Rhode Island FHA Loan Rates, Closing Costs & Stats

Rhode Island

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    • 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.

    Rhode Island FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rhode Island averaged 6.45% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Rhode Island's average FHA mortgage closing costs are $9,903.

    The average rate for the prior week (2025-03-28) was 6.35% and one month ago for the week of 2025-02-28, the average rate was 6.33%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.47%.

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

    Rhode Island 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 Rhode Island level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 228 6.37% $14,218
    QUICKEN LOANS, LLC 144 6.20% $15,035
    Semper Home Loans, Inc. 134 6.35% $18,338
    CMG MORTGAGE, INC. 128 6.62% $13,932
    UNITED WHOLESALE MORTGAGE, LLC 120 6.09% $15,396
    PRIMARY RESIDENTIAL MORTGAGE, INC. 117 6.56% $8,116
    GUILD MORTGAGE COMPANY 94 6.39% $13,181
    TOTAL MORTGAGE SERVICES, LLC 88 6.51% $19,082
    PROVINCE MORTGAGE ASSOCIATES, INC. 67 6.48% $16,121
    Northpointe Bank 67 6.35% $14,885
    NFM, INC. 64 6.54% $16,456
    The Washington Trust Company, of Westerly 63 6.15% $11,810
    LOANDEPOT.COM, LLC 61 6.38% $17,003
    FREEDOM MORTGAGE CORPORATION 61 6.44% $15,180
    BROKER SOLUTIONS, INC. 57 6.38% $15,994
    CROSSCOUNTRY MORTGAGE, LLC 56 6.28% $15,979
    Paramount Residential Mortgage Group, