The Department of Veterans Affairs (VA) has announced it has guaranteed its 29 millionth home loan since the program’s creation in 1944. The milestone was reached on August 5, when a Navy Veteran purchased a $235,000 home in Maryland with the support of the VA’s Home Loan Guaranty Program.
This achievement comes amid a 19% increase in VA home loan processing this year compared to the same period in 2024. Since its inception as part of the Servicemen’s Readjustment Act of 1944, also known as the G.I. Bill of Rights, the VA has guaranteed nearly $4 trillion in home loans for service members and Veterans. Nearly four million service members and Veterans currently have active home loans backed by the department.
The VA’s program allows private lenders to offer eligible Veterans and service members loans that are guaranteed by the department. This arrangement eliminates requirements for down payments and mortgage insurance, making home ownership more accessible for those who have served.
“VA’s home loan program has helped service members and Veterans achieve the American dream millions of times over,” said VA Secretary Doug Collins. “It is one of the most effective federal programs in history, and we are proud to carry on its tradition of success.”
Those interested in using the program are encouraged to request a VA home loan Certificate of Eligibility from either the department or their mortgage lender. According to VA officials, 99.8% of these certificates are issued within three days.
