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Great Lakes Wire

Saturday, April 27, 2024

VA provides 1,925 home loans in Michigan totaling $518.3 million in Q4 2023

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The U.S. Department of Veterans' Affairs (VA) issued 1,925 home loans totaling $518.3 million in Michigan during the fourth quarter of the fiscal year 2023, 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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