Providence VA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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 5.92% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

The average rate for the prior week (2023-05-19) was 6.15% and one month ago for the week of 2023-04-21, the average rate was 5.97%.

The average rate one year ago was 5.04%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.95%.

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%) $553,132 (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 (-0.7%) 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 $369,900 (3.0%) $553,914 (1.4%) 1.23 4,058
2019-04-01 $377,000 (2.2%) $563,100 (1.3%) 1.20 4,315
2019-05-01 $379,950 (2.0%) $574,165 (2.8%) 1.19 4,606
2019-06-01 $384,900 (4.1%) $579,677 (3.9%) 1.20 4,745
2019-07-01 $387,125 (4.6%) $587,901 (3.7%) 1.21 4,782
2019-08-01 $389,900 (5.7%) $596,121 (7.8%) 1.22 4,730
2019-09-01 $389,744 (6.8%) $602,563 (10.1%) 1.23 4,321
2019-10-01 $379,450 (7.7%) $580,851 (8.5%) 1.22 4,804
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 (7.9%) $610,479 (10.2%) 1.25 3,082
2020-04-01 $399,000 (5.8%) $621,255 (10.3%) 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 (18.8%) 1.27 2,789
2020-07-01 $427,450 (10.4%) $702,136 (19.4%) 1.24 2,543
2020-08-01 $429,900 (10.3%) $722,819 (21.3%) 1.23 2,353
2020-09-01 $422,450 (8.4%) $746,989 (24.0%) 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%) 1.13 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
Providence's median listing price for 2023-04-01 was $529,900, a difference of $54,901 (11.6%) versus the prior year and $17,000 versus the prior month.

Providence's median listing price comes in at 123% of the national average.

Providence's average listing price for 2023-04-01 was $903,595, a difference of $175,607 (24.1%) versus the prior year and $-4,842 versus the prior month.

For the 2023-04-01 period, Providence had 1,220 MLS listings, a difference of 50 listings (4%) versus the prior month and 116 listings (11%) 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 87 days 1,676 sqft
2018-02-01 83 days 1,692 sqft
2018-03-01 57 days 1,714 sqft
2018-04-01 50 days 1,733 sqft
2018-05-01 43 days 1,738 sqft
2018-06-01 40 days 1,725 sqft
2018-07-01 46 days 1,728 sqft
2018-08-01 51 days 1,712 sqft
2018-09-01 52 days 1,700 sqft
2018-10-01 54 days 1,699 sqft
2018-11-01 58 days 1,682 sqft
2018-12-01 71 days 1,673 sqft
2019-01-01 79 days 1,667 sqft
2019-02-01 77 days 1,678 sqft
2019-03-01 62 days 1,692 sqft
2019-04-01 47 days 1,710 sqft
2019-05-01 46 days 1,736 sqft
2019-06-01 46 days 1,754 sqft
2019-07-01 52 days 1,750 sqft
2019-08-01 63 days 1,769 sqft
2019-09-01 65 days 1,757 sqft
2019-10-01 52 days 1,712 sqft
2019-11-01 59 days 1,728 sqft
2019-12-01 74 days 1,681 sqft
2020-01-01 78 days 1,678 sqft
2020-02-01 68 days 1,700 sqft
2020-03-01 51 days 1,739 sqft
2020-04-01 56 days 1,734 sqft
2020-05-01 64 days 1,754 sqft
2020-06-01 52 days 1,800 sqft
2020-07-01 50 days 1,773 sqft
2020-08-01 43 days 1,777 sqft
2020-09-01 33 days 1,754 sqft
2020-10-01 33 days 1,727 sqft
2020-11-01 41 days 1,696 sqft
2020-12-01 52 days 1,698 sqft
2021-01-01 57 days 1,700 sqft
2021-02-01 53 days 1,650 sqft
2021-03-01 40 days 1,631 sqft
2021-04-01 31 days 1,600 sqft
2021-05-01 29 days 1,572 sqft
2021-06-01 23 days 1,601 sqft
2021-07-01 29 days 1,600 sqft
2021-08-01 25 days 1,613 sqft
2021-09-01 30 days 1,649 sqft
2021-10-01 28 days 1,639 sqft
2021-11-01 32 days 1,622 sqft
2021-12-01 49 days 1,575 sqft
2022-01-01 45 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 23 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 46 days 1,664 sqft
2023-01-01 53 days 1,632 sqft
2023-02-01 45 days 1,651 sqft
2023-03-01 42 days 1,665 sqft
2023-04-01 36 days 1,664 sqft
Providence's median listing age (time on market) for 2023-04-01 was 36 days. This is 44% longer than the same period one year ago.

Providence's median square footage for active listings during the 2023-04-01 period was 1,664 sqft. One year prior, the average listing was 1,604 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.