Press Release: VA guarantees more than 1 million home loans in record year

“The U.S. Department of Veterans Affairs (VA) announced today it achieved a record year in its home loan program, by guaranteeing more than 1.2 million home loans in fiscal year 2020, totaling more than $363 billion, to help Veterans afford homeownership.”

“This record loan volume equates to approximately 3,200 loans per day and represents the most home loans guaranteed in a single year in the history of the program.”

“Established as part of the Servicemen’s Readjustment Act of 1944, or ‘G.I. Bill,’ the VA Home Loan Program’s mission is to help Veterans purchase and retain their homes. This includes the opportunity to refinance home loans under favorable loan terms.”

“’Accomplishing what our employees and lenders have achieved in 2020 would’ve been unimaginable years ago, let alone when this program was first created more than 75 years ago,’ said VA Secretary Robert Wilkie. ‘VA has now backed more than 25 million home loans since the program’s inception and this record is indicative of the level of support we provide Veterans in helping them attain the American dream.’”

“VA-guaranteed loans are made by private lenders. VA’s guaranty effectively eliminates the need for a down payment, helping Veterans afford home ownership…” Read the full press release here.

Source: VA guarantees more than 1 million home loans in record year – October 28, 2020. VA.

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