VA Loan Program Hits 20 Million Mark

Posted by Orb Staff on October 29, 2012 No Comments
Categories : Residential Mortgage

The Department of Veterans Affairs (VA) has announced it guaranteed 20 million home loans since its home loan program was established in 1944 as part of the original GI Bill of Rights for returning World War II veterans.
The 20 millionth loan was guaranteed on Friday for a home in Woodbridge, Va., purchased by the surviving spouse of an Iraq War veteran who passed away in 2010. Currently, there are 1.7 million VA guaranteed home loans in existence with a total value of $284 billion. VA has guaranteed 540,000 mortgages in 2012.

‘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.’

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