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Rushmore State News

Saturday, November 23, 2024

Number of VA loans issued in South Dakota decreased by 69% from Q3 2022 to Q3 2023

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The U.S. Department of Veterans Affairs (VA) issued 138 home loans totaling $43.3 million in South Dakota during the third quarter of the fiscal year 2023, according to figures provided by the Veterans Affairs Home Loans Index.

During the third quarter year before, South Dakota issued 445 loans equaling $139.7 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.

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