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%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Providence's average FHA mortgage closing costs are $9,230.
The average rate for the prior week (2023-05-19) was
5.87% and
one month ago for the week of 2023-04-21, the
average rate was 5.82%.
The average rate one year ago was 4.63%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.23%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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%) | 1.24 | 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%) | 1.23 | 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 | $369,900 (3.0%) | $553,914 (1.4%) | 1.23 | 4,058 |
2019-04-01 | $377,000 (2.2%) | $563,100 (1.3%) | 1.20 | 4,315 |
2019-05-01 | $379,950 (2.0%) | $574,165 (2.8%) | 1.19 | 4,606 |
2019-06-01 | $384,900 (4.1%) | $579,677 (3.9%) | 1.20 | 4,745 |
2019-07-01 | $387,125 (4.6%) | $587,901 (3.7%) | 1.21 | 4,782 |
2019-08-01 | $389,900 (5.7%) | $596,121 (7.8%) | 1.22 | 4,730 |
2019-09-01 | $389,744 (6.8%) | $602,563 (10.1%) | 1.23 | 4,321 |
2019-10-01 | $379,450 (7.7%) | $580,851 (8.5%) | 1.22 | 4,804 |
2019-11-01 | $379,900 (8.6%) | $586,226 (9.6%) | 1.25 | 4,421 |
2019-12-01 | $369,900 (5.7%) | $561,197 (7.6%) | 1.23 | 3,819 |
2020-01-01 | $367,450 (5.0%) | $558,946 (6.6%) | 1.23 | 3,414 |
2020-02-01 | $383,700 (7.4%) | $582,606 (6.9%) | 1.26 | 3,115 |
2020-03-01 | $399,000 (7.9%) | $610,479 (10.2%) | 1.25 | 3,082 |
2020-04-01 | $399,000 (5.8%) | $621,255 (10.3%) | 1.25 | 3,058 |
2020-05-01 | $399,900 (5.3%) | $642,895 (12.0%) | 1.22 | 3,004 |
2020-06-01 | $429,450 (11.6%) | $688,571 (18.8%) | 1.27 | 2,789 |
2020-07-01 | $427,450 (10.4%) | $702,136 (19.4%) | 1.24 | 2,543 |
2020-08-01 | $429,900 (10.3%) | $722,819 (21.3%) | 1.23 | 2,353 |
2020-09-01 | $422,450 (8.4%) | $746,989 (24.0%) | 1.21 | 2,304 |
2020-10-01 | $419,900 (10.7%) | $738,920 (27.2%) | 1.20 | 2,317 |
2020-11-01 | $409,500 (7.8%) | $730,099 (24.5%) | 1.20 | 2,177 |
2020-12-01 | $413,750 (11.9%) | $740,130 (31.9%) | 1.23 | 1,849 |
2021-01-01 | $431,900 (17.5%) | $802,270 (43.5%) | 1.29 | 1,580 |
2021-02-01 | $422,400 (10.1%) | $804,545 (38.1%) | 1.23 | 1,306 |
2021-03-01 | $399,900 (0.2%) | $776,799 (27.2%) | 1.13 | 1,324 |
2021-04-01 | $404,763 (1.4%) | $792,424 (27.6%) | 1.10 | 1,300 |
2021-05-01 | $399,900 (0.0%) | $776,013 (20.7%) | 1.06 | 1,373 |
2021-06-01 | $422,625 (-1.6%) | $785,721 (14.1%) | 1.11 | 1,623 |
2021-07-01 | $429,900 (0.6%) | $775,704 (10.5%) | 1.13 | 1,896 |
2021-08-01 | $438,625 (2.0%) | $752,895 (4.2%) | 1.17 | 2,032 |
2021-09-01 | $436,900 (3.4%) | $737,960 (-1.2%) | 1.17 | 2,077 |
2021-10-01 | $439,900 (4.8%) | $699,443 (-5.3%) | 1.17 | 2,036 |
2021-11-01 | $434,425 (6.1%) | $713,576 (-2.3%) | 1.16 | 1,791 |
2021-12-01 | $427,450 (3.3%) | $713,774 (-3.6%) | 1.16 | 1,419 |
2022-01-01 | $450,000 (4.2%) | $769,271 (-4.1%) | 1.22 | 1,113 |
2022-02-01 | $457,400 (8.3%) | $759,805 (-5.6%) | 1.19 | 1,017 |
2022-03-01 | $442,225 (10.6%) | $743,895 (-4.2%) | 1.11 | 997 |
2022-04-01 | $474,999 (17.4%) | $727,988 (-8.1%) | 1.13 | 1,104 |
2022-05-01 | $472,450 (18.1%) | $713,797 (-8.0%) | 1.08 | 1,407 |
2022-06-01 | $480,450 (13.7%) | $718,239 (-8.6%) | 1.07 | 1,711 |
2022-07-01 | $479,900 (11.6%) | $731,528 (-5.7%) | 1.08 | 2,037 |
2022-08-01 | $475,000 (8.3%) | $761,008 (1.1%) | 1.10 | 2,018 |
2022-09-01 | $479,900 (9.8%) | $781,272 (5.9%) | 1.12 | 1,886 |
2022-10-01 | $474,500 (7.9%) | $774,346 (10.7%) | 1.12 | 1,952 |
2022-11-01 | $475,000 (9.3%) | $749,736 (5.1%) | 1.14 | 1,931 |
2022-12-01 | $475,000 (11.1%) | $754,807 (5.8%) | 1.17 | 1,647 |
2023-01-01 | $475,000 (5.6%) | $764,435 (-0.6%) | 1.18 | 1,445 |
2023-02-01 | $498,125 (8.9%) | $819,646 (7.9%) | 1.20 | 1,284 |
2023-03-01 | $512,900 (16.0%) | $908,437 (22.1%) | 1.21 | 1,170 |
2023-04-01 | $529,900 (11.6%) | $903,595 (24.1%) | 1.23 | 1,220 |
Providence's median listing price comes in at 123% of the national average.
