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 158 lenders originated 5,496 FHA loans during 2022. The total origination value was $1,977,470,000, with an average FHA loan value of $359,802.

    Providence FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Providence averaged 6.51% for the week of 2023-12-08, compared to the national average (all FHA variants) of 6.819% for the same period.

    Providence's average FHA mortgage closing costs are $9,230.

    The average rate for the prior week (2023-12-01) was 6.42% and one month ago for the week of 2023-11-03, the average rate was 6.65%.

    The average rate one year ago was 5.92%.

    For refis of the same type during the week of 2023-12-08, the average rate was 5.53%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 372 4.70% $13,476
    MOVEMENT MORTGAGE, LLC 272 4.91% $11,540
    QUICKEN LOANS, LLC 239 4.32% $12,679
    Shamrock Home Loans, Inc. 222 4.83% $11,153
    GUILD MORTGAGE COMPANY 187 4.66% $11,372
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 178 5.11% $12,608
    Semper Home Loans, Inc. 176 5.21% $13,391
    Northpointe Bank 170 4.80% $13,026
    PRIMARY RESIDENTIAL MORTGAGE, INC. 162 4.83% $13,014
    NFM, INC. 153 4.90% $13,891
    CROSSCOUNTRY MORTGAGE, LLC 148 5.20% $15,247
    TOTAL MORTGAGE SERVICES, LLC 145 5.01% $15,081
    CALIBER HOME LOANS, INC. 142 4.50% $11,539
    FREEDOM MORTGAGE CORPORATION 117 4.57% $11,517
    LOANDEPOT.COM, LLC 109 4.46% $14,557
    PENNYMAC LOAN SERVICES, LLC 106 4.22% $12,917
    HOME POINT FINANCIAL CORPORATION 104 4.13% $12,909
    GUARANTEED RATE, INC. 81 4.85% $12,784
    GUARANTEED RATE AFFINITY, LLC 79 4.73% $12,031
    PROVINCE MORTGAGE ASSOCIATES, INC. 75 4.91% $10,979
    EMBRACE HOME LOANS, INC. 66 4.54% $12,738
    Nations Lending Corporation 64 5.00% $12,076
    HOMEBRIDGE FINANCIAL SERVICES, INC. 57 4.79% $14,119
    Mr. Cooper ( Nationstar Mortgage ) 56 4.19% $15,224
    AMERISAVE MORTGAGE CORPORATION 56 4.15% $12,955
    LAKEVIEW LOAN SERVICING, LLC 54 3.94% $8,902
    HOMESPIRE MORTGAGE CORPORATION 54 4.83% $15,025
    Paramount Residential Mortgage Group, Inc. 47 5.01% $14,754
    OCMBC, INC. 45 4.72% $13,835
    FIRST MORTGAGE COMPANY, INC. 45 4.91% $13,748
    Ixonia Bank 44 5.13% $18,416
    Citizens Bank 41 4.55% $10,655
    NEWREZ LLC 40 4.54% $11,296
    Mortgage Network, Inc. 39 5.27% $10,396
    HARBORONE MORTGAGE, LLC 35 4.79% $11,038
    CARDINAL FINANCIAL 34 4.26% $13,550
    Home Loan Investment Bank, F.S.B. 34 4.59% $10,515
    FIRST HOME MORTGAGE CORPORATION 34 5.11% $16,320
    Envision Bank 33 4.25% $10,358
    NORWICH COMMERCIAL GROUP, INC. 32 5.34% $16,235
    Flagstar Bank, FSB 30 5.04% $12,926
    Carrington Mortgage Services, LLC 29 4.91% $14,030
    RADIUS FINANCIAL GROUP INC. 26 4.83% $13,821
    EMM LOANS LLC 26 4.83% $15,360
    Fall River Five Cents Savings Bank 23 4.90% $11,000
    Sierra Pacific Mortgage Company, Inc. 23 4.46% $15,103
