BALTIMORE — The Department of Veterans Affairs on Tuesday guaranteed its 29 millionth home loan.

A Navy Veteran in Maryland was the recipient of the $235,000 loan.

The VA Loan Program launched in 1944, as part of the Servicemen’s Readjustment Act, commonly known as the G.I. Bill of Rights.

Since it's inception, the VA has issued nearly four million service members almost $4 trillion in guaranteed home loans.

The program helps avoid costly down payments and mortgage insurance requirements, making owning a home more affordable for military members.

VA Secretary Doug Collins says loan processing is moving at a 19 percent quicker rate than last year.

Currently, the department says 99.8 percent of loan certificates are issued within three days.

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