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 92 lenders originated 889 VA loans during 2023. The total origination value was $387,755,000, with an average VA loan value of $436,170.

Providence VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Providence averaged 6.52% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Providence's average VA mortgage closing costs are $6,706.

The average rate for the prior week (2024-05-17) was 6.44% and one month ago for the week of 2024-04-19, the average rate was 6.91%.

The average rate one year ago was 6.18%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.99%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 129 6.66% $9,948
MOVEMENT MORTGAGE, LLC 77 6.51% $10,802
QUICKEN LOANS, LLC 66 6.08% $13,948
NAVY FEDERAL CREDIT UNION 63 5.83% $8,751
UNITED WHOLESALE MORTGAGE, LLC 47 6.27% $9,870
LOANDEPOT.COM, LLC 32 5.91% $15,514
The Federal Savings Bank 25 6.25% $21,335
Shamrock Home Loans, Inc. 24 6.23% $11,632
FREEDOM MORTGAGE CORPORATION 23 6.49% $14,588
USAA Federal Savings Bank 22 6.09% $12,075
PENNYMAC LOAN SERVICES, LLC 21 5.72% $11,481
GUILD MORTGAGE COMPANY 21 6.57% $9,246
Semper Home Loans, Inc. 20 6.49% $13,641
Northpointe Bank 19 6.48% $10,014
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.39% $11,166
NFM, INC. 14 6.41% $8,413
AMERICAN FINANCIAL NETWORK, INC. 11 6.43% $9,361
CROSSCOUNTRY MORTGAGE, LLC 11 6.55% $9,762
BAYCOAST MORTGAGE COMPANY, LLC 11 5.95% $9,502
GUARANTEED RATE, INC. 10 6.56% $6,949
EMBRACE HOME LOANS, INC. 8 6.39% $10,110
NEWREZ LLC 7 6.48% $11,201
The Washington Trust Company, of Westerly 7 6.00% $8,462
TOTAL MORTGAGE SERVICES, LLC 7 6.55% $12,323
VILLAGE CAPITAL MORTGAGE 7 6.14% $9,197
Magnolia Bank 7 5.59% $17,541
Mr. Cooper ( Nationstar Mortgage ) 6 5.69% $20,059
MORTGAGE EQUITY PARTNERS LLC 6 6.50% $15,768
PROVINCE MORTGAGE ASSOCIATES, INC. 6 6.71% $8,422
American Mortgage & Equity Consultants, Inc. 6 6.13% $14,273
FIRST MORTGAGE COMPANY, INC. 5 6.27% $5,770
RADIUS FINANCIAL GROUP INC. 5 6.33% $15,892
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.83% $16,420
PENTAGON FEDERAL CREDIT UNION 5 5.20% $14,008
GUARANTEED RATE AFFINITY, LLC 4 6.37% $10,725
Citizens Bank 4 6.56% $6,678
CMG MORTGAGE, INC. 4 6.41% $13,602
Barrington Bank & Trust Company, N.A. 4 6.13% $12,491
AMERISAVE MORTGAGE CORPORATION 4 5.75% $9,937
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.04% $16,276
Leader Bank 3 6.21% $7,540
LEADERONE FINANCIAL CORPORATION 3 6.54% $11,310
Flagstar Bank, FSB 3 6.82% $10,637
LAKEVIEW LOAN SERVICING, LLC 3 6.08% $17,842
FIRST HOME MORTGAGE CORPORATION 3 5.63% $18,794
Fall River Five Cents Savings Bank 2 6.56% $8,949
Waterstone Mortgage Corporation 2 6.00% $13,794
BAY EQUITY LLC 2 6.69% $8,292
U.S. Bank 2 6.25% $4,967
T2 FINANCIAL LLC 2 6.44% $32,248
EVERETT FINANCIAL, INC. 2 6.88% $15,012
HARBORONE MORTGAGE, LLC 2 6.25% $3,426
BROKER SOLUTIONS, INC. 2 6.25% $25,505
Home Loan Investment Bank, F.S.B. 2 6.13% $10,247
Sierra Pacific Mortgage Company, Inc. 2 5.88% $8,206
ENVOY MORTGAGE, LTD 2 6.44% $19,565
CARDINAL FINANCIAL 2 6.87% $9,666
DRAPER AND KRAMER MORTGAGE CORP. 2 5.88% $6,446
RELIANCE FIRST CAPITAL, LLC 2 6.44% $11,262
CHURCHILL MORTGAGE CORPORATION 2 6.25% $7,122
NBKC BANK 2 5.94% $11,033
Princeton Mortgage Corporation 2 6.38% $18,366
NORWICH COMMERCIAL GROUP, INC. 2 6.25% $25,384
Paramount Residential Mortgage Group, Inc. 2 6.50% $11,067
PREMIA MORTGAGE, LLC 2 6.13% $0
Wells Fargo Bank 1 5.75% $0
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $17,604
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $22,077
Armed Forces Bank 1 6.00% $11,608
BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,880
Berkshire Bank 1 5.63% $16,002
Capital Bank 1 5.75% $22,258
CONTOUR MORTGAGE CORPORATION 1 5.50% $9,769
Equity Prime Mortgage LLC 1 6.75% $7,582
FirstBank 1 6.63% $7,959
First Federal Bank 1 6.13% $9,860
GENEVA FINANCIAL, LLC 1 7.50% $14,767
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,166
JPMorgan Chase Bank 1 5.75% $11,159
MILEND, INC. 1 6.38% $10,278
NATIONS RELIABLE LENDING, LLC 1 7.49% $9,353
NEW FED MORTGAGE, CORP. 1 6.25% $12,021
NORTHPOINT MORTGAGE, INC. 1 5.75% $11,278
Old National Bank 1 5.99% $10,332
PLANET HOME LENDING, LLC 1 5.75% $9,359
RESIDENTIAL BANCORP 1 6.25% $5,008
Rockland Trust Company 1 7.13% $10,658
SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $23,770
Stifel Bank and Trust 1 7.38% $11,807
SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $12,500
The Central Trust Bank 1 5.75% $23,680
ALLIED MORTGAGE GROUP, INC. 1 6.63% $6,051

The top Providence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 129 VA loans originated. Their average total fees are $9,948, which is $854 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Providence VA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($6,949), NFM, INC. ($8,413), NAVY FEDERAL CREDIT UNION ($8,751), GUILD MORTGAGE COMPANY ($9,246) and AMERICAN FINANCIAL NETWORK, INC. ($9,361).

The lowest rate Providence VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.72%), NAVY FEDERAL CREDIT UNION (5.83%), LOANDEPOT.COM, LLC (5.91%), BAYCOAST MORTGAGE COMPANY, LLC (5.95%) and QUICKEN LOANS, LLC (6.08%).


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.

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.