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Veteran Home Loans Trend Up In Arizona


Arizona has seen extreme growth in purchase loans for 2018 and is ranked seventh for the total number of VA-backed home loans, according to a recent report.

"Veterans United Home Loans, the nation's largest VA lender, compared this year's loans in metropolitan cities throughout the state to those from 2013: Flagstaff loans increased by 55%, while Phoenix increased by 59 percent," according to National Mortgage News.

"In Flagstaff alone, the total loan funding increased by 88%. The average loan amount in Arizona was $251,007."

Experts like Chris Birk, director of education at Veterans United, believe increase home loans can propel home ownership further. Birk added a few examples such as "increased community values through property taxes, construction and remodeling." He believes this increase in activity is due to veterans finally understanding what they have earned.

"Since its creation in 1944, VA home loans have allowed more than 22 million service members, veterans and their surviving spouses to purchase a home with more forgiving guidelines than those of a traditional lender, including benefits like no required down payments or mortgage insurance," according to NMN.

"These loans can also be used for refinancing."

Tracking the overall growth of VA-backed loans in 2019 will be a key to seeing just how much of an impact the increase has made across the board. To learn more about the increase in VA-backed loans for Arizona, click on the image above.

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