Providence FHA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 165 lenders originated 9,539 FHA loans during 2021. The total origination value was $2,959,235,000, with an average FHA loan value of $310,225.

    Providence FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Providence averaged 6.16% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Providence's average FHA mortgage closing costs are $8,612.

    The average rate for the prior week (2023-01-20) was 6.14% and one month ago for the week of 2022-12-23, the average rate was 6.23%.

    The average rate one year ago was 3.52%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.84%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 474 2.63% $7,974
    RESIDENTIAL MORTGAGE SERVICES, INC. 394 2.93% $10,128
    Shamrock Home Loans, Inc. 350 3.02% $9,053
    LAKEVIEW LOAN SERVICING, LLC 349 2.90% $6,019
    MOVEMENT MORTGAGE, LLC 348 3.00% $8,992
    UNITED WHOLESALE MORTGAGE, LLC 337 2.65% $10,236
    PRIMARY RESIDENTIAL MORTGAGE, INC. 318 3.25% $10,496
    CALIBER HOME LOANS, INC. 316 2.72% $8,832
    NFM, INC. 303 3.14% $10,229
    PROVINCE MORTGAGE ASSOCIATES, INC. 291 3.08% $10,170
    FREEDOM MORTGAGE CORPORATION 290 2.78% $6,282
    Northpointe Bank 228 3.02% $10,372
    TOTAL MORTGAGE SERVICES, LLC 226 3.14% $11,671
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 200 3.10% $10,096
    PENNYMAC LOAN SERVICES, LLC 197 2.88% $6,795
    CROSSCOUNTRY MORTGAGE, LLC 181 3.13% $11,456
    Nations Lending Corporation 175 3.31% $10,106
    Mr. Cooper ( Nationstar Mortgage ) 166 3.12% $5,626
    NEWREZ LLC 165 2.74% $7,985
    HOMEBRIDGE FINANCIAL SERVICES, INC. 164 2.70% $8,341
    HOME POINT FINANCIAL CORPORATION 162 2.78% $8,995
    GUARANTEED RATE AFFINITY, LLC 131 2.85% $9,568
    HOMESPIRE MORTGAGE CORPORATION 126 3.08% $10,982
    EMBRACE HOME LOANS, INC. 113 2.86% $9,352
    BROKER SOLUTIONS, INC. 107 2.77% $10,667
    LOANDEPOT.COM, LLC 104 3.03% $10,214
    HARBORONE MORTGAGE, LLC 103 2.94% $8,755
    GUARANTEED RATE, INC. 88 2.87% $9,834
    FIRST HOME MORTGAGE CORPORATION 85 3.04% $11,278
    AMERICAN FINANCIAL NETWORK, INC. 75 2.89% $13,809
    Homestar Mortgage, Inc. 66 2.95% $7,756
    Atlantic Home Loans, Inc. 66 3.02% $10,947
    Home Loan Investment Bank, F.S.B. 64 2.90% $9,177
    Paramount Residential Mortgage Group, Inc. 62 3.04% $10,261
    OCMBC, INC. 55 3.13% $10,522
    Envision Bank 53 2.70% $8,948
    Sierra Pacific Mortgage Company, Inc. 53 2.98% $10,300
    NORWICH COMMERCIAL GROUP, INC. 51 3.44% $11,528
    The Federal Savings Bank 50 2.73% $11,031
    Citizens Bank 46 2.69% $8,546
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 44 2.95% $11,499
    Fall River Five Cents Savings Bank 44 2.62% $9,356
