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NAHB Board Salutes 18 Millionth VA Home Loan Recipient
At its meeting in Washington, D.C. on May 13, the NAHB Board of Directors helped celebrate one of the most widely used veterans benefits in the country with a presentation by Secretary of Veterans Affairs R. James Nicholson and NAHB President David Pressly to the recipient of the 18 millionth VA-guaranteed home loan.
“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 home owners.”
An award was 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, Ariz., and purchased through First Continental Mortgage, Ltd. of Houston. Those two companies were represented at the ceremonies by Mitch Schwartz, vice president of operations; and Richard D. Davis, senior vice president, respectively.
“The no downpayment VA program has been a cornerstone of the nation’s housing finance system for more than 60 years,” said Pressly. “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, Nicholson said. In fiscal year 2005 alone, VA guaranteed more than 165,000 loans for mortgages valued at more than $24.9 billion.
In his remarks to the board, Nicholson also acknowledged the volunteer efforts of home builders associations around the country on behalf of soldiers deployed to Iraq and their families.
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 downpayment, making it easier to buy a home.
On Jan. 1, the VA loan guaranty limit for no-downpayment loans was increased to $417,000. The previous ceiling was $359,650.
For more information about VA home loan benefits, click here, or call 800-827-1000.
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