KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

More local families taking advantage of VA financing

More Puget Sound-area military families and veterans are taking advantage of loans guaranteed by the Department of Veterans Affairs, according to the latest statistics released by the department.

VA mortgages rose 50 percent to almost 540,000 loans in fiscal year 2012, the most since 1994, according to Mike Frueh, the director of loan guarantee service. Local activity mirrored the national numbers.

Current and former military members found VA programs more attractive because of the tighter credit standards on conventional financing.

Low interest rates were part of the draw, as about 338,000 of the VA loans were for the purpose of refinancing. Additionally, VA loans for purchases were up almost 10 percent over the previous fiscal year.

Top Stories

  • Sawant's Complaint
    Councilwoman Kshama Sawant is upset that Boeing pays less for electricity than residents

  • What We Learned
    Danny O'Neil says the gap between Seattle & the rest of the NFL isn't as big as we thought

  • Finding Killers
    Why investors are shifting away from cancer and heart disease research
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.