The VA’s Interest Rate Reduction Refinance Loans in Maine for the second quarter of the fiscal year 2023 averaged $197,966, according to figures provided by the Veterans Affairs Home Loans Index.
The VA assists service members, veterans, and eligible surviving spouses in achieving 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 is from Oct. 1 to Sept. 30.
