The number of VA purchase loans in Rhode Island for 2022 was 723 and totaled $305.2 million, according to figures provided by the Veteran’s Affairs Home Loans Index.
By comparison, there were 803 VA purchase loans in Rhode Island for the previous year, totaling $299 million.
The VA assists service members, veterans, and eligible surviving spouses 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.
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.