Providence's average listing price for 2023-04-01 was $903,595, a difference of $175,607 (24.1%) versus the prior year and $-4,842 versus the prior month.
For the 2023-04-01 period, Providence had 1,220 MLS listings, a difference of 50 listings (4%) versus the prior month and 116 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 1,714 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 | 1,712 sqft |
2018-09-01 | 52 days | 1,700 sqft |
2018-10-01 | 54 days | 1,699 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 | 1,692 sqft |
2019-04-01 | 47 days | 1,710 sqft |
2019-05-01 | 46 days | 1,736 sqft |
2019-06-01 | 46 days | 1,754 sqft |
2019-07-01 | 52 days | 1,750 sqft |
2019-08-01 | 63 days | 1,769 sqft |
2019-09-01 | 65 days | 1,757 sqft |
2019-10-01 | 52 days | 1,712 sqft |
2019-11-01 | 59 days | 1,728 sqft |
2019-12-01 | 74 days | 1,681 sqft |
2020-01-01 | 78 days | 1,678 sqft |
2020-02-01 | 68 days | 1,700 sqft |
2020-03-01 | 51 days | 1,739 sqft |
2020-04-01 | 56 days | 1,734 sqft |
2020-05-01 | 64 days | 1,754 sqft |
2020-06-01 | 52 days | 1,800 sqft |
2020-07-01 | 50 days | 1,773 sqft |
2020-08-01 | 43 days | 1,777 sqft |
2020-09-01 | 33 days | 1,754 sqft |
2020-10-01 | 33 days | 1,727 sqft |
2020-11-01 | 41 days | 1,696 sqft |
2020-12-01 | 52 days | 1,698 sqft |
2021-01-01 | 57 days | 1,700 sqft |
2021-02-01 | 53 days | 1,650 sqft |
2021-03-01 | 40 days | 1,631 sqft |
2021-04-01 | 31 days | 1,600 sqft |
2021-05-01 | 29 days | 1,572 sqft |
2021-06-01 | 23 days | 1,601 sqft |
2021-07-01 | 29 days | 1,600 sqft |
2021-08-01 | 25 days | 1,613 sqft |
2021-09-01 | 30 days | 1,649 sqft |
2021-10-01 | 28 days | 1,639 sqft |
2021-11-01 | 32 days | 1,622 sqft |
2021-12-01 | 49 days | 1,575 sqft |
2022-01-01 | 45 days | 1,596 sqft |
2022-02-01 | 39 days | 1,600 sqft |
2022-03-01 | 31 days | 1,573 sqft |
2022-04-01 | 25 days | 1,604 sqft |
2022-05-01 | 23 days | 1,607 sqft |
2022-06-01 | 22 days | 1,618 sqft |
2022-07-01 | 29 days | 1,602 sqft |
2022-08-01 | 33 days | 1,621 sqft |
2022-09-01 | 39 days | 1,645 sqft |
2022-10-01 | 36 days | 1,648 sqft |
2022-11-01 | 38 days | 1,650 sqft |
2022-12-01 | 46 days | 1,664 sqft |
2023-01-01 | 53 days | 1,632 sqft |
2023-02-01 | 45 days | 1,651 sqft |
2023-03-01 | 42 days | 1,665 sqft |
2023-04-01 | 36 days | 1,664 sqft |
Providence's median square footage for active listings during the 2023-04-01 period was 1,664 sqft. One year prior, the average listing was 1,604 sqft.