Providence VA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Providence's 114 lenders originated 1,540 VA loans during 2022. The total origination value was $596,500,000, with an average VA loan value of $387,338.

    Providence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Providence averaged -0.29% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Providence's average VA mortgage closing costs are $6,357.

    The average rate for the prior week (2023-11-17) was 6.96% and one month ago for the week of 2023-10-20, the average rate was 6.89%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.26%.

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

    Providence VA Loan Lenders by Rates & Fees

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

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 193 4.97% $9,292
    QUICKEN LOANS, LLC 119 3.85% $12,639
    NAVY FEDERAL CREDIT UNION 95 3.92% $9,249
    MOVEMENT MORTGAGE, LLC 90 4.34% $9,361
    FREEDOM MORTGAGE CORPORATION 73 3.84% $10,786
    UNITED WHOLESALE MORTGAGE, LLC 63 4.52% $9,077
    PENNYMAC LOAN SERVICES, LLC 51 3.33% $10,117
    USAA Federal Savings Bank 49 4.44% $12,293
    LOANDEPOT.COM, LLC 49 3.98% $12,318
    GUILD MORTGAGE COMPANY 41 4.79% $8,680
    The Federal Savings Bank 40 4.68% $16,328
    Northpointe Bank 37 4.76% $9,885
    GUARANTEED RATE, INC. 35 4.31% $14,104
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 4.96% $8,381
    NEWREZ LLC 24 4.19% $8,337
    CALIBER HOME LOANS, INC. 22 4.44% $9,092
    CROSSCOUNTRY MORTGAGE, LLC 22 4.72% $9,390
    Semper Home Loans, Inc. 20 5.39% $12,064
    LAKEVIEW LOAN SERVICING, LLC 18 3.47% $5,040
    NFM, INC. 18 5.15% $8,978
    EMBRACE HOME LOANS, INC. 17 4.42% $13,687
    AMERISAVE MORTGAGE CORPORATION 17 4.32% $15,238
    HOME POINT FINANCIAL CORPORATION 16 4.12% $8,969
    Shamrock Home Loans, Inc. 14 4.70% $6,966
    Citizens Bank 13 4.04% $8,227
    Mr. Cooper ( Nationstar Mortgage ) 13 4.65% $11,434
    Flagstar Bank, FSB 12 4.88% $10,499
    GUARANTEED RATE AFFINITY, LLC 12 5.11% $6,847
    Home Loan Investment Bank, F.S.B. 11 4.55% $10,658
    Barrington Bank & Trust Company, N.A. 10 4.36% $11,024
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 4.85% $6,580
    VILLAGE CAPITAL MORTGAGE 9 3.76% $15,001
    PROVINCE MORTGAGE ASSOCIATES, INC. 9 5.15% $8,116
    The Washington Trust Company, of Westerly 7 3.71% $8,027
    MUTUAL OF OMAHA MORTGAGE, INC. 7 4.23% $8,682
    Equity Prime Mortgage LLC 7 4.95% $13,080
    Nations Lending Corporation 6 4.65% $16,012
    TOTAL MORTGAGE SERVICES, LLC 6 4.50% $13,971
    HARBORONE MORTGAGE, LLC 6 4.90% $4,735
    EVERETT FINANCIAL, INC. 5 5.43% $3,714
    RADIUS FINANCIAL GROUP INC. 5 4.70% $8,376
    BROKER SOLUTIONS, INC. 5 3.58% $10,919
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 4.60% $9,322
    CARDINAL FINANCIAL 5 4.40% $15,369
    NBKC BANK 5 4.18% $8,274
    Leader Bank 4 5.44% $10,141
    Armed Forces Bank 4 3.34% $4,157
    BNC National Bank 4 4.56% $10,178
    Carrington Mortgage Services, LLC 4 4.38% $8,183
    EQUITY RESOURCES, INC. 4 3.37% $5,638
    Magnolia Bank 4 4.94% $11,315
