2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
2018-09-01 $212,000 (7.1%) $264,535 (4.2%) 0.71 3,761
2018-10-01 $215,000 (11.2%) $267,139 (7.0%) 0.73 3,768
2018-11-01 $210,000 (10.6%) $262,223 (5.1%) 0.71 3,732
2018-12-01 $209,900 (12.7%) $256,634 (3.4%) 0.72 3,470
2019-01-01 $204,925 (9.7%) $254,140 (3.3%) 0.71 3,141
2019-02-01 $208,238 (12.9%) $257,700 (6.1%) 0.70 3,034
2019-03-01 $214,186 (15.8%) $268,948 (8.3%) 0.70 2,970
2019-04-01 $222,400 (15.0%) $280,513 (9.9%) 0.71 2,990
2019-05-01 $229,875 (15.0%) $285,601 (7.7%) 0.72 3,009
2019-06-01 $230,000 (9.1%) $288,620 (7.9%) 0.72 3,111
2019-07-01 $230,900 (8.6%) $289,554 (8.7%) 0.72 3,253
2019-08-01 $232,435 (9.2%) $289,448 (9.2%) 0.74 3,236
2019-09-01 $231,009 (9.0%) $290,128 (9.7%) 0.74 3,202
2019-10-01 $230,108 (7.0%) $291,406 (9.1%) 0.74 3,171
2019-11-01 $231,565 (10.3%) $294,333 (12.3%) 0.76 3,101
2019-12-01 $232,000 (10.5%) $291,897 (13.7%) 0.77 2,944
2020-01-01 $227,950 (11.2%) $289,516 (13.9%) 0.76 2,752
2020-02-01 $229,900 (10.4%) $295,009 (14.5%) 0.75 2,517
2020-03-01 $241,000 (12.5%) $305,917 (13.8%) 0.75 2,399
2020-04-01 $247,775 (11.4%) $312,168 (11.3%) 0.78 2,405
2020-05-01 $249,900 (8.7%) $319,181 (11.8%) 0.76 2,234
2020-06-01 $256,600 (11.6%) $329,887 (14.3%) 0.76 2,000
2020-07-01 $259,923 (12.6%) $341,375 (17.9%) 0.75 1,820
2020-08-01 $264,900 (14.0%) $338,626 (17.0%) 0.76 1,731
2020-09-01 $259,900 (12.5%) $336,256 (15.9%) 0.74 1,623
2020-10-01 $259,900 (13.0%) $338,618 (16.2%) 0.74 1,624
2020-11-01 $257,475 (11.2%) $330,873 (12.4%) 0.75 1,561
2020-12-01 $249,950 (7.7%) $319,774 (9.6%) 0.74 1,443
2021-01-01 $240,000 (5.3%) $316,554 (9.3%) 0.72 1,270
2021-02-01 $234,450 (2.0%) $319,672 (8.4%) 0.68 1,115
2021-03-01 $237,450 (-1.5%) $327,994 (7.2%) 0.67 1,045
2021-04-01 $239,750 (-3.2%) $329,941 (5.7%) 0.65 1,032
2021-05-01 $239,900 (-4.0%) $324,512 (1.7%) 0.63 1,080
2021-06-01 $240,000 (-6.5%) $321,571 (-2.5%) 0.63 1,197
2021-07-01 $245,000 (-5.7%) $320,049 (-6.3%) 0.64 1,340
2021-08-01 $249,900 (-5.7%) $324,771 (-4.1%) 0.67 1,448
2021-09-01 $248,325 (-4.5%) $321,750 (-4.3%) 0.66 1,420
2021-10-01 $265,000 (2.0%) $337,638 (-0.3%) 0.71 1,345
2021-11-01 $256,075 (-0.5%) $336,789 (1.8%) 0.68 1,292
2021-12-01 $242,500 (-3.0%) $326,124 (2.0%) 0.66 1,246
2022-01-01 $219,900 (-8.4%) $322,974 (2.0%) 0.59 1,098
2022-02-01 $225,000 (-4.0%) $330,335 (3.3%) 0.59 970
2022-03-01 $225,500 (-5.0%) $325,461 (-0.8%) 0.56 1,065
2022-04-01 $244,900 (2.2%) $339,725 (3.0%) 0.58 1,162
2022-05-01 $292,475 (21.9%) $365,659 (12.7%) 0.67 1,318
2022-06-01 $305,000 (27.1%) $375,556 (16.8%) 0.68 1,596
2022-07-01 $318,400 (30.0%) $375,195 (17.2%) 0.72 2,057
2022-08-01 $310,500 (24.3%) $369,402 (13.7%) 0.72 2,216
2022-09-01 $316,050 (27.3%) $370,288 (15.1%) 0.74 2,338
2022-10-01 $319,900 (20.7%) $367,035 (8.7%) 0.75 2,594
2022-11-01 $324,950 (26.9%) $368,701 (9.5%) 0.78 2,778
2022-12-01 $325,000 (34.0%) $368,768 (13.1%) 0.81 2,686
Memphis's median listing price for 2022-12-01 was $325,000, a difference of $82,500 (34.0%) versus the prior year and $50 versus the prior month.

