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 6.48% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Providence's average FHA mortgage closing costs are $9,797.

The average rate for the prior week (2024-05-17) was 6.88% and one month ago for the week of 2024-04-19, the average rate was 6.9%.

The average rate one year ago was 6.52%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.96%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $339,900 (6.4%) $534,011 (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%) $546,532 (4.7%) 1.26 3,544
2018-04-01 $369,000 (5.5%) $555,644 (2.4%) 1.25 3,764
2018-05-01 $372,400 (6.4%) $558,752 (2.4%) 1.24 4,163
2018-06-01 $369,900 (2.8%) $558,162 (0.5%) 1.23 4,805
2018-07-01 $370,000 (3.1%) $566,792 (1.5%) 1.24 5,134
2018-08-01 $369,000 (5.5%) $553,123 (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 (-0.6%) 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%) $545,053 (0.1%) 1.21 4,090
2019-03-01 $366,329 (2.0%) $552,153 (1.0%) 1.20 4,181
2019-04-01 $376,950 (2.2%) $562,932 (1.3%) 1.20 4,320
2019-05-01 $379,950 (2.0%) $574,088 (2.7%) 1.19 4,607
2019-06-01 $384,900 (4.1%) $579,424 (3.8%) 1.20 4,746
2019-07-01 $387,125 (4.6%) $587,934 (3.7%) 1.21 4,781
2019-08-01 $379,655 (2.9%) $583,451 (5.5%) 1.20 4,796
2019-09-01 $379,286 (3.9%) $581,372 (6.2%) 1.21 4,806
2019-10-01 $379,491 (7.7%) $581,105 (8.6%) 1.22 4,803
2019-11-01 $379,900 (8.6%) $586,359 (9.6%) 1.25 4,421
2019-12-01 $369,900 (5.7%) $561,295 (7.7%) 1.23 3,819
2020-01-01 $367,450 (5.0%) $558,991 (6.6%) 1.23 3,416
2020-02-01 $383,900 (7.4%) $582,604 (6.9%) 1.26 3,116
2020-03-01 $399,000 (8.9%) $610,476 (10.6%) 1.25 3,082
2020-04-01 $399,000 (5.9%) $621,271 (10.4%) 1.25 3,057
2020-05-01 $399,900 (5.3%) $643,074 (12.0%) 1.22 3,000
2020-06-01 $429,450 (11.6%) $688,611 (18.8%) 1.27 2,788
2020-07-01 $427,450 (10.4%) $702,182 (19.4%) 1.24 2,542
2020-08-01 $429,900 (13.2%) $722,876 (23.9%) 1.23 2,351
2020-09-01 $422,450 (11.4%) $747,197 (28.5%) 1.21 2,303
2020-10-01 $419,900 (10.7%) $738,887 (27.2%) 1.20 2,319
2020-11-01 $409,950 (7.9%) $730,090 (24.5%) 1.20 2,180
2020-12-01 $415,000 (12.2%) $739,930 (31.8%) 1.23 1,852
2021-01-01 $431,900 (17.5%) $802,372 (43.5%) 1.29 1,581
2021-02-01 $422,400 (10.0%) $804,758 (38.1%) 1.23 1,305
2021-03-01 $399,900 (0.2%) $777,177 (27.3%) 1.13 1,323
2021-04-01 $404,850 (1.5%) $792,910 (27.6%) 1.10 1,301
2021-05-01 $399,900 (0.0%) $776,211 (20.7%) 1.06 1,377
2021-06-01 $424,450 (-1.2%) $785,799 (14.1%) 1.12 1,625
2021-07-01 $429,900 (0.6%) $775,235 (10.4%) 1.13 1,897
2021-08-01 $438,900 (2.1%) $752,452 (4.1%) 1.17 2,033
2021-09-01 $437,400 (3.5%) $737,726 (-1.3%) 1.17 2,077
2021-10-01 $439,900 (4.8%) $699,042 (-5.4%) 1.17 2,034
2021-11-01 $434,425 (6.0%) $713,147 (-2.3%) 1.16 1,789
2021-12-01 $427,450 (3.0%) $713,188 (-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%) $743,918 (-4.3%) 1.11 997
2022-04-01 $474,999 (17.3%) $728,039 (-8.2%) 1.13 1,105
2022-05-01 $472,450 (18.1%) $713,657 (-8.1%) 1.08 1,409
2022-06-01 $480,450 (13.2%) $718,337 (-8.6%) 1.07 1,712
2022-07-01 $479,950 (11.6%) $731,672 (-5.6%) 1.08 2,036
2022-08-01 $475,000 (8.2%) $761,143 (1.2%) 1.10 2,017
2022-09-01 $479,900 (9.7%) $781,272 (5.9%) 1.12 1,886
2022-10-01 $474,500 (7.9%) $774,346 (10.8%) 1.12 1,952
2022-11-01 $474,975 (9.3%) $749,847 (5.2%) 1.14 1,930
2022-12-01 $475,000 (11.1%) $754,928 (5.9%) 1.17 1,647
2023-01-01 $475,000 (5.6%) $764,435 (-0.6%) 1.18 1,445
2023-02-01 $498,000 (8.9%) $819,999 (7.9%) 1.20 1,283
2023-03-01 $514,450 (16.3%) $908,745 (22.2%) 1.21 1,169
2023-04-01 $529,900 (11.6%) $903,595 (24.1%) 1.23 1,219
2023-05-01 $539,950 (14.3%) $923,440 (29.4%) 1.22 1,257
2023-06-01 $549,900 (14.5%) $925,065 (28.8%) 1.24 1,378
2023-07-01 $550,000 (14.6%) $959,477 (31.1%) 1.25 1,369
2023-08-01 $549,900 (15.8%) $938,213 (23.3%) 1.26 1,480
2023-09-01 $550,000 (14.6%) $942,668 (20.7%) 1.28 1,544
2023-10-01 $539,450 (13.7%) $908,756 (17.4%) 1.27 1,700
2023-11-01 $526,750 (10.9%) $863,141 (15.1%) 1.25 1,748
2023-12-01 $499,900 (5.2%) $826,604 (9.5%) 1.22 1,585
2024-01-01 $504,900 (6.3%) $820,028 (7.3%) 1.23 1,308
2024-02-01 $499,900 (0.4%) $815,143 (-0.6%) 1.20 1,179
2024-03-01 $499,950 (-2.8%) $820,652 (-9.7%) 1.18 1,170
2024-04-01 $524,450 (-1.0%) $873,266 (-3.4%) 1.22 1,210
Providence's median listing price for 2024-04-01 was $524,450, a difference of $-5,450 (-1.0%) versus the prior year and $24,500 versus the prior month.

