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 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).