Veterans in Rhode Island may be eligible for 100% financing on the purchase of a 1-4 family home, condominium or PUD, they intend to live in as their primary residency.
In 1944, the VA home loan guaranty program was established to aid veterans returning from war. The goal was to help veterans purchase or refinance a home in gratitude for the sacrifices they made by serving our country.
Today, the VA mortgage still offers no mortgage insurance, no down payment requirements, low rates and easier criteria to qualify. In addition, the seller is allowed to pay all closing costs. There is no prepayment penalty and the loan is assumable.
The following service requirements will help you determine if you qualify:
You have had 90 days or more of active duty service during wartime.
You have had 181 days of active duty during peacetime.
You were discharged for circumstances other than dishonorable.
You are currently active duty personnel and you meet the above service requirements.
You are the surviving spouse of a veteran who died during service because of a service-related injury and you have not remarried.
National guard and selected Reserve memebers may also qualify.
You will need to provide a Certificate of Eligibility from The Department of Veteran Affairs. If you do not have this, you will need to complete a VA form 26-1880.
If you would like to learn more about the program, please contact me. I would be happy to help.
Lynda Mckenzie
RI license#137627/NMLS#137627
Direct: 401-524-9796
E-mail: lmckenzie@guaranteedrate.com
Web: http://www.guaranteedrate.com/lyndamckenzie
RI Licensed- 20102682LL
*This is not an offer to lend. 
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