Yellowhammer Times

The average VA home loan amount in Alabama during the third quarter of the fiscal year 2024 was $314,864, a 3.8% increase over the previous quarter, according to the Veterans Affairs Home Loans Index.

Alabama's average VA loan amount during the second quarter of the fiscal year 2024 was $303,268.

The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.

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.