VA provides 4.4% more Purchase Loans in Michigan for 2018 vs. 2017


The number of VA Purchase Loans in Michigan for 2018 was 6,668 and totaled $1.3 billion, according to figures provided by the Veteran’s Affairs Home Loans Index.

By comparison, there were 6,682 VA Purchase Loans in Michigan for the previous year, totaling $1.2 billion.

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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