Providence FHA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Providence's 146 lenders originated 3,880 FHA loans during 2023. The total origination value was $1,540,400,000, with an average FHA loan value of $397,010.

    Providence FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Providence averaged 6.56% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Providence's average FHA mortgage closing costs are $9,797.

    The average rate for the prior week (2024-11-01) was 6.14% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Providence FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Providence level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 336 6.54% $13,968
    UNITED WHOLESALE MORTGAGE, LLC 264 6.36% $15,955
    QUICKEN LOANS, LLC 242 6.14% $15,455
    Shamrock Home Loans, Inc. 184 6.60% $13,648
    GUILD MORTGAGE COMPANY 130 6.54% $13,488
    Semper Home Loans, Inc. 125 6.68% $17,368
    TOTAL MORTGAGE SERVICES, LLC 116 6.44% $18,663
    LOANDEPOT.COM, LLC 116 6.45% $15,300
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 116 6.51% $14,521
    PRIMARY RESIDENTIAL MORTGAGE, INC. 113 6.88% $17,743
    CROSSCOUNTRY MORTGAGE, LLC 99 6.79% $15,606
    Northpointe Bank 98 6.55% $15,327
    NEWREZ LLC 66 6.33% $14,530
    GUARANTEED RATE, INC. 60 6.45% $16,365
    NFM, INC. 55 6.84% $15,101
    FREEDOM MORTGAGE CORPORATION 50 6.86% $15,338
    PENNYMAC LOAN SERVICES, LLC 44 6.03% $15,959
    PROVINCE MORTGAGE ASSOCIATES, INC. 43 6.78% $12,895
    Paramount Residential Mortgage Group, Inc. 42 6.76% $16,184
    FIRST MORTGAGE COMPANY, INC. 38 6.24% $14,987
    HOMESPIRE MORTGAGE CORPORATION 37 6.52% $15,582
    EMBRACE HOME LOANS, INC. 34 6.24% $14,001
    Fall River Five Cents Savings Bank 31 6.41% $12,346
    DAS Acquisition Company, LLC 31 6.54% $15,405
    EMM LOANS LLC 31 6.11% $19,216
    GUARANTEED RATE AFFINITY, LLC 30 6.57% $14,247
    BAYCOAST MORTGAGE COMPANY, LLC 29 6.34% $11,314
    Home Loan Investment Bank, F.S.B. 29 6.67% $12,547
    Mr. Cooper ( Nationstar Mortgage ) 29 6.15% $19,952
    FIRST HOME MORTGAGE CORPORATION 27 6.51% $20,868
    Citizens Bank 26 6.38% $11,949
    AMERICAN FINANCIAL NETWORK, INC. 25 6.76% $16,691
    MUTUAL OF OMAHA MORTGAGE, INC. 24 6.41% $19,619
    BROKER SOLUTIONS, INC. 23 6.62% $13,099
    HARBORONE MORTGAGE, LLC 23 6.72% $13,357
    NORWICH COMMERCIAL GROUP, INC. 22 6.78% $15,723
    OCMBC, INC. 22 7.05% $15,948
    HOMEBRIDGE FINANCIAL SERVICES, INC. 22 6.34% $14,193
    Nations Lending Corporation 21 6.44% $12,490
    MORTGAGE EQUITY PARTNERS LLC 21 6.67% $16,645
    CARDINAL FINANCIAL 19 6.22% $18,104
    Sierra Pacific Mortgage Company, Inc. 19 6.59% $14,693
    AMERISAVE MORTGAGE CORPORATION 18 5.97% $19,360
    RADIUS FINANCIAL GROUP INC. 16 6.76% $15,274
    CMG MORTGAGE, INC. 15 7.02% $17,088
    RELIANCE FIRST CAPITAL, LLC 15 6.15% $15,957
    NATIONS RELIABLE LENDING, LLC 15 6.66% $21,919
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 14 6.74% $22,309
    Waterstone Mortgage Corporation 14 6.64% $16,005
    LAKEVIEW LOAN SERVICING, LLC 14 6.04% $15,305
    Easthampton Savings Bank 13 6.27% $13,615
    The Washington Trust Company, of Westerly 13 6.47% $11,201
    Ixonia Bank 12 6.55% $15,887
    Carrington Mortgage Services, LLC 11 6.58% $14,401
    NATIONS DIRECT MORTGAGE, LLC 10 6.82% $21,165
    Princeton Mortgage Corporation 10 6.41% $13,969
    Flagstar Bank, FSB 9 6.09% $12,671
    PLAZA HOME MORTGAGE, INC. 9 6.26% $19,123
    American Mortgage & Equity Consultants, Inc. 8 6.39% $20,507
    EVERETT FINANCIAL, INC. 8 7.00% $13,268
    NORTHPOINT MORTGAGE, INC. 8 6.81% $15,149
    Leader Bank 8 6.65% $10,070
    Keystone Funding, Inc. 8 6.34% $14,321
