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Magnolia State News

Thursday, December 26, 2024

VA provides 58.6% fewer home purchase loans in Mississippi in Q3 2023

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There were 296 VA home purchases in Mississippi in the third quarter of the VA's fiscal year 2023, totaling $83.5 million in loans, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, there were 715 VA funded home purchases in Mississippi for the second quarter, totaling $193.4 million.

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. Benefits may include home purchase loans, interest rate reduction refinance loans, and adapted housing grants geared toward veterans with a service-connected disability.

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

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