    AMERISAVE MORTGAGE CORPORATION 40 2.82% $10,133
    Carrington Mortgage Services, LLC 38 3.27% $9,117
    GUILD MORTGAGE COMPANY 38 3.10% $10,393
    FINANCE OF AMERICA MORTGAGE LLC 37 2.70% $10,206
    ENVOY MORTGAGE, LTD 36 3.11% $10,071
    RADIUS FINANCIAL GROUP INC. 36 2.93% $9,885
    VILLAGE CAPITAL MORTGAGE 33 2.97% $2,964
    STEARNS LENDING, LLC 33 2.69% $9,400
    BAYCOAST MORTGAGE COMPANY, LLC 28 2.73% $8,884
    PRIMELENDING, A PLAINSCAPITAL COMPANY 28 2.84% $12,337
    The Washington Trust Company, of Westerly 28 2.51% $8,439
    First Guaranty Mortgage Corporation 27 2.76% $8,744
    PLAZA HOME MORTGAGE, INC. 24 2.71% $6,681
    EMM LOANS LLC 21 2.78% $10,911
    First Home Bank 21 3.08% $10,316
    BAY EQUITY LLC 21 3.07% $14,782
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 20 3.13% $12,211
    Equity Prime Mortgage LLC 20 3.38% $10,198
    Hometown Equity Mortgage, LLC 20 3.23% $12,912
    Flagstar Bank, FSB 18 2.76% $10,225
    EQUITY RESOURCES, INC. 18 2.96% $12,243
    Rockland Trust Company 18 2.60% $10,177
    AmeriHome Mortgage Company, LLC 18 2.76% $4,992
    MUTUAL OF OMAHA MORTGAGE, INC. 16 2.91% $9,758
    NEW FED MORTGAGE, CORP. 16 2.99% $11,173
    LAND HOME FINANCIAL SERVICES, INC. 15 3.38% $12,841
    GENEVA FINANCIAL, LLC 15 3.10% $10,578
    Bank of America 14 2.73% $7,302
    ALLIED MORTGAGE GROUP, INC. 14 2.99% $10,843
    Eastern Bank 13 2.73% $11,235
    Leader Bank 12 2.46% $10,554
    SALEM FIVE MORTGAGE COMPANY, LLC 12 2.59% $11,471
    NORTHPOINT MORTGAGE, INC. 12 2.91% $8,892
    RELIANCE FIRST CAPITAL, LLC 11 2.98% $11,047
    OCEANSIDE MORTGAGE COMPANY 11 2.71% $3,539
    Ixonia Bank 10 3.43% $11,604
    M&T Bank 10 3.20% $6,897
    CMG MORTGAGE, INC. 9 3.04% $12,291
    INLAND BANK & TRUST 9 3.14% $10,239
    Santander Bank, N.A. 9 2.57% $8,820
    Evolve Bank & Trust 8 2.84% $9,874
    U.S. Bank 8 2.87% $9,015
    SUN WEST MORTGAGE COMPANY, INC. 8 2.77% $9,126
    MSA MORTGAGE, LLC 8 2.53% $9,768
    CHURCHILL MORTGAGE CORPORATION 7 2.79% $10,596
    CELEBRITY HOME LOANS, LLC 7 3.36% $9,608
    BankNewport 7 2.73% $9,320
    Bank of England 7 3.30% $10,794
    Magnolia Bank 7 2.82% $13,575
    EVERETT FINANCIAL, INC. 6 3.63% $7,058
    CONWAY FINANCIAL SERVICES, LLC 6 3.00% $9,681
    ZILLOW HOME LOANS, LLC 6 3.04% $6,928
    Luxury Mortgage Corp. 6 2.79% $11,390
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 2.60% $11,698
    Mortgage Network, Inc. 6 3.19% $10,008
    PLANET HOME LENDING, LLC 6 2.94% $8,278
    Prosperity Home Mortgage, LLC 5 2.95% $9,829
    The Camden National Bank 5 2.38% $13,128
    Residential Mortgage Solutions, Inc. 5 2.70% $9,267
    ARC HOME LLC 5 2.92% $8,364
    DRAPER AND KRAMER MORTGAGE CORP. 5 3.20% $10,563
    Mortgage Research Center, LLC 5 3.30% $7,324
