An Operation Iraqi Freedom veteran from Texas received the 18 millionth Veterans Affairs (VA) abiding-place loan.

"VA's home loan guaranty program has been helping veterans purchase dwellings for more than 60 years," said Veterans Secretary R James Nicholson in a May 13 statement announcing the milestone.

"This VA no-down-payment loan program mirrors our nation's appreciation of the brave men and women who deposit on our country's uniforms in defense of freedom and our way of life," he said. "It also highlights VA's contribution to turning the United States into a nation of homeowners"

Since 1944 when President Franklin Roosevelt signed the Servicemen's Readjustment Act into law, the GI Bill, as it is popularly known, has secur more than $892 billion for veterans' and service members' dwelling loans.

In fiscal year 2005 alone, VA guaranteed more than 165000 loans for mortgages valued at more than $249 billion.

VA-guaranteed place of abode 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 bribe a home.

Guardsmen are generally eligible for VA family loans if they have complet six years in the Guard or have 181 days of continuous active service other than training.

More information is available at www.homeloans.va.gov or by way of calling (800) 827-1000.

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