The VA issued four Interest Rate Reduction Refinance Loans in Rhode Island during the fourth quarter of fiscal year 2023, compared to one loan the previous quarter, according to figures provided by the Veterans Affairs Home Loans Index.
Loans issued in the fourth quarter of fiscal year 2023 equaled $1.7 million. This is an increase from the $341,040 issued the previous quarter.
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 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.
