Deputy Secretary of the Department of Veterans Affairs, Paul Lawrence, spoke about the success of the VA Home Loan program, emphasizing its modernization efforts aimed at supporting veterans. Established in 1944, the program has facilitated home purchases for 30 million veterans, leading to a nearly 80% homeownership rate among veterans. Lawrence highlighted recent legislative changes, including the elimination of loan limits and exemptions for certain veterans, as well as advancements in technology and customer service that streamline loan applications.
Our commitment to veterans today is the same as President Roosevelt's commitment 81 years ago, when the VA loan program was created. Owning a home gives a veteran a renewed sense of community and purpose.
Since the program's inception, 30 million veterans have been guaranteed home loans, with 4 million active guarantees currently supporting $1.2 trillion in housing stock.
We're investing in technology and customer service upgrades to support home loan delivery. Last year, the VA sent out 1.25 million certificates of eligibility for VA loans, with 77% issued automatically.
The program has dramatically increased veteran homeownership rates to nearly 80%, compared to around 65% for the general population, showing its impact over the years.
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