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West Lake Norman News

Saturday, March 28, 2020

Average VA IRRRL Loan amount in North Carolina increases from 2018 to 2019

Government

By Metric Media News Service | Mar 19, 2020

Realestate3

The average VA IRRRL Loan amount for North Carolina in 2019 was $229,774, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, North Carolina's average VA IRRRL Loan amount for the last year was $218,075.

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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