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Thursday, October 31, 2024

Average VA home loan amount in California increase from 2021 to 2022

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The average VA loan amount for California in the fiscal year 2022 was $524,753, according to the Veterans Affairs Home Loans Index.

This is a 14.5% increase from California's average 2021 VA loan amount of $458,361.

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.

The VA's fiscal year extends from Oct. 1 to Sept. 30.

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