VA Home Loan Program guarantees its 28th millionth loan

This week, VA guaranteed its 28 millionth home loan. Originally created as part of the Servicemen’s Readjustment Act of 1944 (which became known as “The G.I. Bill”), the VA home loan has been instrumental for countless Veterans and service members.

Currently, over 3.7 million Veterans have active home loans guaranteed by VA.

Home Loan expansion

In 1992, VA home loan program eligibility was expanded to include service members and Veterans of the Reserve and National Guard who met benefit requirements by serving honorably for at least six years without otherwise qualifying under the previous active-duty provisions.

The benefits to Veterans using the VA Home Loan Program include:

• VA requires no down payment 
• Limited closing costs
• No need for Private Mortgage Insurance (PMI)
• No pre-payment penalties
• Default Assistance
• The VA home loan is a lifetime benefit: you can use the guaranty multiple times

VA Loan Guaranty Service’s mission hasn’t changed—maximize opportunities for Veterans and service members to obtain, retain and adapt their homes by providing a viable and fiscally responsible benefit program in recognition of their selfless service to our country.

VA-guaranteed loans are available for homes for you or a spouse and/or dependent (for active duty service members) to live in. To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations and a valid Certificate of Eligibility (COE). 

A COE does just what its name implies: it certifies to lenders that you are eligible to apply for a VA home loan. A lender can obtain a Veteran’s COE on their behalf, or it can be accessed through signing in at va.gov. 

For more information on the VA home loan program, visit the VA Loan Guaranty Program website.