Iron County Record | 1953-07-23 | Page 7 | Three Million GI Home Loans Show Good risks

Three Million G I Home Loans Show Vets Good Risks The three millionth GI home loan was guaranteed by the Veterans Vet-erans Administration during the month of May. VA reported 3.004,157 home loans totalling $19.6 billion were made to World War II and post-Korea post-Korea veterans during the nine years the GI loan program has been in operation. Of the $19.6 billion, VA has guaranteed or insured about half that amount. Nearly 13 per cent of the 3,004,157 home loans, or 383,053, have been completely paid back by veteran borrowers. VA also reported that only 16,218 home loans, or less than six-tenths of one per cent of the total, have resulted in claims paid by the givernment, proving that veterans have been outstanding out-standing credit risks. Average size of all GI home loans made to date is $7,371. j In addition to the more than three million home loans closed thus far, VA has guaranteed or insured 64,888 farm loans and 204,287 loans for business purposes. pur-poses. These two types of loans total more than $800 million. Most World . War II veterans have until July 25, 1957 in which to apply for GI loans under the original GI Bill, but veterans with service since June 27, 1950, the beginning of the Korean conflict, con-flict, have until 10 years from the end of the current emergency in which to apply.