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Magnolia State News

Saturday, November 16, 2024

Number of VA loans issued in Mississippi increases by 24.0 percent from 2020 to 2021

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The U.S. Department of Veterans Affairs (VA) issued 10,572 home loans totaling $2.4 billion in Mississippi during the fiscal year 2021, according to the Veterans Affairs Home Loans Index.

This is 2,045 loans more than in 2020 when Mississippi's VA loan totals numbered 8,527, in the amount of $1.8 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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