The second quarter of 2011 saw a rise in mortgage delinquencies from 8.32 percent in the first quarter to 8.44 percent, according to data released by the Mortgage Bankers Association.

MBA's quarterly delinquency survey, which covers 43.9 million mortgages on residential properties containing one to four units, also found that while new delinquencies increased, the number of long-term loan delinquencies declined.

“Foreclosure start rates fell to their lowest level since the fourth quarter of 2007," said Jay Brinkmann, chief economist of the MBA. "Foreclosure inventory rates also fell, to their lowest level since the third quarter of 2010. While some have argued that this drop in foreclosures is a temporary drop which does not reflect the problems yet to come, this does not appear to be the case, at least at the national level."

With delinquencies on the rise, home loans through the U.S. Department of Veterans Affairs continue to be an ideal option for those who qualify.

According to to the VA loans website, mortgage loans through VA can come guaranteed with no money down and up to $350,000 in total value. There is also no requirement of mortgage insurance and assistance in refinancing.

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