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Maryland State Wire

Friday, November 22, 2024

VA’s Interest Rate Reduction Refinance Loans in Maryland average $446,861 for Q3

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The VA’s Interest Rate Reduction Refinance Loans in Maryland for the third quarter of the fiscal year 2023 averaged $446,861, according to figures provided by the Veterans Affairs Home Loans Index.

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.

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.

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

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