    Mortgage Network, Inc. 4 4.63% $10,413
    Princeton Mortgage Corporation 4 4.63% $16,245
    RELIANCE FIRST CAPITAL, LLC 4 5.63% $7,540
    Sierra Pacific Mortgage Company, Inc. 4 5.16% $12,996
    AMERICAN FINANCING CORPORATION 3 4.79% $23,564
    First Federal Bank 3 4.21% $11,409
    Paramount Residential Mortgage Group, Inc. 3 4.71% $18,050
    Wyndham Capital Mortgage, Inc. 3 3.00% $11,263
    EMM LOANS LLC 3 4.33% $14,427
    PENTAGON FEDERAL CREDIT UNION 3 3.96% $6,333
    Wells Fargo Bank 3 3.50% $7,101
    OCMBC, INC. 3 5.58% $10,477
    CMG MORTGAGE, INC. 2 3.81% $17,717
    North American Savings Bank, F.S.B. 2 4.19% $19,989
    FIRST HOME MORTGAGE CORPORATION 2 4.31% $16,527
    NORWICH COMMERCIAL GROUP, INC. 2 3.94% $12,358
    NP, Inc. 2 2.25% $4,643
    Service Federal Credit Union 2 3.69% $3,159
    CONTOUR MORTGAGE CORPORATION 2 4.00% $15,377
    BAY EQUITY LLC 2 5.37% $11,906
    ENVOY MORTGAGE, LTD 2 4.50% $1,728
    Envision Bank 2 4.31% $9,181
    Prosperity Home Mortgage, LLC 2 3.44% $17,641
    U.S. Bank 2 4.00% $7,454
    WESTERLY COMMUNITY 1 4.13% $3,736
    Rockland Trust Company 1 5.63% $12,393
    SALEM FIVE MORTGAGE COMPANY, LLC 1 4.75% $11,221
    Santander Bank, N.A. 1 2.50% $13,434
    Bridgewater Savings Bank 1 5.13% $2,001
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $7,301
    T2 FINANCIAL LLC 1 3.25% $5,214
    Texana Bank 1 4.38% $9,141
    The Central Trust Bank 1 5.25% $12,598
    BAYCOAST MORTGAGE COMPANY, LLC 1 6.00% $16,288
    Bank of England 1 6.25% $26,859
    Bank of America 1 3.38% $7,810
    ARC HOME LLC 1 6.50% $7,983
    VAN DYK MORTGAGE CORPORATION 1 5.63% $12,338
    HANSCOM 1 5.38% $2,922
    GENEVA FINANCIAL, LLC 1 5.25% $0
    HOMESIDE FINANCIAL, LLC 1 5.25% $3,755
    HOMESTEAD FUNDING CORP. 1 2.50% $1,843
    KELLER MORTGAGE, LLC 1 5.25% $3,604
    JPMorgan Chase Bank 1 5.00% $11,259
    First Savings Bank 1 3.25% $9,560
    LEADERONE FINANCIAL CORPORATION 1 5.63% $32,275
    FIRST MORTGAGE COMPANY, INC. 1 4.25% $8,894
    Low VA Rates, LLC 1 3.25% $9,965
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.99% $17,578
    Mid-Continent Funding, Inc. 1 4.75% $3,276
    Waterstone Mortgage Corporation 1 2.75% $20,039
    First Internet Bank of Indiana 1 5.63% $2,856
    First Home Bank 1 5.50% $24,160
    First Bank 1 6.63% $13,169
    Fall River Five Cents Savings Bank 1 5.63% $13,069
    Evolve Bank & Trust 1 6.13% $2,842
    NORTHPOINT MORTGAGE, INC. 1 5.00% $4,633
    PLANET HOME LENDING, LLC 1 5.88% $7,989
    PLAZA HOME MORTGAGE, INC. 1 6.63% $4,747
    PNC Bank 1 5.13% $12,005
    Community First National Bank 1 2.75% $10,221
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $4,646
    Century Mortgage Company DBA Century Lending Company 1 4.75% $16,297

    The top Providence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 193 VA loans originated. Their average total fees are $9,292, which is $3,347 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Providence VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,040), GUARANTEED RATE AFFINITY, LLC ($6,847), Shamrock Home Loans, Inc. ($6,966), Citizens Bank ($8,227) and NEWREZ LLC ($8,337).

