Enchantment State News

The average VA loan amount for New Mexico in the fiscal year 2022 was $285,556, according to the Veterans Affairs Home Loans Index.

This is a 13.5% increase from New Mexico's average 2021 VA loan amount of $251,535.

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 extends from Oct. 1 to Sept. 30.