Memphis's median listing price comes in at 81% of the national average.

Memphis's average listing price for 2022-12-01 was $368,768, a difference of $42,644 (13.1%) versus the prior year and $67 versus the prior month.

For the 2022-12-01 period, Memphis had 2,686 MLS listings, a difference of -92 listings (-3%) versus the prior month and 1,440 listings (116%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 83 days 2,098 sqft
2018-02-01 76 days 2,093 sqft
2018-03-01 56 days 2,092 sqft
2018-04-01 57 days 2,119 sqft
2018-05-01 56 days 2,142 sqft
2018-06-01 52 days 2,160 sqft
2018-07-01 52 days 2,177 sqft
2018-08-01 59 days 2,227 sqft
2018-09-01 64 days 2,242 sqft
2018-10-01 64 days 2,249 sqft
2018-11-01 67 days 2,259 sqft
2018-12-01 73 days 2,217 sqft
2019-01-01 81 days 2,200 sqft
2019-02-01 76 days 2,200 sqft
2019-03-01 68 days 2,247 sqft
2019-04-01 57 days 2,283 sqft
2019-05-01 53 days 2,287 sqft
2019-06-01 54 days 2,259 sqft
2019-07-01 55 days 2,196 sqft
2019-08-01 55 days 2,233 sqft
2019-09-01 57 days 2,246 sqft
2019-10-01 59 days 2,258 sqft
2019-11-01 63 days 2,272 sqft
2019-12-01 71 days 2,278 sqft
2020-01-01 78 days 2,254 sqft
2020-02-01 79 days 2,277 sqft
2020-03-01 60 days 2,378 sqft
2020-04-01 57 days 2,333 sqft
2020-05-01 60 days 2,300 sqft
2020-06-01 57 days 2,304 sqft
2020-07-01 51 days 2,268 sqft
2020-08-01 48 days 2,343 sqft
2020-09-01 47 days 2,336 sqft
2020-10-01 47 days 2,414 sqft
2020-11-01 49 days 2,329 sqft
2020-12-01 56 days 2,343 sqft
2021-01-01 62 days 2,259 sqft
2021-02-01 62 days 2,157 sqft
2021-03-01 53 days 2,147 sqft
2021-04-01 40 days 2,138 sqft
2021-05-01 37 days 2,118 sqft
2021-06-01 35 days 2,154 sqft
2021-07-01 36 days 2,106 sqft
2021-08-01 40 days 2,105 sqft
2021-09-01 42 days 2,028 sqft
2021-10-01 34 days 2,079 sqft
2021-11-01 39 days 2,129 sqft
2021-12-01 45 days 2,164 sqft
2022-01-01 48 days 2,052 sqft
2022-02-01 41 days 2,008 sqft
2022-03-01 38 days 1,956 sqft
2022-04-01 33 days 2,200 sqft
2022-05-01 32 days 2,400 sqft
2022-06-01 31 days 2,430 sqft
2022-07-01 31 days 2,403 sqft
2022-08-01 39 days 2,364 sqft
2022-09-01 43 days 2,304 sqft
2022-10-01 46 days 2,300 sqft
2022-11-01 50 days 2,290 sqft
2022-12-01 61 days 2,277 sqft
Memphis's median listing age (time on market) for 2022-12-01 was 61 days. This is 36% longer than the same period one year ago.

Memphis's median square footage for active listings during the 2022-12-01 period was 2,277 sqft. One year prior, the average listing was 2,164 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.