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By Aliss Higham
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The Department of Veterans Affairs (VA) has announced that it has guaranteed its 29 millionth home loan through its Home Loan Guaranty Program.
According to the VA, it reached the milestone when a Navy veteran closed on a $235,000 home in Maryland on August 5.
What Is the VA Home Loan Guaranty Program?
The VA Home Loan Guaranty Program provides service members, veterans and eligible surviving spouses with access to more affordable mortgages, helping reduce common barriers to homeownership—such as large down payments and the cost of private mortgage insurance. Under the program, borrowers obtain a loan through a private lender—such as a bank, credit union or mortgage company—while the VA guarantees a portion of that loan.
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This guaranty lowers the risk for lenders, allowing them to offer more favorable terms, including no required down payment, competitive interest rates, limited closing costs and foreclosure avoidance assistance. If a borrower defaults, the VA repays the lender for the guaranteed portion, further reducing financial risk in the lending process.
The program was created under the 1944 Servicemen's Readjustment Act.
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What To Know
The VA reported in an August 26 news release that there had been a 19 percent increase in VA home loan processing in 2025 compared with the same period in 2024.
The department also said it had guaranteed close to $4 trillion in home loans for service members and veterans since the program began, with almost 4 million holding active VA-backed loans.
What People Are Saying
VA Secretary Doug Collins said in the news release: "VA's home loan program has helped service members and Veterans achieve the American dream millions of times over. It is one of the most effective federal programs in history, and we are proud to carry on its tradition of success."
What Happens Next
The VA advises prospective participants in the program to obtain a home loan Certificate of Eligibility either directly from the department or through their mortgage lender. At present, 99.8 percent of certificates are processed and issued within three days, according to the VA.
Other VA News
Recent reporting has highlighted other developments at the VA, including the agency's decision to redirect millions of dollars previously allocated to union-related activities to veterans' programs, a milestone in disability claims processing, new mileage reimbursement features in the VA Health and Benefits app, and the removal of the requirement for a second physician's approval to access non-VA health care.
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