Garden State Times

The VA issued 12,543 Interest Rate Reduction Refinance Loans in New Jersey during the 2020 fiscal year, totaling $3.9 billion, according to figures provided by the Veterans Affairs Home Loans Index.

This is a 122.5 percent increase from 2019 when 5,928 loans totaling $1.8 billion were issued.

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.