Providence FHA Loan Rates, Closing Costs & Stats
PROVIDENCE-WARWICK, RI-MA
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 144 lenders originated 4,109 FHA
loans during 2024. The total origination value was $1,847,775,000, with an average FHA loan value of
$449,690.
Providence FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Providence
averaged
0.09%
for the week of 2025-07-04, compared to the national average (all FHA variants) of
0% for the same period.
Providence's average FHA mortgage closing costs are $10,317.
The average rate for the prior week (2025-06-27) was
6.57% and
one month ago for the week of 2025-05-30, the
average rate was 6.64%.
The average rate one year ago was 6.77%.
For refis of the same type during the week of 2025-07-04, the average rate
was 0.14%.
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 |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
344
|
6.16%
|
$15,683
|
MOVEMENT MORTGAGE, LLC
|
254
|
6.37%
|
$14,425
|
QUICKEN LOANS, LLC
|
217
|
6.18%
|
$15,491
|
CMG MORTGAGE, INC.
|
172
|
6.60%
|
$14,748
|
GUILD MORTGAGE COMPANY
|
166
|
6.37%
|
$14,301
|
Semper Home Loans, Inc.
|
140
|
6.35%
|
$18,402
|
TOTAL MORTGAGE SERVICES, LLC
|
137
|
6.46%
|
$20,240
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
126
|
6.56%
|
$8,775
|
FREEDOM MORTGAGE CORPORATION
|
117
|
6.41%
|
$15,481
|
LOANDEPOT.COM, LLC
|
106
|
6.45%
|
$16,119
|
CROSSCOUNTRY MORTGAGE, LLC
|
104
|
6.39%
|
$16,594
|
Northpointe Bank
|
83
|
6.34%
|
$14,998
|
BROKER SOLUTIONS, INC.
|
74
|
6.48%
|
$16,034
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
74
|
6.48%
|
$15,978
|
The Washington Trust Company, of Westerly
|
73
|
6.10%
|
$12,853
|
NFM, INC.
|
72
|
6.51%
|
$17,180
|
PENNYMAC LOAN SERVICES, LLC
|
63
|
5.99%
|
$14,373
|
EMM LOANS LLC
|
59
|
6.21%
|
$18,114
|
Paramount Residential Mortgage Group, Inc.
|
58
|
6.40%
|
$17,283
|
NEWREZ LLC
|
58
|
6.41%
|
$15,289
|
LAKEVIEW LOAN SERVICING, LLC
|
48
|
6.28%
|
$11,623
|
Fall River Five Cents Savings Bank
|
45
|
6.13%
|
$12,055
|
FIRST MORTGAGE COMPANY, INC.
|
42
|
6.01%
|
$16,404
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
41
|
6.62%
|
$14,789
|
Mr. Cooper ( Nationstar Mortgage )
|
40
|
6.42%
|
$16,047
|
BAYCOAST MORTGAGE COMPANY, LLC
|
39
|
5.94%
|
$10,953
|
GUARANTEED RATE, INC.
|
39
|
6.35%
|
$15,146
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
38
|
6.46%
|
$21,900
|
FIRST HOME MORTGAGE CORPORATION
|
38
|
6.32%
|
$23,018
|
MORTGAGE EQUITY PARTNERS LLC
|
37
|
6.36%
|
$18,936
|
AMERICAN FINANCIAL NETWORK, INC.
|
33
|
6.17%
|
$17,651
|
NATIONS DIRECT MORTGAGE, LLC
|
33
|
6.34%
|
$18,954
|
Home Loan Investment Bank, F.S.B.
|
28
|
6.42%
|
$12,846
|
HOMESPIRE MORTGAGE CORPORATION
|
26
|
6.02%
|
$20,904
|
Citizens Bank
|
24
|
6.35%
|
$12,038
|
EMBRACE HOME LOANS, INC.
|
23
|
5.89%
|
$19,848
|
CARDINAL FINANCIAL
|
23
|
6.23%
|
$15,686
|
Waterstone Mortgage Corporation
|
22
|
6.26%
|
$17,474
|
AMERISAVE MORTGAGE CORPORATION
|
18
|
6.31%
|
$16,942
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
18
|
6.24%
|
$17,425
|
Carrington Mortgage Services, LLC
|
16
|
6.13%
|
$21,615
|
Sierra Pacific Mortgage Company, Inc.
|
15
|
6.39%
|
$16,891
|
PLAZA HOME MORTGAGE, INC.
|
13
|
6.62%
|
$18,360
|
RADIUS FINANCIAL GROUP INC.
