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Great Lakes Wire

Sunday, December 22, 2024

Number of VA loans issued in Michigan decreased by 16.8% from Q1 2023 to Q1 2024

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The U.S. Department of Veterans Affairs (VA) issued 1,678 home loans totaling $433.5 million in Michigan during the first quarter of the fiscal year 2024, according to figures provided by the Veterans Affairs Home Loans Index.

During the first quarter year before, Michigan issued 2,017 loans equaling $494.4 million.

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, 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 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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