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Sunday, November 24, 2024

Number of VA loans issued in Pennsylvania decreases by 5.6 percent from 2018 to 2019

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The U.S. Department of Veterans Affairs (VA) issued 12,342 home loans totaling $2.8 billion in Pennsylvania during the fiscal year 2019, according to the Veterans Affairs Home Loans Index.

This is 727 loans less than in 2018 when Pennsylvania's VA loan totals numbered 13,069, in the amount of $2.8 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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