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Enchantment State News

Sunday, November 24, 2024

Number of VA loans issued in New Mexico increases by 33.6 percent from 2020 to 2021

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The U.S. Department of Veterans Affairs (VA) issued 12,687 home loans totaling $3.2 billion in New Mexico during the fiscal year 2021, according to the Veterans Affairs Home Loans Index.

This is 3,188 loans more than in 2020 when New Mexico's VA loan totals numbered 9,499, in the amount of $2.3 billion.

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.

The VA's fiscal year runs from Oct. 1 to Sept. 30.

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