    SALEM FIVE MORTGAGE COMPANY, LLC 8 6.66% $15,885
    Rockland Trust Company 7 6.63% $12,991
    Hometown Equity Mortgage, LLC 7 6.29% $27,162
    POLARIS HOME FUNDING CORP. 6 6.67% $14,983
    The Federal Savings Bank 6 5.94% $18,299
    Eastern Bank 6 6.85% $12,098
    ARC HOME LLC 6 6.50% $17,625
    First Savings Bank 5 6.10% $17,282
    LEADERONE FINANCIAL CORPORATION 5 6.63% $11,081
    TOP FLITE FINANCIAL, INC. 5 6.95% $25,951
    BankNewport 5 6.88% $8,947
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.85% $13,529
    DRAPER AND KRAMER MORTGAGE CORP. 5 6.43% $11,281
    FIRST COMMUNITY MORTGAGE, INC. 5 6.78% $16,755
    Evolve Bank & Trust 5 6.30% $16,984
    Equity Prime Mortgage LLC 4 7.38% $17,299
    GENEVA FINANCIAL, LLC 4 7.16% $18,428
    SUN WEST MORTGAGE COMPANY, INC. 4 6.66% $11,497
    BAYSHORE MORTGAGE FUNDING, LLC 4 6.38% $22,828
    Bridgewater Savings Bank 3 6.21% $12,071
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.38% $23,278
    BAY EQUITY LLC 3 6.88% $22,273
    ALLIED MORTGAGE GROUP, INC. 3 5.83% $10,932
    CONWAY FINANCIAL SERVICES, LLC 3 6.92% $10,310
    ENVOY MORTGAGE, LTD 3 6.13% $12,388
    JMAC LENDING, INC. 3 6.33% $20,239
    LIBERTY HOME MORTGAGE CORPORATION 3 7.33% $25,013
    Mortgage Research Center, LLC 3 6.25% $18,829
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.17% $13,700
    NEW FED MORTGAGE, CORP. 3 6.75% $17,419
    ZILLOW HOME LOANS, LLC 3 7.00% $13,548
    NJ LENDERS CORP. 2 6.25% $23,751
    HOMESIDE FINANCIAL, LLC 2 6.75% $13,524
    Centreville Bank 2 7.25% $13,119
    T2 FINANCIAL LLC 2 6.19% $14,345
    PHH Mortgage Corporation 2 6.24% $17,829
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $14,772
    EQUITY RESOURCES, INC. 2 6.50% $18,687
    Berkshire Bank 2 6.31% $12,576
    PLANET HOME LENDING, LLC 2 6.88% $15,424
    Bank of America 2 7.63% $11,571
    Magnolia Bank 2 5.88% $28,567
    DREW MORTGAGE ASSOCIATES, INC. 2 6.69% $13,477
    AMERICAN FINANCING CORPORATION 2 7.00% $15,191
    LAND HOME FINANCIAL SERVICES, INC. 2 7.50% $20,546
    CIBM Bank 2 6.69% $13,423
    CHURCHILL MORTGAGE CORPORATION 2 6.88% $16,223
    M&T Bank 2 6.75% $14,182
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $13,660
    WILLIAM RAVEIS MORTGAGE, LLC 2 5.94% $14,460
    NBKC BANK 1 6.13% $11,741
    Southern Mass Credit Union 1 5.63% $12,699
    Strong Home Mortgage, LLC 1 5.75% $7,143
    TD Bank 1 6.00% $9,406
    BETTER MORTGAGE CORPORATION 1 6.13% $10,020
    The Union Bank Company 1 6.25% $20,822
    TJC Mortgage, Inc. 1 7.25% $19,551
    AmRes Corporation 1 7.13% $15,313
    TOWNE MORTGAGE COMPANY 1 6.63% $16,968
    U.S. Bank 1 6.75% $12,861
    VILLAGE CAPITAL MORTGAGE 1 4.75% $13,671
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $8,736
    Webster Bank 1 7.25% $16,075
    Network Funding, L.P. 1 6.63% $12,822
    Century Mortgage Company DBA Century Lending Company 1 7.13% $19,022
    NexBank 1 5.63% $13,089
    MORTGAGE ACCESS CORP. 1 7.00% $21,716
    MILEND, INC. 1 7.13% $27,943
    OCEANSIDE MORTGAGE COMPANY 1 6.38% $12,091
    OCEAN STATE CREDIT UNION 1 6.63% $7,797
    MID AMERICA MORTGAGE, INC. 1 5.63% $9,853
    Merchants Bank of Indiana 1 6.75% $15,509
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.63% $16,452
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $15,512
    Plains Commerce Bank 1 7.13% $14,067
    JPMorgan Chase Bank 1 6.13% $12,034
    HOMESTEAD FUNDING CORP. 1 6.75% $17,775
    FIRST WORLD MORTGAGE CORPORATION 1 7.13% $14,092
    First Federal Bank 1 5.75% $23,910
    Republic State Mortgage Co. 1 6.63% $13,139
    Residential Mortgage Solutions, Inc. 1 6.75% $18,011
    Ross Mortgage Company, Inc. 1 7.25% $13,772
    Chelsea Groton Bank 1 6.13% $5,006

