CAS3
05-11-06, 11:59 AM
Secretary Announces VA's 18 Millionth Home Loan Guaranty
WASHINGTON (May 11, 2006) - One of the most widely used veterans
benefits in America reaches a major milestone May 13 when Secretary of
Veterans Affairs R. James Nicholson will announce that an Operation
Iraqi Freedom veteran from Texas is the recipient of the 18 millionth
home loan guaranteed by the Department of Veterans Affairs (VA).
"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 homeowners."
The 18 millionth loan will be marked May 13 at the National Association
of Home Builders' (NAHB) Annual Spring Conference in Washington, D.C.
An award will be 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, Arizona, and purchased
through First Continental Mortgage, Ltd. of Houston.
"The no downpayment VA program has been a cornerstone of the nation's
housing finance system for more than 60 years," said NAHB President
David Pressly, a home builder from Statesville, N.C. "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. In fiscal year 2005 alone, VA guaranteed more than
165,000 loans for mortgages valued at more than $24.9 billion.
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 down payment, making it easier to buy a home. On Jan. 1,
2006, the VA loan guaranty limit for no-down payment loans was increased
to $417,000. The previous ceiling was $359,650.
More information about VA home loan benefits is available on the Web at
http://www.homeloans.va.gov <http://www.homeloans.va.gov/> or by
calling 1-800-827-1000.
WASHINGTON (May 11, 2006) - One of the most widely used veterans
benefits in America reaches a major milestone May 13 when Secretary of
Veterans Affairs R. James Nicholson will announce that an Operation
Iraqi Freedom veteran from Texas is the recipient of the 18 millionth
home loan guaranteed by the Department of Veterans Affairs (VA).
"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 homeowners."
The 18 millionth loan will be marked May 13 at the National Association
of Home Builders' (NAHB) Annual Spring Conference in Washington, D.C.
An award will be 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, Arizona, and purchased
through First Continental Mortgage, Ltd. of Houston.
"The no downpayment VA program has been a cornerstone of the nation's
housing finance system for more than 60 years," said NAHB President
David Pressly, a home builder from Statesville, N.C. "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. In fiscal year 2005 alone, VA guaranteed more than
165,000 loans for mortgages valued at more than $24.9 billion.
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 down payment, making it easier to buy a home. On Jan. 1,
2006, the VA loan guaranty limit for no-down payment loans was increased
to $417,000. The previous ceiling was $359,650.
More information about VA home loan benefits is available on the Web at
http://www.homeloans.va.gov <http://www.homeloans.va.gov/> or by
calling 1-800-827-1000.