The average VA Purchase Loan amount for Rhode Island in the fourth quarter of fiscal year 2020 was $352,389, according to figures provided by the Veterans Affairs Home Loans Index
By comparison, Rhode Island’s average VA Purchase Loan amount for the third quarter was $340,228.
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.
