Enchantment State News

The average VA Purchase Loan amount for New Mexico in the second quarter of fiscal year 2024 was $330,516, according to the Veterans Affairs Home Loans Index.

By comparison, New Mexico's average VA Purchase Loan amount for the first quarter was $331,886.

The VA assists service members, veterans and eligible surviving spouses to achieve 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.

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.