VA Celebrates 20 Millionth Home Loan

The ""Department of Veterans Affairs"":http://www.va.gov/ (VA) announced it has guaranteed 20 million home loans since its lending program was established in 1944.

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VA started its home loan program as part of the original GI Bill of Rights for returning World War II veterans. It has worked to make homeownership more affordable for eligible veterans, service members, and surviving spouses ever since.

According to a release from the department, the 20 millionth loan was guaranteed for a home in Woodbridge, [COLUMN_BREAK]

Virginia, purchased by the surviving spouse of an Iraq War veteran who died in 2010.

In addition to hitting the 20 million mark, VA has another point of pride for its loans: Mortgages guaranteed by VA have had the lowest foreclosure rate for the last 17 quarters and the lowest delinquency rate for the last 14 quarters compared to all other types of home loans. Much of the strength of VA's home loan program stems from the efforts of VA employees and industry partners to ensure veterans get every possible opportunity to avoid foreclosure, according to the release.

""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, Servicemembers, their families and survivors,"" said 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.""

With interest rates at a low, VA's home loan program has grown by leaps and bounds in the past five years, seeing 71 percent more purchases and 20 times as many refinances processed in fiscal year 2012 than in fiscal year 2007.