Great Lakes Wire

The VA issued 202 Interest Rate Reduction Refinance Loans in Michigan during the third quarter of fiscal year 2024, compared to 330 loans the previous quarter, according to figures provided by the Veterans Affairs Home Loans Index.

Loans issued in the third quarter of fiscal year 2024 equaled $59.9 million. This is a decrease from the $91.9 million issued the previous quarter.

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.

The VA's fiscal year runs from Oct. 1 to Sept. 30.