    Bridgewater Savings Bank 4 2.47% $9,780
    GUARANTY HOME MORTGAGE CORPORATION 4 2.69% $12,097
    First Federal Bank 4 3.09% $11,023
    LEADERONE FINANCIAL CORPORATION 4 2.91% $11,143
    MID-ISLAND MORTGAGE CORP. 4 2.72% $7,130
    MORTGAGE EQUITY PARTNERS LLC 4 3.09% $10,590
    Network Funding, L.P. 4 2.63% $8,824
    NP, Inc. 4 2.84% $9,791
    Webster Bank 4 3.19% $7,051
    Wells Fargo Bank 4 2.94% $10,083
    WILLIAM RAVEIS MORTGAGE, LLC 4 2.63% $9,984
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.83% $9,174
    BAYSHORE MORTGAGE FUNDING, LLC 3 2.58% $5,899
    CONTOUR MORTGAGE CORPORATION 3 3.17% $12,247
    Century Mortgage Company DBA Century Lending Company 3 2.75% $9,957
    ACADEMY MORTGAGE CORPORATION 3 3.25% $10,225
    Paramount Bank 2 3.31% $12,886
    First Savings Bank 2 2.88% $10,239
    KELLER MORTGAGE, LLC 2 2.63% $9,233
    OCEAN STATE CREDIT UNION 2 2.63% $8,154
    JPMorgan Chase Bank 2 3.06% $7,362
    InterContinental Capital Group, Inc 2 2.88% $14,050
    Centreville Bank 2 2.56% $7,874
    Peoples Bank 2 3.56% $9,739
    TOP FLITE FINANCIAL, INC. 2 3.63% $25,879
    Ross Mortgage Company, Inc. 2 3.88% $11,026
    PHH Mortgage Corporation 2 2.69% $9,896
    FBC MORTGAGE, LLC 1 2.50% $9,369
    LENDUS, LLC 1 3.38% $12,480
    FirstBank 1 2.50% $8,633
    Austin Capital Bank SSB 1 3.00% $8,299
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $11,499
    Strong Home Mortgage, LLC 1 2.88% $7,874
    TD Bank 1 2.75% $8,414
    INTELLILOAN, INC. 1 2.75% $17,078
    AMERICAN FINANCING CORPORATION 1 3.00% $8,066
    UNION HOME MORTGAGE CORP. 1 2.75% $23,312
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.50% $16,023
    HUNT MORTGAGE CORPORATION 1 3.13% $10,215
    Allied First Bank,sb 1 2.63% $7,337
    Waterstone Mortgage Corporation 1 4.25% $7,138
    Wyndham Capital Mortgage, Inc. 1 3.00% $5,271
    NORTHERN MORTGAGE SERVICES, LLC 1 2.88% $8,948
    DREW MORTGAGE ASSOCIATES, INC. 1 2.88% $9,771
    WESTERN EXPRESS LENDING 1 3.75% $10,242
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $10,388
    NATIONS DIRECT MORTGAGE, LLC 1 2.63% $12,375
    PARKSIDE LENDING, LLC 1 2.63% $10,604
    People's United Bank 1 3.25% $10,598
    FAMILY FIRST FUNDING LLC 1 3.50% $17,039
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $8,655
    Poli Mortgage Group, Inc. 1 2.63% $5,036
    Home Mortgage Alliance Corp 1 3.25% $11,877
    Prime Choice Funding Inc. 1 2.88% $9,419
    BNC National Bank 1 2.50% $10,453
    MID AMERICA MORTGAGE, INC. 1 2.75% $5,111
    BETTER MORTGAGE CORPORATION 1 2.50% $7,414
    Barrington Bank & Trust Company, N.A. 1 3.20% $9,888
    METRO 1 2.75% $3,603
    Low VA Rates, LLC 1 2.88% $6,433
    LOANLEADERS OF AMERICA, INC. 1 2.75% $11,278

