Breakdown of VA Loans by State
VA loans are mortgage loans that are backed by the Department of Veteran Affairs. They are intended for veterans, current or former members of the national guard, active reserve members, and surviving spouses of veterans. In 2016 alone, there were a total of 705,474 VA loans given out – a 12% increase from 2015. About 50% of the loans given out in 2016 were refinances and the other 50% were purchase loans. The total amount of money loaned out was about $179,000,000,000, roughly $253,243 per loan on average.
VA Loan Breakdown in CT, NJ, NY, PA, & FL:
In Connecticut there were 3,273 total VA loans – a 13.6% increase from 2015. About 56% of the loans were purchase loans, with 44% for refinancing. The total amount loaned out was $841,216,201, so the average loan amount was $257,017.
In New Jersey there were 6,762 total VA loans – a 14.9% increase from 2015. About 46% of the loans were purchase loans, with 54% for refinancing. The total amount loaned out was $1,884,917,854, so the average loan amount was $278,752.
In New York there were 8,577 total VA loans – a 5.8% increase from 2015. Roughly 59% of the loans were purchase loans, with 41% for refinancing. The total amount loaned out was $2,003,361,425, so the average loan amount was $233,574.
In Pennsylvania there were 15,037 total VA loans – a 12.5% increase from 2015. About 51% of the loans were purchase loans, with 49% for refinancing. The total amount loaned out was $3,140,144,459, so the average loan amount was $208,828.
In Florida there were 55,741 total VA loans – a 18.5% increase from 2015. Roughly 56% of the loans were purchase loans, with 44% for refinancing. The total amount loaned out was $12,772,110,032, so the average loan amount was $229,133.
Learn more about applying for a VA loan.
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