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Ocean State Today

Tuesday, November 26, 2024

VA provides 413 home loans in Rhode Island totaling $142.7 million in Q2

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The U.S. Department of Veteran’s Affairs (VA) issued 413 home loans totaling $142.7 million in Rhode Island during the second quarter of the fiscal year 2022, according to the Veteran’s 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.

Several VA housing programs can help members buy, build or repair their homes. Loan types may include home purchase loans, interest rate reduction refinance loans (IRRRL), and adapted housing grants, geared toward veterans with a service-connected disability.

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