The VA issued 113 Interest Rate Reduction Refinance Loans in New Jersey during the third quarter of fiscal year 2024, according to the Veterans Affairs Home Loans Index.
The loans issued in New Jersey equaled $48.8 million.
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.
The VA’s fiscal year extends from Oct. 1 to Sept. 30.
