Ann Arbor Times

Ann Arbor Times

Monday, April 6, 2020

Average VA IRRRL Loan amount in Michigan increases from 2017 to 2018

Government

By Metric Media News Service | Mar 19, 2020

Re 14

The average VA IRRRL Loan amount for Michigan in 2018 was $185,385, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, Michigan's average VA IRRRL Loan amount for the last year was $176,906.

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.

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