Yadkin Valley News

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Thursday, December 5, 2019

VA issues fewer Interest Rate Reduction Refinance Loans in North Carolina in 2018 vs. 2017

Government

By Local Labs News Service | Oct 23, 2019

Re 13

The VA issued 3,439 Interest Rate Reduction Refinance Loans in North Carolina during the 2018 fiscal year, totaling $667 million, compared to 9,610 loans totaling $1.9 billion in 2017, according to figures provided by the Veterans Affairs Home Loans Index.

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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