    The top Providence FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 474 FHA loans originated. Their average total fees are $7,974, which is $2,154 lower than the next largest lender, RESIDENTIAL MORTGAGE SERVICES, INC..

    The lowest fee Providence FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,964), OCEANSIDE MORTGAGE COMPANY ($3,539), AmeriHome Mortgage Company, LLC ($4,992), Mr. Cooper ( Nationstar Mortgage ) ($5,626) and LAKEVIEW LOAN SERVICING, LLC ($6,019).

    The lowest rate Providence FHA lenders (with over 10 loans originated) are Leader Bank (2.46%), The Washington Trust Company, of Westerly (2.51%), SALEM FIVE MORTGAGE COMPANY, LLC (2.59%), Rockland Trust Company (2.60%) and Fall River Five Cents Savings Bank (2.62%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $339,900 (6.4%) $534,035 (6.1%) 1.26 3,680
    2018-02-01 $349,450 (7.4%) $544,558 (7.1%) 1.27 3,510
    2018-03-01 $359,000 (6.4%) $546,441 (4.7%) 1.26 3,545
    2018-04-01 $369,000 (5.5%) $555,680 (2.4%) 1.25 3,765
    2018-05-01 $372,400 (6.4%) $558,783 (2.4%) 1.24 4,164
    2018-06-01 $369,900 (2.8%) $558,188 (0.6%) 1.23 4,806
    2018-07-01 $370,000 (3.1%) $566,792 (1.6%) 1.23 5,134
    2018-08-01 $369,000 (5.5%) $553,132 (0.4%) 1.24 5,353
    2018-09-01 $364,900 (4.3%) $547,484 (0.6%) 1.22 5,561
    2018-10-01 $352,500 (0.9%) $535,174 (-0.1%) 1.19 5,697
    2018-11-01 $349,900 (0.3%) $534,839 (1.4%) 1.19 5,499
    2018-12-01 $349,900 (2.9%) $521,359 (-0.7%) 1.21 4,956
    2019-01-01 $349,900 (2.9%) $524,274 (-1.8%) 1.21 4,391
    2019-02-01 $357,400 (2.3%) $545,059 (0.1%) 1.21 4,090
    2019-03-01 $366,371 (2.1%) $552,193 (1.1%) 1.20 4,181
    2019-04-01 $377,000 (2.2%) $563,066 (1.3%) 1.20 4,322
    2019-05-01 $379,950 (2.0%) $573,959 (2.7%) 1.19 4,617
    2019-06-01 $384,900 (4.1%) $579,191 (3.8%) 1.20 4,764
    2019-07-01 $387,000 (4.6%) $587,175 (3.6%) 1.21 4,803
    2019-08-01 $378,898 (2.7%) $582,557 (5.3%) 1.20 4,818
    2019-09-01 $377,394 (3.4%) $580,367 (6.0%) 1.21 4,828
    2019-10-01 $378,230 (7.3%) $580,010 (8.4%) 1.22 4,825
    2019-11-01 $379,900 (8.6%) $584,943 (9.4%) 1.25 4,445
    2019-12-01 $369,900 (5.7%) $559,923 (7.4%) 1.23 3,843
    2020-01-01 $367,400 (5.0%) $557,586 (6.4%) 1.23 3,438
    2020-02-01 $380,000 (6.3%) $580,897 (6.6%) 1.24 3,139
    2020-03-01 $399,000 (8.9%) $608,613 (10.2%) 1.25 3,106
    2020-04-01 $399,000 (5.8%) $619,271 (10.0%) 1.25 3,082
    2020-05-01 $399,900 (5.3%) $640,751 (11.6%) 1.22 3,028
    2020-06-01 $427,450 (11.1%) $685,914 (18.4%) 1.26 2,813
    2020-07-01 $427,350 (10.4%) $699,280 (19.1%) 1.24 2,567
    2020-08-01 $429,900 (13.5%) $719,394 (23.5%) 1.23 2,377
    2020-09-01 $421,950 (11.8%) $743,018 (28.0%) 1.21 2,328
    2020-10-01 $419,000 (10.8%) $734,976 (26.7%) 1.20 2,341
    2020-11-01 $409,450 (7.8%) $726,033 (24.1%) 1.20 2,201
    2020-12-01 $409,950 (10.8%) $735,707 (31.4%) 1.22 1,873
    2021-01-01 $429,900 (17.0%) $795,933 (42.8%) 1.28 1,604
    2021-02-01 $415,450 (9.3%) $797,604 (37.3%) 1.21 1,330
    2021-03-01 $399,900 (0.2%) $770,439 (26.6%) 1.13 1,348
    2021-04-01 $401,700 (0.7%) $785,591 (26.9%) 1.09 1,324
    2021-05-01 $399,900 (0.0%) $770,124 (20.2%) 1.06 1,397
    2021-06-01 $421,950 (-1.3%) $780,372 (13.8%) 1.11 1,648
    2021-07-01 $429,000 (0.4%) $771,185 (10.3%) 1.13 1,919
    2021-08-01 $435,950 (1.4%) $748,364 (4.0%) 1.16 2,055
    2021-09-01 $434,925 (3.1%) $733,607 (-1.3%) 1.16 2,100
    2021-10-01 $439,900 (5.0%) $695,350 (-5.4%) 1.17 2,059
    2021-11-01 $432,450 (5.6%) $708,934 (-2.4%) 1.15 1,815
    2021-12-01 $424,725 (3.6%) $708,665 (-3.7%) 1.15 1,443
    2022-01-01 $449,900 (4.7%) $760,876 (-4.4%) 1.22 1,132
    2022-02-01 $449,700 (8.2%) $751,776 (-5.8%) 1.17 1,041
    2022-03-01 $435,950 (9.0%) $736,462 (-4.4%) 1.09 1,021
    2022-04-01 $471,977 (17.5%) $721,886 (-8.1%) 1.13 1,129
    2022-05-01 $469,225 (17.3%) $708,639 (-8.0%) 1.07 1,432
    2022-06-01 $477,000 (13.1%) $714,171 (-8.5%) 1.06 1,736
    2022-07-01 $479,900 (11.9%) $727,838 (-5.6%) 1.09 2,061
    2022-08-01 $472,450 (8.4%) $756,815 (1.1%) 1.09 2,042
    2022-09-01 $477,375 (9.8%) $776,717 (5.9%) 1.12 1,910
    2022-10-01 $469,900 (6.8%) $769,855 (10.7%) 1.11 1,976
    2022-11-01 $474,950 (9.8%) $745,561 (5.2%) 1.14 1,955
    2022-12-01 $469,900 (10.6%) $743,362 (4.9%) 1.17 1,704
    Providence's median listing price for 2022-12-01 was $469,900, a difference of $45,175 (10.6%) versus the prior year and $-5,050 versus the prior month.

