This year VA celebrated the 75th Anniversary of the original GI Bill, which created the VA Home Loan benefit. On June 5, 2019, the Department of Veterans Affairs Loan Guaranty Service was proud to host the “GI Bill 75th Anniversary of the Home Loan” event at the National Press Club in Washington, D.C..
The event honored Sergeant First Class William Kopf as the 24th million loan ambassador. SFC Kopf spoke about his experience in using his VA home loan benefit and what it means to his family. Additional speakers included leaders in the lending, homebuilding, and real estate industries, who are key partners in helping VA deliver the home loans to Veterans and Servicemembers. Speakers also included the past commander of American Legion, the Veteran service organization that helped bring to bear the original GI Bill and Dr. Benjamin S. Carson, Sr. M.D., Secretary of the Department of Housing and Urban Development.
The Servicemen’s Readjustment Act of 1944, also known as the GI Bill of Rights, was signed into law by President Franklin Roosevelt on June 22, 1944. The original GI Bill provided education and training, rehabilitation and job placement, home loans that required no money down, and more than doubled the number of VA health care facilities for Veterans. During the postwar economic boom, Veterans started families and bought homes using their VA Home Loan benefit.
The mission of VA Loan Guaranty Service is to help Veterans obtain, retain, and adapt their homes in recognition of their service to the Nation.
Since 1944, VA has backed over 24 million VA home loans. In Fiscal 2018 alone, VA guaranteed over 610,000 home loans totaling over $161 billion. More than 80-percent of VA loans are made with no down payment.
Since 2009, through the collective efforts of VA staff and private-sector loan servicers, over 851,000 loans have been saved from foreclosure. Over the same time period, these efforts have saved the U.S. taxpayer nearly $25.7 billion in foreclosure claim payments avoided. VA is proud to have helped nearly 105,000 Veterans avoid foreclosure and saving taxpayers more than $2.24 billion in FY 2018 alone.
Through the Specially Adapted Housing (SAH) grant program, VA Loan Guaranty Service also provides grants to help seriously disabled Veterans purchase, modify, or construct a home to meet their adaptive housing needs. In Fiscal 2018, VA provided a record 2,085 grants worth over $104 million. Since the program’s inception in 1948, VA has provided over 37,000 grants totaling over $1.29 billion, enhancing Veterans’ independence at home and their quality of life.
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