The U.S. Department of Veterans Affairs (VA) issued 1,199 home loans totaling $305.1 million in Arkansas 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, Arkansas issued 2,459 loans equaling $552.9 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.
