ST. LOUIS — With low mortgage interest rates driving home purchases and refinancing, VA loans were up 85% in St. Louis during fiscal 2020, the Department of Veterans Affairs reported.
VA loans here totaled 10,335 in the fiscal year compared with 5,573 in the previous year. That was the 25th largest number of VA loans among U.S. metropolitan markets.
The percentage increase in St. Louis was even higher year over year during the first nine months of the fiscal year, up 109.2%.
The Washington, D.C., area had the highest annual increase, 147%, with 49,764 VA loans compared with 20,141 a year earlier.
Nationally, veterans obtained more than 1.2 million VA loans this fiscal year, smashing the all-time record for the 76-year-old benefit program. Total VA loan closings doubled year over year. The VA backed more loans than it did in the previous two fiscal years combined.
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