Providence USDA Loans

PROVIDENCE-WARWICK, RI-MA

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Providence's 25 lenders originated 48 USDA loans during 2021. The total origination value was $15,460,000, with an average USDA loan value of $322,083.

    Providence USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Providence averaged 5.26% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-07-29) was 5.18% and one month ago for the week of 2022-07-01, the average rate was 5.52%.

    The average rate one year ago was 3%.

    For refis of the same type during the week of 2022-08-05, the average rate was 4.94%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Providence USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Providence level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RESIDENTIAL MORTGAGE SERVICES, INC. 5 2.53% $6,446
    NEWREZ LLC 4 2.66% $8,145
    MOVEMENT MORTGAGE, LLC 4 3.03% $7,544
    FIRST HOME MORTGAGE CORPORATION 3 2.83% $7,275
    Envision Bank 3 2.58% $6,927
    EQUITY RESOURCES, INC. 3 2.63% $8,153
    Bank of England 2 2.50% $7,655
    Sierra Pacific Mortgage Company, Inc. 2 2.75% $7,369
    NORTHPOINT MORTGAGE, INC. 2 3.38% $6,602
    Northpointe Bank 2 2.75% $6,900
    PLAZA HOME MORTGAGE, INC. 1 3.13% $16,704
    Prosperity Home Mortgage, LLC 1 2.88% $6,845
    Shamrock Home Loans, Inc. 1 2.63% $6,940
    STEARNS LENDING, LLC 1 2.25% $5,604
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $7,670
    UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $8,111
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $8,151
    EMM LOANS LLC 1 2.50% $4,986
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $7,513
    First Guaranty Mortgage Corporation 1 2.38% $7,054
    FREEDOM MORTGAGE CORPORATION 1 3.25% $4,116
    GENEVA FINANCIAL, LLC 1 2.75% $7,570
    GUARANTEED RATE, INC. 1 3.38% $8,459
    HOME POINT FINANCIAL CORPORATION 1 2.88% $6,064
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $7,588

    The top Providence USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with 5 USDA loans originated. Their average total fees are $6,446, which is $1,699 lower than the next largest lender, NEWREZ LLC.

    The lowest fee Providence USDA lenders (with over 10 loans originated) are .

    The lowest rate Providence USDA lenders (with over 10 loans originated) are .