With $274,192 in loans issued, Rhode Island ranked 16th in average loan amount for VA home loans in the second quarter, according to figures provided by the Veteran’s Affairs Home Loans Index.
The VA assists service members, veterans and eligible surviving spouses to 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.
A number of 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 following table shows the ranking of states in terms of average VA home loan.