|
12
|
6.60%
|
$15,020
|
HARBORONE MORTGAGE, LLC
|
12
|
6.77%
|
$13,412
|
NORWICH COMMERCIAL GROUP, INC.
|
12
|
6.49%
|
$15,198
|
FIRST COMMUNITY MORTGAGE, INC.
|
11
|
6.81%
|
$16,631
|
GUARANTEED RATE AFFINITY, LLC
|
11
|
6.52%
|
$16,906
|
NATIONS RELIABLE LENDING, LLC
|
10
|
6.16%
|
$24,292
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
10
|
6.53%
|
$11,819
|
MSA MORTGAGE, LLC
|
9
|
6.10%
|
$15,218
|
BAYSHORE MORTGAGE FUNDING, LLC
|
9
|
6.69%
|
$13,593
|
Eastern Bank
|
9
|
6.01%
|
$15,018
|
Equity Prime Mortgage LLC
|
9
|
7.57%
|
$16,714
|
NORTHPOINT MORTGAGE, INC.
|
9
|
6.12%
|
$14,890
|
VILLAGE CAPITAL MORTGAGE
|
8
|
6.25%
|
$9,435
|
OCMBC, INC.
|
8
|
6.47%
|
$15,167
|
Leader Bank
|
7
|
6.02%
|
$13,039
|
Rockland Trust Company
|
7
|
6.48%
|
$11,853
|
TOWNE MORTGAGE COMPANY
|
7
|
5.98%
|
$21,127
|
BankNewport
|
7
|
6.20%
|
$11,835
|
Nations Lending Corporation
|
7
|
6.54%
|
$15,478
|
RELIANCE FIRST CAPITAL, LLC
|
7
|
6.55%
|
$15,416
|
POLARIS HOME FUNDING CORP.
|
6
|
6.40%
|
$15,462
|
Centreville Bank
|
6
|
6.27%
|
$11,056
|
The Federal Savings Bank
|
6
|
6.27%
|
$21,275
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
5
|
7.03%
|
$12,256
|
BAY EQUITY LLC
|
5
|
6.15%
|
$14,017
|
Texana Bank
|
5
|
6.03%
|
$19,410
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
5
|
7.13%
|
$17,549
|
HOMESIDE FINANCIAL, LLC
|
5
|
6.15%
|
$22,347
|
MID AMERICA MORTGAGE, INC.
|
5
|
6.83%
|
$13,166
|
SECURITYNATIONAL MORTGAGE COMPANY
|
4
|
6.13%
|
$13,496
|
EVERETT FINANCIAL, INC.
|
4
|
7.00%
|
$23,590
|
T2 FINANCIAL LLC
|
4
|
6.47%
|
$11,648
|
LOANPAL, LLC
|
4
|
5.44%
|
$16,938
|
Cornerstone First Mortgage, Inc
|
4
|
6.41%
|
$18,167
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
4
|
6.34%
|
$12,380
|
NEW FED MORTGAGE, CORP.
|
4
|
6.34%
|
$16,626
|
MILEND, INC.
|
4
|
6.63%
|
$15,186
|
NBKC BANK
|
4
|
6.19%
|
$12,180
|
ZILLOW HOME LOANS, LLC
|
3
|
6.33%
|
$12,414
|
ALLIED MORTGAGE GROUP, INC.
|
3
|
6.21%
|
$16,822
|
AmeriHome Mortgage Company, LLC
|
3
|
6.29%
|
$16,325
|
ARC HOME LLC
|
3
|
6.83%
|
$20,617
|
Bank of America
|
3
|
6.88%
|
$15,308
|
Bank of England
|
3
|
6.54%
|
$13,369
|
Bridgewater Savings Bank
|
3
|
6.17%
|
$13,032
|
CIBM Bank
|
3
|
6.96%
|
$17,832
|
Evolve Bank & Trust
|
3
|
6.08%
|
$15,552
|
Ixonia Bank
|
3
|
6.92%
|
$15,407
|
JMAC LENDING, INC.
|
3
|
5.79%
|
$20,532
|
Keystone Funding, Inc.
|
3
|
6.25%
|
$12,062
|
Network Funding, L.P.
|
3
|
6.58%
|
$11,132
|
PHH Mortgage Corporation
|
3
|
6.32%
|
$16,732
|
PLANET HOME LENDING, LLC
|
3
|
6.33%
|
$5,999
|
SUMMIT FUNDING, INC.
