Whether you receive PCS orders to relocate to Rhode Island or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Rhode Island has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Rhode Island landing at $690,952, the VA loan’s signature $0-money-down benefit is a considerable advantage for Rhode Island homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Providence, RI, you'll need to find a lender licensed in Rhode Island to do the loan.
VA borrowers in Rhode Island should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
VA borrowers in Rhode Island with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, Veterans without their full VA loan entitlement are still bound to Rhode Island’s VA loan limits.
As of January 1, 2023, VA loan limits for all counties in Rhode Island are $726,200.
Another consideration for VA buyers in Rhode Island is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Rhode Island if you meet one of the following conditions:
If you are required to pay property tax in Rhode Island, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
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View the graphic below to learn more about how VA loans work in Rhode Island.