VA Home Loan Program: A Cornerstone of Success

The Department of Veterans Affairs announced that its home loan program continues to produce record numbers of homeowners. Says Eric Shinseki, Secretary of Veterans Affairs, "[The] VA is honored to administer a benefit that for two-thirds of a century has profoundly affected the lives of our Veterans, our military servicemembers, and their families."

VA home loans have had the lowest foreclosure rate in the housing industry for the past nine quarters. Part of this success is due to how the program operates--the VA covers a portion of the loan if a borrower ultimately defaults on the balance.

Since its original inception as part of the original GI Bill in 1944, the VA home loan program has produced more than 19 million home loans, worth over $1 trillion dollars. Since 2006, the VA has seen the program increase by 63 percent.

For more information about the VA home loan program and its benefits, refer to the Department of Veterans Affairs' Press Release: Home Loan Program Going Strong Despite Tight Market.

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