The Veterans Affairs Home Loans program has added nearly $4 trillion to the U.S. economy over its 80-year history, according to an independent analysis released in conjunction with the milestone anniversary.
The findings, from University of Missouri economics professor Joseph Haslag, point to a dramatic return on taxpayer investment in veterans homes since the end of World War II, when the home loan program began. The study was backed by Veterans United Home Loans, a Missouri-based lender, to mark the June 22 start date of the program.
“This historic benefit has helped millions of veterans and military families build wealth and shaped the growth of the American middle class,” Chris Birk, vice president of mortgage insight at Veterans United, said in a statement. “Today, this hard-earned benefit is more important than it has ever been.”
The home loan program is one of the most popular and best known benefits for American veterans. Individuals who qualify can receive lower interest rates, smaller closing costs and often do not need to make any down payments to finalize the loans.
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VA home loan volume reached a record high in 2021, at more than $447 billion, according to department statistics. The department is currently backing more than 3.7 million active home loans, including more than 400,000 new loans in 2023 alone. Officials are expected to issue their 30 millionth home loan later this year.
Haslag found that over the last eight decades, the total value of…
