Providence FHA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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).