People are fixated on big numbers. Couples celebrating their 50th wedding anniversary usually receive a great party. A person that retires from a company after 30+ years of service is typically treated to a great reception from co-workers and friends. Recently, the Veterans Administration made a big splash when they announced their 20 millionth VA home loan recipient.
Family with Military History
Elizabeth Carpenter of Woodbridge, VA received her VA home loan in late October 2012 and several officials were on hand to celebrate the event. Allison A. Hickey, the Under Secretary for Benefits was there to offer a plaque to Mrs. Carpenter and her son Joey. Mrs. Carpenter is the widow of Matthew Carpenter, a gentleman that served as a Captain in the Army during the Iraq war. Capt. Carpenter passed away in the year 2010 due to cancer.
This was not the first time Mrs. Carpenter had received benefits from the VA home loan program. As a child she moved into a home thanks to the VA benefit offered to her father as a veteran of the Army. And she and her husband, Capt. Carpenter previously purchased a place in the state of Connecticut using the VA mortgage.
VA Committed to Veterans, Active Duty and Families of Veterans
The new loan received by Mrs. Carpenter is added proof that the Veterans Administration is committed to helping not only the veterans but their families as well. The recent changes to extend home loan eligibility to families of veterans and surviving spouses has helped numerous people achieve the dream of home ownership.
Along with the surviving spouses, active duty personnel can now quality for VA loans provided that they have their children living in the home full time. This added feature has made it possible for soldiers fighting over seas to provide a stable home for their children back home.
Strong Part of the Economy
The VA mortgage program is a strong part of the improving economy. For the past 4+ years VA loans have shown the lowest amount of delinquent loans across all mortgages. The VA’s approval process, coupled with the strong character of soldiers, makes the program a thriving success.
The Veterans Administration does not directly offer loans to qualifying applicants. Instead, the loans are offered through qualifying banks, credit unions and mortgage companies. This allows the VA to regulate the guidelines while allowing experienced lenders to handle the paperwork of loans.