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 146 lenders originated 3,880 FHA
loans during 2023. The total origination value was $1,540,400,000, with an average FHA loan value of
$397,010.
Providence FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Providence
averaged
5.84%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Providence's average FHA mortgage closing costs are $9,797.
The average rate for the prior week (2024-10-04) was
6.06% and
one month ago for the week of 2024-09-06, the
average rate was 6.18%.
The average rate one year ago was 7.01%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.11%.
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 |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
MOVEMENT MORTGAGE, LLC
|
336
|
6.54%
|
$13,968
|
UNITED WHOLESALE MORTGAGE, LLC
|
264
|
6.36%
|
$15,955
|
QUICKEN LOANS, LLC
|
242
|
6.14%
|
$15,455
|
Shamrock Home Loans, Inc.
|
184
|
6.60%
|
$13,648
|
GUILD MORTGAGE COMPANY
|
130
|
6.54%
|
$13,488
|
Semper Home Loans, Inc.
|
125
|
6.68%
|
$17,368
|
TOTAL MORTGAGE SERVICES, LLC
|
116
|
6.44%
|
$18,663
|
LOANDEPOT.COM, LLC
|
116
|
6.45%
|
$15,300
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
116
|
6.51%
|
$14,521
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
113
|
6.88%
|
$17,743
|
CROSSCOUNTRY MORTGAGE, LLC
|
99
|
6.79%
|
$15,606
|
Northpointe Bank
|
98
|
6.55%
|
$15,327
|
NEWREZ LLC
|
66
|
6.33%
|
$14,530
|
GUARANTEED RATE, INC.
|
60
|
6.45%
|
$16,365
|
NFM, INC.
|
55
|
6.84%
|
$15,101
|
FREEDOM MORTGAGE CORPORATION
|
50
|
6.86%
|
$15,338
|
PENNYMAC LOAN SERVICES, LLC
|
44
|
6.03%
|
$15,959
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
43
|
6.78%
|
$12,895
|
Paramount Residential Mortgage Group, Inc.
|
42
|
6.76%
|
$16,184
|
FIRST MORTGAGE COMPANY, INC.
|
38
|
6.24%
|
$14,987
|
HOMESPIRE MORTGAGE CORPORATION
|
37
|
6.52%
|
$15,582
|
EMBRACE HOME LOANS, INC.
|
34
|
6.24%
|
$14,001
|
Fall River Five Cents Savings Bank
|
31
|
6.41%
|
$12,346
|
DAS Acquisition Company, LLC
|
31
|
6.54%
|
$15,405
|
EMM LOANS LLC
|
31
|
6.11%
|
$19,216
|
GUARANTEED RATE AFFINITY, LLC
|
30
|
6.57%
|
$14,247
|
BAYCOAST MORTGAGE COMPANY, LLC
|
29
|
6.34%
|
$11,314
|
Home Loan Investment Bank, F.S.B.
|
29
|
6.67%
|
$12,547
|
Mr. Cooper ( Nationstar Mortgage )
|
29
|
6.15%
|
$19,952
|
FIRST HOME MORTGAGE CORPORATION
|
27
|
6.51%
|
$20,868
|
Citizens Bank
|
26
|
6.38%
|
$11,949
|
AMERICAN FINANCIAL NETWORK, INC.
|
25
|
6.76%
|
$16,691
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
24
|
6.41%
|
$19,619
|
BROKER SOLUTIONS, INC.
|
23
|
6.62%
|
$13,099
|
HARBORONE MORTGAGE, LLC
|
23
|
6.72%
|
$13,357
|
NORWICH COMMERCIAL GROUP, INC.
|
22
|
6.78%
|
$15,723
|
OCMBC, INC.
|
22
|
7.05%
|
$15,948
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
22
|
6.34%
|
$14,193
|
Nations Lending Corporation
|
21
|
6.44%
|
$12,490
|
MORTGAGE EQUITY PARTNERS LLC
|
21
|
6.67%
|
$16,645
|
CARDINAL FINANCIAL
|
19
|
6.22%
|
$18,104
|
Sierra Pacific Mortgage Company, Inc.
|
19
|
6.59%
|
$14,693
|
AMERISAVE MORTGAGE CORPORATION
|
18
|
5.97%
|
$19,360
|
RADIUS FINANCIAL GROUP INC.
|
16
|
6.76%
|
$15,274
|
CMG MORTGAGE, INC.
