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Empire State Today

Thursday, November 21, 2024

Q1: VA home loan in New York state averages $296,502

Re 12

The average VA loan amount in New York during the first quarter of the fiscal year 2022 was $296,502, according to the Veterans Affairs Home Loans Index.

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 home purchase loans, interest rate reduction refinance loans (IRRRL), and adapted housing grants, geared toward veterans with a service-connected disability.

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