Great Lakes Wire

The VA issued 7,169 Interest Rate Reduction Refinance Loans in Michigan during the 2023 fiscal year, totaling $1.8 billion, according to figures provided by the Veterans Affairs Home Loans Index.

This is a 41.2 percent decrease from 2022 when 13,075 loans totaling $3.1 billion were issued.

The VA assists service members, veterans and eligible surviving spouses to 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.

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.