South Dakota receives $20.2 million in VA Interest Rate Reduction Refinance Loans during Q2

State Government
South Dakota receives .2 million in VA Interest Rate Reduction Refinance Loans during Q2
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Apr 1, 2022
ByRushmore State News
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The VA issued 102 Interest Rate Reduction Refinance Loans in South Dakota during the second quarter of fiscal year 2022, according to the Veterans Affairs Home Loans Index.

The loans issued in South Dakota equaled $20.2 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.

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