Rhode Island VA Loans
Housing prices in Rhode Island are higher than in other parts of the country, making it difficult for most people to afford loans in that area. The VA recognizes that its veterans need to live in Rhode Island due to the proximity of military bases, so they have made it as easy and affordable as possible to buy houses there. The VA has done this by making it possible to purchase houses in Rhode Island with no down payment necessary. With a conventional loan the down payment can be sometimes be as much as 20% of the house price, making it hard for young, first time homeowners to afford a new home.
Benefits
Besides not having to provide a down payment on the house, you also won’t have to purchase private monthly mortgage insurance, making your overall payments much more affordable. The other benefits include low interest rates, a variety of repayment plans, easy refinancing and minimal closing costs. Plus, when you use a VA Loan to purchase your house you get the full support of the VA if you ever have questions, concerns or difficulties with payments.
How to Qualify
In order to qualify for a VA Loan you must have served the minimum time required: 181 days. This time must also be regular active-duty service. For veterans, the same timeframe applies unless you served overseas during wartime in which case the time drops to 90 days. In both cases you must have been discharged under honorable circumstances.
Repayment Plans
Once you have your house and lender all picked out, you will then need to decide what type of repayment option is right for you. You have five to choose from: traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. Each one is designed to suit specific needs and income levels. For example, the growing payments mortgage is great for first time buyers who need a bit of leeway in the beginning with payments, but will be able to afford more as time goes on. Be sure to discuss each option with your lender to find the perfect plan for you and your family.
Rhode Island Metros
Providence, Warwick, Pawtucket VA Loans
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.
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