The U.S. Department of Veterans Affairs (VA) issued 1,422 home loans in Minnesota, totaling $500.3 million, during the fourth quarter of the fiscal year 2024, according to figures provided by the Veterans Affairs Home Loans Index.
In the same quarter of the previous year, Minnesota issued 1,185 home loans, totaling $401.8 million.
The VA assists service members, veterans and eligible surviving spouses to achieve 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 eligible individuals buy, build, or repair their homes. These include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are designed for veterans with service-connected disabilities.
| Quarter | Number of Loans | Total Loan Amount |
|---|---|---|
| Q4 2024 | 1,422 | $500.3 million |
| Q4 2023 | 1,185 | $401.8 million |
