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Yellowhammer Times

Wednesday, November 6, 2024

Number of VA loans issued in Alabama increases by 24.8 percent from 2020 to 2021

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The U.S. Department of Veterans Affairs (VA) issued 29,294 home loans totaling $7.3 billion in Alabama during the fiscal year 2021, according to the Veterans Affairs Home Loans Index.

This is 5,820 loans more than in 2020 when Alabama's VA loan totals numbered 23,474, in the amount of $5.6 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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