Rhode Island VA Loans

The Rhode Island VA loan allows veterans who live in the state of Rhode Island to fund their home purchases or refinances through a government backed loan program with lower rates and competitive terms.  The government guarantees all loans to veterans through the Department of Veteran Affairs (VA).

What is the VA Loan?

VA loans exist to help veterans buy homes.  It’s as simple as that.  If you’re a veteran and you meet the basic qualifications, discussed below, you can pursue this loan type to fund your home purchase or refinance.

The VA itself does not provide loans of any kind.  Instead, all loans are offered through private lenders and backed by the VA.  Through this backing, the VA takes on some of the lending risk associated with the loans.  This allows the lenders to offer better rates and terms to veterans than they would to other borrowers.

VA Loan Benefits in Rhode Island

VA loans have many advantages over other loans.  Some of the top advantages are listed here.

• You can pay the loan off swiftly without any penalties.
• You don’t need high income or a high credit score.  You don’t need high cash reserves.
• You don’t have to make a down payment if you don’t want to.
• You’re not required to pay for private mortgage insurance.
• You can roll closing costs into the loan amount.

VA Loan Requirements and Eligibility

Eligibility is one of the most important parts of the VA loan program.  If you’re a veteran, you qualify.  If you’re not, you don’t.  It’s straightforward.  You must have served at least 90 days of continuous active duty without being discharged dishonorably in order to qualify.  For many veterans, this isn’t a difficult requirement to meet.

You’ll need to get a certificate of eligibility from the VA office in order to prove to lenders that you are qualified.  Once you have this, contact a VA loan specialist to help you finalize your loan application.

VA Refinance

It’s easy to refinance your current mortgage through the VA.  The VA offers a highly beneficial refinance loan, called the Rhode Island VA streamline refinance.  Due to the streamlined nature of this loan,. You can avoid much of the paperwork and many of the fees connected with refinancing.

You can reduce your monthly mortgage payment amount through a refinance by obtaining a lower rate on your loan.  This will save you a lot of money over the life of your loan, and the lower rate may also allow you to pay your mortgage off sooner.

Rhode Island VA Mortgage Rates

In order to benefit from a VA loan for a home purchase or a refinance, you need to make sure you get a low mortgage rate.  Compare mortgage rates between different lenders and find out what your options are.

VA Lenders in Rhode Island

Fill out the form above to get in touch with up to four lenders in Rhode Island.  These lenders can help you fund your VA loan.  Don’t forget to check out the VA loan limits in your area to determine how much you can borrow.  Get more information from the Department of Veteran Affairs.

Rhode Island Military Information

Rhode Island is a state with a major military history and a heavy focus on military education.  Rhode Island currently has two military facilities, Newport Naval Station and Naval War College.  Many VA loan applicants serve at these bases.

Popular loan programs

Lenders in: Rhode Island.