Secretary Announces VA’s 18 Millionth Home Loan Guaranty

May 11, 2006

Nicholson to Recognize Iraq War Veteran at Home Builders' Conference

WASHINGTON – One of the most widely used veterans benefits in America reaches a major milestone May 13 when Secretary of Veterans Affairs R. James Nicholson will announce that an Operation Iraqi Freedom veteran from Texas is the recipient of the 18 millionth home loan guaranteed by the Department of Veterans Affairs (VA).

“VA’s home loan guaranty program has been helping veterans purchase homes for more than 60 years,” Secretary Nicholson said.  “This VA no-downpayment loan program reflects our nation’s appreciation of the brave men and women who put on our country's uniforms in defense of freedom and our way of life.  It also highlights VA’s contribution to turning the United States into a nation of homeowners.”

The 18 millionth loan will be marked May 13 at the National Association of Home Builders' (NAHB) Annual Spring Conference in Washington, D.C.  An award will be presented to veteran Robert A. Laurent of Kyle, Texas.

Laurent, an Army veteran and Purple Heart recipient, was discharged after four years in uniform because of combat-related injuries in Iraq.    His family's new home was built by Legacy Homes of Plano, Texas, a division of Meritage Homes Corp. of Scottsdale,

Arizona, and purchased through First Continental Mortgage, Ltd. of Houston.

“The no downpayment VA program has been a cornerstone of the nation’s housing finance system for more than 60 years,” said NAHB President David Pressly, a home builder from Statesville, N.C. “It has opened the door to homeownership for millions of veterans who have, in turn, been able to build equity and household wealth, put down roots in the communities where they live and enjoy the many benefits of owning a home.”       

Since 1944 when President Franklin Roosevelt signed the Servicemen's Readjustment Act into law, the GI Bill, as it is popularly known, has secured more than $892 billion of financing for veterans' and service members' home loans.  In fiscal year 2005 alone, VA guaranteed more than 165,000 loans for mortgages valued at more than $24.9 billion. 

VA-guaranteed home loans are made by banks and mortgage companies to veterans, service members and eligible reservists.  With VA backing a portion of the loan, veterans can receive a competitive interest rate without a down payment, making it easier to buy a home.  On Jan. 1, 2006, the VA loan guaranty limit for no-down payment loans was increased to $417,000.  The previous ceiling was $359,650.

More information about VA home loan benefits is available on the Web at http://www.homeloans.va.gov or by calling 1-800-827-1000.

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