(BPT) - More veterans are taking advantage of an important benefit for service members: A Veterans Affairs (VA) loan. According to data from the Department of Veterans Affairs, more than 1.4 million VA loans were taken out in 2021, a 15.6% increase from the previous year. However, there are still many veterans who are not using this important earned benefit for their service and sacrifice for the country.
VA home loans allow veterans and active-duty service members to obtain home mortgages with more favorable terms than other loans on the market. A VA loan is a mortgage supported by the U.S. Department of Veteran Affairs and serviced by authorized lenders, like loanDepot, one of the nation's largest non-bank retail mortgage lenders.