VA Guarantees 20 Million Loans and Counting
October 30, 2012
The Department of Veterans Affairs announced it has reached a major milestone: It has guaranteed 20 million home loans since launching its loan program in 1944.
“The 20 millionth VA home loan is a major milestone and is a testament to VA’s commitment to support and enhance the lives of Veterans, Service members, their families and survivors,” says Allison A. Hickey, VA’s undersecretary for Benefits. “As a result of their service and sacrifice, as a group, they prove to be disciplined, reliable, and honorable—traits that are ideal for this kind of national investment.”
VA loans, which tend to boast low financing costs for home ownership, are available for eligible veterans, servicemembers, and surviving spouses.
The VA program has continued to grow, particularly in the last five years, due to its low interest rates. Loans for purchases have jumped 71 percent and loans for refinancings are up 20 times in that period.
The Department of Veterans Affairs boasts the lowest foreclosure rate for the past 17 quarters. It also has had the lowest delinquency rate for the past 14 quarters on its loans, according to the Mortgage Bankers Association.
Updated: July 10, 2020