    BROKER SOLUTIONS, INC. 23 4.85% $12,169
    Princeton Mortgage Corporation 22 5.58% $13,309
    EVERETT FINANCIAL, INC. 21 5.64% $8,095
    MORTGAGE EQUITY PARTNERS LLC 21 5.43% $15,302
    The Federal Savings Bank 19 4.56% $16,322
    EQUITY RESOURCES, INC. 19 4.87% $15,270
    Equity Prime Mortgage LLC 17 4.76% $13,581
    BAYCOAST MORTGAGE COMPANY, LLC 16 4.92% $10,988
    RELIANCE FIRST CAPITAL, LLC 14 4.55% $12,800
    NEW FED MORTGAGE, CORP. 13 4.55% $12,858
    ENVOY MORTGAGE, LTD 13 4.57% $12,337
    Homestar Mortgage, Inc. 13 4.21% $8,391
    MUTUAL OF OMAHA MORTGAGE, INC. 12 5.36% $15,973
    PLAZA HOME MORTGAGE, INC. 11 5.26% $18,482
    Rockland Trust Company 11 4.63% $11,450
    M&T Bank 11 3.99% $10,883
    Leader Bank 10 4.36% $12,668
    Waterstone Mortgage Corporation 9 5.29% $14,920
    BAY EQUITY LLC 9 5.26% $18,013
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.50% $13,823
    The Washington Trust Company, of Westerly 9 4.69% $10,024
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 4.50% $11,962
    Hometown Equity Mortgage, LLC 9 5.03% $17,312
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 8 4.50% $17,531
    Bank of England 7 5.25% $12,654
    FINANCE OF AMERICA MORTGAGE LLC 7 4.79% $13,921
    U.S. Bank 7 5.04% $10,375
    GENEVA FINANCIAL, LLC 7 5.16% $16,944
    Southern Mass Credit Union 6 4.64% $11,258
    AMERICAN FINANCING CORPORATION 6 3.85% $12,058
    Century Mortgage Company DBA Century Lending Company 6 4.17% $11,157
    CMG MORTGAGE, INC. 6 5.25% $12,422
    Eastern Bank 6 5.19% $12,759
    INLAND BANK & TRUST 6 4.88% $11,711
    NORTHPOINT MORTGAGE, INC. 5 4.45% $9,518
    VILLAGE CAPITAL MORTGAGE 5 2.98% $6,543
    First Savings Bank 5 4.28% $13,143
    ALLIED MORTGAGE GROUP, INC. 5 4.80% $10,111
    DRAPER AND KRAMER MORTGAGE CORP. 5 4.13% $12,819
    TOP FLITE FINANCIAL, INC. 5 4.85% $18,995
    Network Funding, L.P. 5 5.40% $12,052
    Mortgage Research Center, LLC 4 4.50% $8,897
    Luxury Mortgage Corp. 4 4.25% $17,105
    BankNewport 4 3.88% $9,468
    First Home Bank 4 4.34% $15,656
    ARC HOME LLC 3 4.75% $9,904
    DAS Acquisition Company, LLC 3 6.33% $15,080
    Webster Bank 3 4.46% $11,273
    Prosperity Home Mortgage, LLC 3 5.33% $9,652
    ZILLOW HOME LOANS, LLC 3 3.50% $11,480
    Santander Bank, N.A. 3 2.83% $11,002
    Bank of America 3 4.33% $9,970
    JPMorgan Chase Bank 3 5.79% $10,243
    SALEM FIVE MORTGAGE COMPANY, LLC 3 4.92% $11,998
    PNC Bank 3 5.33% $8,913
    PLANET HOME LENDING, LLC 3 3.25% $4,057
    Easthampton Savings Bank 3 6.00% $9,782
    T2 FINANCIAL LLC 2 5.44% $15,992
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.56% $12,526
    BETTER MORTGAGE CORPORATION 2 3.75% $12,152
    Bridgewater Savings Bank 2 3.75% $9,859
    CONTOUR MORTGAGE CORPORATION 2 5.44% $17,872
    CONWAY FINANCIAL SERVICES, LLC 2 4.81% $12,679
    DREW MORTGAGE ASSOCIATES, INC. 2 6.63% $11,902