    The lowest rate Providence VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.33%), LAKEVIEW LOAN SERVICING, LLC (3.47%), FREEDOM MORTGAGE CORPORATION (3.84%), QUICKEN LOANS, LLC (3.85%) and NAVY FEDERAL CREDIT UNION (3.92%).

    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%) $534,035 (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%) $553,123 (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%) $545,059 (0.1%) 1.21 4,090
    2019-03-01 $366,329 (2.0%) $552,160 (1.1%) 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%) $574,002 (2.7%) 1.19 4,606
    2019-06-01 $384,900 (4.1%) $579,321 (3.8%) 1.20 4,745
    2019-07-01 $387,125 (4.6%) $587,901 (3.7%) 1.21 4,782
    2019-08-01 $379,655 (2.9%) $583,432 (5.5%) 1.20 4,797
    2019-09-01 $379,286 (3.9%) $581,351 (6.2%) 1.21 4,806
    2019-10-01 $379,491 (7.7%) $581,082 (8.6%) 1.22 4,803
    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 (8.9%) $610,479 (10.6%) 1.25 3,082
    2020-04-01 $399,000 (5.9%) $621,255 (10.4%) 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 (18.9%) 1.27 2,789
    2020-07-01 $427,450 (10.4%) $702,136 (19.4%) 1.24 2,543
    2020-08-01 $429,900 (13.2%) $722,819 (23.9%) 1.23 2,353
    2020-09-01 $422,450 (11.4%) $746,989 (28.5%) 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%) 1.14 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
    2023-05-01 $539,950 (14.3%) $923,458 (29.4%) 1.22 1,256
    2023-06-01 $549,900 (14.5%) $925,013 (28.8%) 1.24 1,379
    2023-07-01 $550,000 (14.6%) $959,477 (31.2%) 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
    Providence's median listing price for 2023-10-01 was $539,450, a difference of $64,950 (13.7%) versus the prior year and $-10,550 versus the prior month.

    Providence's median listing price comes in at 127% of the national average.

    Providence's average listing price for 2023-10-01 was $908,756, a difference of $134,410 (17.4%) versus the prior year and $-33,912 versus the prior month.

    For the 2023-10-01 period, Providence had 1,700 MLS listings, a difference of 156 listings (10%) versus the prior month and -252 listings (-13%) 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 1,692 sqft
    2018-03-01 51 days 1,714 sqft
    2018-04-01 45 days 1,733 sqft
    2018-05-01 39 days 1,737 sqft
    2018-06-01 38 days 1,725 sqft
    2018-07-01 45 days 1,728 sqft
    2018-08-01 47 days 1,711 sqft
    2018-09-01 50 days 1,700 sqft
    2018-10-01 52 days 1,699 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 1,712 sqft
    2019-05-01 45 days 1,737 sqft
    2019-06-01 45 days 1,761 sqft
    2019-07-01 51 days 1,750 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 1,681 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 1,777 sqft
    2020-09-01 30 days 1,754 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 1,700 sqft
    2021-02-01 48 days 1,650 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 1,601 sqft
    2021-07-01 26 days 1,600 sqft
    2021-08-01 24 days 1,613 sqft
    2021-09-01 29 days 1,649 sqft
    2021-10-01 26 days 1,639 sqft
    2021-11-01 31 days 1,622 sqft
    2021-12-01 47 days 1,575 sqft
    2022-01-01 43 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 22 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 45 days 1,664 sqft
    2023-01-01 53 days 1,632 sqft
    2023-02-01 45 days 1,651 sqft
    2023-03-01 41 days 1,665 sqft
    2023-04-01 35 days 1,664 sqft
    2023-05-01 31 days 1,708 sqft
    2023-06-01 31 days 1,912 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
    Providence's median listing age (time on market) for 2023-10-01 was 34 days. This is -7% shorter than the same period one year ago.

    Providence's median square footage for active listings during the 2023-10-01 period was 1,871 sqft. One year prior, the average listing was 1,648 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.