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Enchantment State News

Thursday, October 31, 2024

VA provides 825 home loans in New Mexico totaling $268.7 million in Q1

Realestate2

The U.S. Department of Veterans' Affairs (VA) issued 825 home loans totaling $268.7 million in New Mexico during the first quarter of the fiscal year 2024, according to figures provided by the Veterans' Affairs Home Loans Index.

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, enabling lenders to provide better rates.

A number of 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.

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