Minnesota State Wire

The U.S. Department of Veterans Affairs (VA) issued 15,956 home loans totaling $4.3 billion in Minnesota during the fiscal year 2020, according to the Veterans Affairs Home Loans Index.

This is 8,073 loans more than in 2019 when Minnesota's VA loan totals numbered 7,883, in the amount of $2 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.