|
15
|
7.02%
|
$17,088
|
RELIANCE FIRST CAPITAL, LLC
|
15
|
6.15%
|
$15,957
|
NATIONS RELIABLE LENDING, LLC
|
15
|
6.66%
|
$21,919
|
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC.
|
14
|
6.74%
|
$22,309
|
Waterstone Mortgage Corporation
|
14
|
6.64%
|
$16,005
|
LAKEVIEW LOAN SERVICING, LLC
|
14
|
6.04%
|
$15,305
|
Easthampton Savings Bank
|
13
|
6.27%
|
$13,615
|
The Washington Trust Company, of Westerly
|
13
|
6.47%
|
$11,201
|
Ixonia Bank
|
12
|
6.55%
|
$15,887
|
Carrington Mortgage Services, LLC
|
11
|
6.58%
|
$14,401
|
NATIONS DIRECT MORTGAGE, LLC
|
10
|
6.82%
|
$21,165
|
Princeton Mortgage Corporation
|
10
|
6.41%
|
$13,969
|
Flagstar Bank, FSB
|
9
|
6.09%
|
$12,671
|
PLAZA HOME MORTGAGE, INC.
|
9
|
6.26%
|
$19,123
|
American Mortgage & Equity Consultants, Inc.
|
8
|
6.39%
|
$20,507
|
EVERETT FINANCIAL, INC.
|
8
|
7.00%
|
$13,268
|
NORTHPOINT MORTGAGE, INC.
|
8
|
6.81%
|
$15,149
|
Leader Bank
|
8
|
6.65%
|
$10,070
|
Keystone Funding, Inc.
|
8
|
6.34%
|
$14,321
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
8
|
6.66%
|
$15,885
|
Rockland Trust Company
|
7
|
6.63%
|
$12,991
|
Hometown Equity Mortgage, LLC
|
7
|
6.29%
|
$27,162
|
POLARIS HOME FUNDING CORP.
|
6
|
6.67%
|
$14,983
|
The Federal Savings Bank
|
6
|
5.94%
|
$18,299
|
Eastern Bank
|
6
|
6.85%
|
$12,098
|
ARC HOME LLC
|
6
|
6.50%
|
$17,625
|
First Savings Bank
|
5
|
6.10%
|
$17,282
|
LEADERONE FINANCIAL CORPORATION
|
5
|
6.63%
|
$11,081
|
TOP FLITE FINANCIAL, INC.
|
5
|
6.95%
|
$25,951
|
BankNewport
|
5
|
6.88%
|
$8,947
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
5
|
6.85%
|
$13,529
|
DRAPER AND KRAMER MORTGAGE CORP.
|
5
|
6.43%
|
$11,281
|
FIRST COMMUNITY MORTGAGE, INC.
|
5
|
6.78%
|
$16,755
|
Evolve Bank & Trust
|
5
|
6.30%
|
$16,984
|
Equity Prime Mortgage LLC
|
4
|
7.38%
|
$17,299
|
GENEVA FINANCIAL, LLC
|
4
|
7.16%
|
$18,428
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
6.66%
|
$11,497
|
BAYSHORE MORTGAGE FUNDING, LLC
|
4
|
6.38%
|
$22,828
|
Bridgewater Savings Bank
|
3
|
6.21%
|
$12,071
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
3
|
6.38%
|
$23,278
|
BAY EQUITY LLC
|
3
|
6.88%
|
$22,273
|
ALLIED MORTGAGE GROUP, INC.
|
3
|
5.83%
|
$10,932
|
CONWAY FINANCIAL SERVICES, LLC
|
3
|
6.92%
|
$10,310
|
ENVOY MORTGAGE, LTD
|
3
|
6.13%
|
$12,388
|
JMAC LENDING, INC.
|
3
|
6.33%
|
$20,239
|
LIBERTY HOME MORTGAGE CORPORATION
|
3
|
7.33%
|
$25,013
|
Mortgage Research Center, LLC
|
3
|
6.25%
|
$18,829
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
3
|
6.17%
|
$13,700
|
NEW FED MORTGAGE, CORP.
|
3
|
6.75%
|
$17,419
|
ZILLOW HOME LOANS, LLC
|
3
|
7.00%
|
$13,548
|
NJ LENDERS CORP.
|
2
|
6.25%
|
$23,751
|
HOMESIDE FINANCIAL, LLC
|
2
|
6.75%
|
$13,524
|
Centreville Bank
|
2
|
7.25%
|
$13,119
|
T2 FINANCIAL LLC
|
2
|
6.19%
|
$14,345
|
PHH Mortgage Corporation
|
2
|
6.24%
|
$17,829
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
2
|
6.75%
|
$14,772
|
EQUITY RESOURCES, INC.
