Minnesota State Wire

The U.S. Department of Veterans Affairs (VA) issued 1,151 home loans totaling $374.5 million in Minnesota 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, Minnesota issued 2,984 loans equaling $856.7 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.