Rhode Island VA Loans
While housing prices tend to be higher in Rhode Island than in other parts of the US, it is still possible for veterans to purchase homes for a great price when done with a VA Loan. In 1944 the VA created the Home Loan Guaranty Program which has helped millions of veterans and their families realize the dream of homeownership. The VA has done this by extending huge benefits to veterans which helps make the entire loan process simple and affordable.
No Down Payment
When you apply for a conventional loan in Rhode Island, you can expect to pay anywhere from 5 – 20% for a down payment on the house. This can be quite expensive, especially in Rhode Island where housing prices are high. This is why the VA has made it possible to purchase new houses without having to supply a down payment. Loan limits are very high in Rhode Island, so it is possible to get a big family home in the upper six-figures without a down payment.
Flexible Repayment Plans
The VA wants to ensure all its veterans are able to make their payments month-after-month, which is why they offer five different types of repayment plans. Each plan is tailored to suit individual needs and includes: traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. The graduated payments mortgage is ideal for young couples who need more money in their pockets at the beginning, but will be able to afford higher payments over time. A traditional fixed is great for people who like the stability of knowing just how much their payments will be year after year.
No Monthly Insurance
The VA guarantees a portion of your loan, which is how much the lender receives if you default on your loan and go into foreclosure. It is basically the same as insuring it for you, so you won’t be required to pay any additional private monthly mortgage insurance.
These are just a few of the many benefits extended to you as a member of the military by the VA. Fill out our quick, secure online form to get started on your Rhode Island VA Loan today.