By comparison, there were 6,536 VA purchase loans in Michigan for the previous year, totaling $1.6 billion.
The VA assists service members, veterans, and eligible surviving spouses achieve homeownership through loans provided by banks and mortgage companies.
A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.
Several VA housing programs can help members buy, build or repair their homes. Loan types may include home purchase loans, interest rate reduction refinance loans (IRRRL), and adapted housing grants, geared toward veterans with a service-connected disability.
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