Yellowhammer Times

The VA issued 1,243 Interest Rate Reduction Refinance Loans in Alabama during the first quarter of fiscal year 2025, compared to 632 loans the previous quarter, according to figures provided by the Veterans Affairs Home Loans Index.

Loans issued in the first quarter of fiscal year 2025 equaled $406.3 million. This is an increase from the $202.6 million issued the previous quarter.

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.

Several VA housing programs can help eligible individuals buy, build, or repair their homes. These include Purchase Loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are designed for veterans with service-connected disabilities.

The VA's fiscal year runs from Oct. 1 to Sept. 30.