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Peace Garden News

Wednesday, December 18, 2024

North Dakota sees a 57% decrease in number of VA loans issued from Q1 2022 to Q1 2023

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The U.S. Department of Veterans Affairs (VA) issued 262 home loans totaling $70.8 million in North Dakota during the first quarter of the fiscal year 2023, according to figures provided by the Veterans Affairs Home Loans Index.

In the quarter four year before, North Dakota issued 610 loans equaling $160.4 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. 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.

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