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Tuesday, July 23, 2024
HomeBusinessVA HOME LOAN PROGRAM - 80 YEARS

VA HOME LOAN PROGRAM – 80 YEARS

Borrowed from news.va.gov/132481/celebrat­ing-80-years-of-the-va-home-loan-program/  

With the stroke of a pen, President Franklin D. Roosevelt positively changed the lives of World War II Veterans and the millions who would fol­low for generations to come by offering them access to a college education, unemployment in­surance and housing support when they returned home.

The historic signing of the Servicemen’s Re­adjustment Act of 1944 changed the face of the American landscape as thousands of Veterans took advantage of the VA Home Loan program. Using this new benefit, they bought, built, and adapted homes across the nation, creating the suburban communities we see today. By 1955, those first recipients had constructed 20 percent of all new homes that were constructed after the war and were granted more than $30 billion in loans to do so.

Over the next eight decades, VA’s Home Loan program will help Veterans to secure more than 28 million home loans (as of June 2023). Elements of the VA Home Loan program have changed to better serve Veterans, their families, and their survivors. The cornerstone benefits in­clude low interest rates, no insurance payments and no down payment, giving those who sacrifice on behalf of all Americans the ability to buy, build or adapt homes.

Among other enhancements to the program, VA partnered with Congress to add the Native American Direct Loan (NADL) program and the Specially Adapted Housing (SAH) program. NADL offers Native American Veterans—those who have historically served our nation in large numbers—with low interest loans to buy or build homes on federal trust lands. The SAH program enables Veterans who have certain service-con­nected disabilities with grants to buy, build or adapt homes to meet their needs.

Throughout the years, each improvement has been a result of concentrated effort to help Vet­erans achieve home ownership and improve their lives, on behalf of a grateful nation. As VA reflects upon the years since the passage of this remark­able legislation, America can take pride in the millions of Veterans who have been able to buy, build or adapt homes across the nation.

The G.I. Bill created lasting prosperity for America and for many Veterans, families, and their survivors.

If you are interested in using the VA Home Loan “Guaranty” Program, then please speak with your lender. Your CVSO is not able to provide finan­cial advice but is able to assist in applying for your Certificate of Eligibility (COE).

Brad Anderson and Melissa Crandall are the Lake County Veterans Service Officers and can be reached at 218.834.8326 or cvso@co.lake.mn.us  

Karen Christianson is the Cook County Veterans Service Officer and can be reached at 218.387.3639, or karen.christianson@co.cook.mn.us

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