Providence's median listing price comes in at 122% of the national average.

Providence's average listing price for 2024-04-01 was $873,266, a difference of $-30,329 (-3.4%) versus the prior year and $52,614 versus the prior month.

For the 2024-04-01 period, Providence had 1,210 MLS listings, a difference of 40 listings (3%) versus the prior month and -9 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,676 sqft
2018-02-01 76 days 1,693 sqft
2018-03-01 51 days 1,715 sqft
2018-04-01 45 days 1,733 sqft
2018-05-01 39 days 1,738 sqft
2018-06-01 38 days 1,725 sqft
2018-07-01 45 days 1,729 sqft
2018-08-01 47 days 1,711 sqft
2018-09-01 50 days 1,700 sqft
2018-10-01 52 days 1,698 sqft
2018-11-01 56 days 1,682 sqft
2018-12-01 66 days 1,673 sqft
2019-01-01 75 days 1,667 sqft
2019-02-01 72 days 1,678 sqft
2019-03-01 58 days 1,692 sqft
2019-04-01 45 days 1,713 sqft
2019-05-01 45 days 1,737 sqft
2019-06-01 45 days 1,761 sqft
2019-07-01 51 days 1,749 sqft
2019-08-01 51 days 1,726 sqft
2019-09-01 50 days 1,714 sqft
2019-10-01 49 days 1,710 sqft
2019-11-01 57 days 1,728 sqft
2019-12-01 70 days 1,682 sqft
2020-01-01 74 days 1,678 sqft
2020-02-01 65 days 1,700 sqft
2020-03-01 48 days 1,739 sqft
2020-04-01 52 days 1,734 sqft
2020-05-01 60 days 1,754 sqft
2020-06-01 47 days 1,800 sqft
2020-07-01 46 days 1,773 sqft
2020-08-01 39 days 1,776 sqft
2020-09-01 30 days 1,755 sqft
2020-10-01 31 days 1,727 sqft
2020-11-01 39 days 1,696 sqft
2020-12-01 51 days 1,698 sqft
2021-01-01 54 days 1,699 sqft
2021-02-01 48 days 1,648 sqft
2021-03-01 37 days 1,631 sqft
2021-04-01 29 days 1,600 sqft
2021-05-01 28 days 1,572 sqft
2021-06-01 22 days 1,599 sqft
2021-07-01 26 days 1,600 sqft
2021-08-01 24 days 1,612 sqft
2021-09-01 29 days 1,646 sqft
2021-10-01 26 days 1,638 sqft
2021-11-01 31 days 1,620 sqft
2021-12-01 47 days 1,574 sqft
2022-01-01 43 days 1,596 sqft
2022-02-01 39 days 1,600 sqft
2022-03-01 31 days 1,574 sqft
2022-04-01 24 days 1,604 sqft
2022-05-01 22 days 1,608 sqft
2022-06-01 22 days 1,619 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 45 days 1,664 sqft
2023-01-01 53 days 1,632 sqft
2023-02-01 45 days 1,652 sqft
2023-03-01 41 days 1,665 sqft
2023-04-01 35 days 1,664 sqft
2023-05-01 31 days 1,709 sqft
2023-06-01 31 days 1,911 sqft
2023-07-01 35 days 1,910 sqft
2023-08-01 30 days 1,892 sqft
2023-09-01 36 days 1,885 sqft
2023-10-01 34 days 1,871 sqft
2023-11-01 36 days 1,848 sqft
2023-12-01 45 days 1,807 sqft
2024-01-01 54 days 1,826 sqft
2024-02-01 38 days 1,800 sqft
2024-03-01 36 days 1,806 sqft
2024-04-01 29 days 1,810 sqft
Providence's median listing age (time on market) for 2024-04-01 was 29 days. This is -17% shorter than the same period one year ago.

Providence's median square footage for active listings during the 2024-04-01 period was 1,810 sqft. One year prior, the average listing was 1,664 sqft.

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).