    Evolve Bank & Trust 2 2.63% $15,912
    First Option Mortgage, LLC 2 4.19% $17,165
    HOMESIDE FINANCIAL, LLC 2 3.81% $10,914
    LADERA LENDING, INC. 2 4.50% $14,916
    LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $15,064
    LIBERTY HOME MORTGAGE CORPORATION 2 6.63% $15,085
    Magnolia Bank 2 2.62% $20,051
    NATIONS RELIABLE LENDING, LLC 2 5.81% $18,050
    PHH Mortgage Corporation 2 5.63% $11,430
    STEARNS LENDING, LLC 2 3.00% $4,825
    SUN WEST MORTGAGE COMPANY, INC. 2 6.00% $13,012
    TD Bank 2 5.13% $7,473
    Texana Bank 2 4.00% $13,369
    The Camden National Bank 2 4.06% $14,070
    Wells Fargo Bank 2 5.19% $9,348
    NBKC BANK 1 4.75% $10,141
    NATIONS DIRECT MORTGAGE, LLC 1 7.13% $10,215
    MountainOne Bank 1 4.50% $14,150
    MID-ISLAND MORTGAGE CORP. 1 4.75% $11,956
    Ross Mortgage Company, Inc. 1 3.75% $16,370
    Merchants Bank of Indiana 1 5.13% $16,271
    LOANPAL, LLC 1 4.99% $22,737
    LEADERONE FINANCIAL CORPORATION 1 3.50% $12,676
    HUNT MORTGAGE CORPORATION 1 4.88% $14,852
    First Guaranty Mortgage Corporation 1 3.50% $15,745
    First Federal Bank 1 2.25% $9,785
    Ameris Bank 1 5.63% $8,812
    AmeriHome Mortgage Company, LLC 1 3.13% $11,404
    ACADEMY MORTGAGE CORPORATION 1 5.25% $10,882
    American Mortgage & Equity Consultants, Inc. 1 7.13% $22,024
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.13% $11,982
    Wyndham Capital Mortgage, Inc. 1 5.00% $7,653
    CRESCENT MORTGAGE COMPANY 1 2.75% $11,196
    The Union Bank Company 1 6.00% $14,459
    Cornerstone First Mortgage, Inc 1 4.25% $9,678
    TJC Mortgage, Inc. 1 4.00% $16,362
    Centreville Bank 1 4.25% $8,652
    CANOPY MORTGAGE, LLC 1 5.25% $15,613
    UNION HOME MORTGAGE CORP. 1 4.75% $11,143
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.50% $11,556
    BNC National Bank 1 3.63% $6,994
    Barrington Bank & Trust Company, N.A. 1 5.25% $14,217
    PREMIA MORTGAGE, LLC 1 5.88% $10,874
    Poli Mortgage Group, Inc. 1 5.00% $12,989
    Plains Commerce Bank 1 4.50% $12,807
    OCEAN STATE CREDIT UNION 1 3.88% $5,190
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,954
    North American Savings Bank, F.S.B. 1 5.13% $9,603

    The top Providence FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 372 FHA loans originated. Their average total fees are $13,476, which is $1,936 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Providence FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($8,095), Homestar Mortgage, Inc. ($8,391), LAKEVIEW LOAN SERVICING, LLC ($8,902), Envision Bank ($10,358) and Mortgage Network, Inc. ($10,396).

    The lowest rate Providence FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.94%), M&T Bank (3.99%), HOME POINT FINANCIAL CORPORATION (4.13%), AMERISAVE MORTGAGE CORPORATION (4.15%) and Mr. Cooper ( Nationstar Mortgage ) (4.19%).

    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).