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).