The U.S. Department of Veterans Affairs (VA) issued 1,505 home loans totaling $542.2 million in Rhode Island during the fiscal year 2022, according to the Veterans Affairs Home Loans Index.
This is 1,545 loans less than in 2021 when Rhode Island’s VA loan totals numbered 3,050, in the amount of $949 million.
The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.
A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.
Several VA housing programs are available to help members buy, build, or repair their homes, each tailored to meet different needs, including those of veterans with service-connected disabilities. 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 runs from Oct. 1 to Sept. 30.
