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Sunday, February 16, 2020

Average VA IRRRL loan amount in North Carolina increases from Q1 to Q2 2019


By Local Labs News Service | Nov 28, 2019

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The average VA IRRRL loan amount for North Carolina in the second quarter of fiscal year 2019 was $210,217, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, North Carolina's average VA IRRRL loan amount for the first quarter was $169,502.

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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