    The top Providence FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 336 FHA loans originated. Their average total fees are $13,968, which is $1,987 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Providence FHA lenders (with over 10 loans originated) are The Washington Trust Company, of Westerly ($11,201), BAYCOAST MORTGAGE COMPANY, LLC ($11,314), Citizens Bank ($11,949), Fall River Five Cents Savings Bank ($12,346) and Nations Lending Corporation ($12,490).

    The lowest rate Providence FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.97%), PENNYMAC LOAN SERVICES, LLC (6.03%), LAKEVIEW LOAN SERVICING, LLC (6.04%), EMM LOANS LLC (6.11%) and QUICKEN LOANS, LLC (6.14%).

    Providence FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PROVIDENCE-WARWICK, RI-MA BRISTOL 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA BRISTOL 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA KENT 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA NEWPORT 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA PROVIDENCE 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA WASHINGTON 2022 $592,250 $758,200 $916,450 $1,138,950
    PROVIDENCE-WARWICK, RI-MA BRISTOL 2023 $661,250 $846,500 $1,023,250 $1,271,650
    PROVIDENCE-WARWICK, RI-MA BRISTOL 2023 $661,250 $846,500 $1,023,250 $1,271,650
    PROVIDENCE-WARWICK, RI-MA KENT 2023 $661,250 $846,500 $1,023,250 $1,271,650
    PROVIDENCE-WARWICK, RI-MA NEWPORT 2023 $661,250 $846,500 $1,023,250 $1,271,650
    PROVIDENCE-WARWICK, RI-MA PROVIDENCE 2023 $661,250 $846,500 $1,023,250 $1,271,650
    PROVIDENCE-WARWICK, RI-MA WASHINGTON 2023 $661,250 $846,500 $1,023,250 $1,271,650

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).