The U.S. Department of Veterans Affairs (VA) issued 1,508 home loans totaling $460 million in New Mexico during the third quarter of the fiscal year 2022, according to figures provided by the Veterans Affairs Home Loans Index.
New Mexico’s third quarter 2021 VA loan totals numbered 3,056, equaling $770.9 million, 1,548 loans less than were more than in 2022.
The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.
A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.
Several VA housing programs can help members buy, build or repair their homes. Loan types may include purchase loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.
