Great Lakes Wire

The average VA Interest Rate Reduction Refinance Loan (IRRRL) amount in Michigan during the third quarter of fiscal year 2024 was $296,574, according to figures provided by the Veterans Affairs Home Loans Index.

The average VA IRRRL amount in Michigan for the second quarter of 2024 was $278,440.

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 home purchase loans, interest rate reduction refinance loans, and adapted housing grants geared toward veterans with a service-connected disability.

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