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Rushmore State News

Thursday, November 21, 2024

VA provides 346 home loans in South Dakota totaling $116 million in Q3

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Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

Denis R. McDonough Secretary of Veterans Affairs | Ballotpedia

The U.S. Department of Veterans' Affairs (VA) issued 346 home loans totaling $116 million in South Dakota during the third quarter of the fiscal year 2024, according to figures provided by the Veterans' Affairs Home Loans Index.

The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.

A portion of the loan is guaranteed by the VA, enabling lenders to provide better rates.

A number of 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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