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Great Lakes Wire

Sunday, April 28, 2024

VA home loan amount averages $279,219 in Michigan for Q3

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The average VA loan amount in Michigan during the third quarter of the fiscal year 2023 was $279,219, according to figures provided by the Veterans Affairs Home Loans Index.

The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.

A portion of the loan is guaranteed by the VA, enabling lenders to provide better rates.

A number of VA housing programs can help members buy, build or repair their homes. Loan types may include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.

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