    Providence's median listing price comes in at 117% of the national average.

    Providence's average listing price for 2022-12-01 was $743,362, a difference of $34,697 (4.9%) versus the prior year and $-2,199 versus the prior month.

    For the 2022-12-01 period, Providence had 1,704 MLS listings, a difference of -251 listings (-13%) versus the prior month and 261 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 1,676 sqft
    2018-02-01 83 days 1,692 sqft
    2018-03-01 57 days 1,715 sqft
    2018-04-01 50 days 1,733 sqft
    2018-05-01 43 days 1,738 sqft
    2018-06-01 40 days 1,725 sqft
    2018-07-01 46 days 1,728 sqft
    2018-08-01 51 days 1,711 sqft
    2018-09-01 52 days 1,700 sqft
    2018-10-01 54 days 1,698 sqft
    2018-11-01 58 days 1,682 sqft
    2018-12-01 71 days 1,673 sqft
    2019-01-01 79 days 1,667 sqft
    2019-02-01 77 days 1,678 sqft
    2019-03-01 62 days 1,691 sqft
    2019-04-01 47 days 1,710 sqft
    2019-05-01 46 days 1,735 sqft
    2019-06-01 47 days 1,754 sqft
    2019-07-01 52 days 1,748 sqft
    2019-08-01 53 days 1,725 sqft
    2019-09-01 53 days 1,712 sqft
    2019-10-01 52 days 1,709 sqft
    2019-11-01 60 days 1,728 sqft
    2019-12-01 74 days 1,681 sqft
    2020-01-01 79 days 1,676 sqft
    2020-02-01 70 days 1,697 sqft
    2020-03-01 51 days 1,737 sqft
    2020-04-01 56 days 1,731 sqft
    2020-05-01 64 days 1,750 sqft
    2020-06-01 53 days 1,800 sqft
    2020-07-01 50 days 1,768 sqft
    2020-08-01 44 days 1,773 sqft
    2020-09-01 34 days 1,751 sqft
    2020-10-01 33 days 1,720 sqft
    2020-11-01 42 days 1,691 sqft
    2020-12-01 54 days 1,693 sqft
    2021-01-01 58 days 1,697 sqft
    2021-02-01 54 days 1,646 sqft
    2021-03-01 42 days 1,628 sqft
    2021-04-01 31 days 1,596 sqft
    2021-05-01 29 days 1,567 sqft
    2021-06-01 24 days 1,597 sqft
    2021-07-01 29 days 1,600 sqft
    2021-08-01 26 days 1,609 sqft
    2021-09-01 30 days 1,645 sqft
    2021-10-01 29 days 1,638 sqft
    2021-11-01 32 days 1,617 sqft
    2021-12-01 49 days 1,569 sqft
    2022-01-01 47 days 1,590 sqft
    2022-02-01 39 days 1,596 sqft
    2022-03-01 33 days 1,570 sqft
    2022-04-01 26 days 1,600 sqft
    2022-05-01 23 days 1,606 sqft
    2022-06-01 23 days 1,618 sqft
    2022-07-01 29 days 1,600 sqft
    2022-08-01 34 days 1,620 sqft
    2022-09-01 40 days 1,642 sqft
    2022-10-01 37 days 1,644 sqft
    2022-11-01 39 days 1,649 sqft
    2022-12-01 47 days 1,658 sqft
    Providence's median listing age (time on market) for 2022-12-01 was 47 days. This is -5% shorter than the same period one year ago.

    Providence's median square footage for active listings during the 2022-12-01 period was 1,658 sqft. One year prior, the average listing was 1,569 sqft.

    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).