|
3
|
6.42%
|
$12,671
|
U.S. Bank
|
3
|
6.17%
|
$13,941
|
TOP FLITE FINANCIAL, INC.
|
2
|
6.69%
|
$22,250
|
Magnolia Bank
|
2
|
5.63%
|
$26,757
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
6.19%
|
$18,038
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
6.63%
|
$15,154
|
LEADERONE FINANCIAL CORPORATION
|
2
|
6.88%
|
$9,142
|
Lakeview Community Capital, LLC
|
2
|
6.00%
|
$9,246
|
Hometown Equity Mortgage, LLC
|
2
|
6.88%
|
$20,835
|
GENEVA FINANCIAL, LLC
|
2
|
7.00%
|
$16,791
|
ENVOY MORTGAGE, LTD
|
2
|
6.63%
|
$16,070
|
WILLIAM RAVEIS MORTGAGE, LLC
|
2
|
6.69%
|
$13,476
|
SUN WEST MORTGAGE COMPANY, INC.
|
2
|
6.80%
|
$10,353
|
BETTER MORTGAGE CORPORATION
|
2
|
6.25%
|
$12,930
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
2
|
6.25%
|
$12,154
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
6.69%
|
$23,889
|
Mortgage Research Center, LLC
|
2
|
7.06%
|
$7,868
|
Prosperity Home Mortgage, LLC
|
1
|
6.75%
|
$10,006
|
JET DIRECT FUNDING CORP
|
1
|
6.13%
|
$22,828
|
AmRes Corporation
|
1
|
5.63%
|
$14,803
|
Quontic Bank
|
1
|
6.25%
|
$29,933
|
HOMESTEAD FUNDING CORP.
|
1
|
6.75%
|
$16,530
|
GREENSTATE CREDIT UNION
|
1
|
6.13%
|
$17,822
|
RESIDENTIAL BANCORP
|
1
|
7.13%
|
$15,489
|
Residential Mortgage Solutions, Inc.
|
1
|
6.13%
|
$9,325
|
UNION HOME MORTGAGE CORP.
|
1
|
6.63%
|
$7,562
|
Flagstar Bank, FSB
|
1
|
5.63%
|
$22,811
|
First Federal Bank
|
1
|
5.63%
|
$12,290
|
FIRST COLONY MORTGAGE CORPORATION
|
1
|
6.25%
|
$20,006
|
UNITED MORTGAGE CORP
|
1
|
6.25%
|
$17,091
|
MORTGAGE ACCESS CORP.
|
1
|
5.50%
|
$19,983
|
Academy Bank
|
1
|
5.75%
|
$9,398
|
Easthampton Savings Bank
|
1
|
6.13%
|
$12,846
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
5.75%
|
$18,719
|
OceanFirst Bank
|
1
|
6.25%
|
$19,118
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
6.13%
|
$5,950
|
MEMBERS MORTGAGE COMPANY, INC.
|
1
|
6.75%
|
$10,388
|
The Camden National Bank
|
1
|
5.63%
|
$14,018
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
6.63%
|
$27,227
|
CALCON MUTUAL MORTGAGE LLC
|
1
|
6.75%
|
$17,931
|
American Mortgage & Equity Consultants, Inc.
|
1
|
6.13%
|
$15,534
|
Plains Commerce Bank
|
1
|
6.75%
|
$17,848
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
5.99%
|
$20,874
|
METRO
|
1
|
6.38%
|
$16,161
|
PNC Bank
|
1
|
7.63%
|
$11,736
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
7.50%
|
$27,888
|
M&T Bank
|
1
|
6.50%
|
$9,703
|
LADERA LENDING, INC.
|
1
|
7.63%
|
$7,550
|
The top Providence FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
344 FHA loans originated. Their average total fees are
$15,683, which is $1,257
higher than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Providence FHA lenders (with over 10 loans originated) are
PRIMARY RESIDENTIAL MORTGAGE, INC. ($8,775), BAYCOAST MORTGAGE COMPANY, LLC ($10,953), LAKEVIEW LOAN SERVICING, LLC ($11,623), HOMEBRIDGE FINANCIAL SERVICES, INC. ($11,819) and Citizens Bank ($12,038).
The lowest rate Providence FHA lenders (with over 10 loans originated) are
EMBRACE HOME LOANS, INC. (5.89%), BAYCOAST MORTGAGE COMPANY, LLC (5.94%), PENNYMAC LOAN SERVICES, LLC (5.99%), FIRST MORTGAGE COMPANY, INC. (6.01%) and HOMESPIRE MORTGAGE CORPORATION (6.02%).
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).