|
2
|
6.50%
|
$18,687
|
Berkshire Bank
|
2
|
6.31%
|
$12,576
|
PLANET HOME LENDING, LLC
|
2
|
6.88%
|
$15,424
|
Bank of America
|
2
|
7.63%
|
$11,571
|
Magnolia Bank
|
2
|
5.88%
|
$28,567
|
DREW MORTGAGE ASSOCIATES, INC.
|
2
|
6.69%
|
$13,477
|
AMERICAN FINANCING CORPORATION
|
2
|
7.00%
|
$15,191
|
LAND HOME FINANCIAL SERVICES, INC.
|
2
|
7.50%
|
$20,546
|
CIBM Bank
|
2
|
6.69%
|
$13,423
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
6.88%
|
$16,223
|
M&T Bank
|
2
|
6.75%
|
$14,182
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
2
|
6.75%
|
$13,660
|
WILLIAM RAVEIS MORTGAGE, LLC
|
2
|
5.94%
|
$14,460
|
NBKC BANK
|
1
|
6.13%
|
$11,741
|
Southern Mass Credit Union
|
1
|
5.63%
|
$12,699
|
Strong Home Mortgage, LLC
|
1
|
5.75%
|
$7,143
|
TD Bank
|
1
|
6.00%
|
$9,406
|
BETTER MORTGAGE CORPORATION
|
1
|
6.13%
|
$10,020
|
The Union Bank Company
|
1
|
6.25%
|
$20,822
|
TJC Mortgage, Inc.
|
1
|
7.25%
|
$19,551
|
AmRes Corporation
|
1
|
7.13%
|
$15,313
|
TOWNE MORTGAGE COMPANY
|
1
|
6.63%
|
$16,968
|
U.S. Bank
|
1
|
6.75%
|
$12,861
|
VILLAGE CAPITAL MORTGAGE
|
1
|
4.75%
|
$13,671
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
7.13%
|
$8,736
|
Webster Bank
|
1
|
7.25%
|
$16,075
|
Network Funding, L.P.
|
1
|
6.63%
|
$12,822
|
Century Mortgage Company DBA Century Lending Company
|
1
|
7.13%
|
$19,022
|
NexBank
|
1
|
5.63%
|
$13,089
|
MORTGAGE ACCESS CORP.
|
1
|
7.00%
|
$21,716
|
MILEND, INC.
|
1
|
7.13%
|
$27,943
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
6.38%
|
$12,091
|
OCEAN STATE CREDIT UNION
|
1
|
6.63%
|
$7,797
|
MID AMERICA MORTGAGE, INC.
|
1
|
5.63%
|
$9,853
|
Merchants Bank of Indiana
|
1
|
6.75%
|
$15,509
|
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP.
|
1
|
5.63%
|
$16,452
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
5.63%
|
$15,512
|
Plains Commerce Bank
|
1
|
7.13%
|
$14,067
|
JPMorgan Chase Bank
|
1
|
6.13%
|
$12,034
|
HOMESTEAD FUNDING CORP.
|
1
|
6.75%
|
$17,775
|
FIRST WORLD MORTGAGE CORPORATION
|
1
|
7.13%
|
$14,092
|
First Federal Bank
|
1
|
5.75%
|
$23,910
|
Republic State Mortgage Co.
|
1
|
6.63%
|
$13,139
|
Residential Mortgage Solutions, Inc.
|
1
|
6.75%
|
$18,011
|
Ross Mortgage Company, Inc.
|
1
|
7.25%
|
$13,772
|
Chelsea Groton Bank
|
1
|
6.13%
|
$5,006
|
The top Providence FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with
336 FHA loans originated. Their average total fees are
$13,968, which is $1,987
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Providence FHA lenders (with over 10 loans originated) are
The Washington Trust Company, of Westerly ($11,201), BAYCOAST MORTGAGE COMPANY, LLC ($11,314), Citizens Bank ($11,949), Fall River Five Cents Savings Bank ($12,346) and Nations Lending Corporation ($12,490).
The lowest rate Providence FHA lenders (with over 10 loans originated) are
AMERISAVE MORTGAGE CORPORATION (5.97%), PENNYMAC LOAN SERVICES, LLC (6.03%), LAKEVIEW LOAN SERVICING, LLC (6.04%), EMM LOANS LLC (6.11%) and QUICKEN LOANS, LLC (6.14%).
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).