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Centennial State News

Tuesday, November 26, 2024

Number of VA loans issued in Colorado increases by 7.3 percent from 2018 to 2019

Realestate077

The U.S. Department of Veterans Affairs (VA) issued 24,837 home loans totaling $8.5 billion in Colorado during the fiscal year 2019, according to the Veterans Affairs Home Loans Index.

This is 1,690 loans more than in 2018 when Colorado's VA loan totals numbered 23,147, in the amount of $7.4 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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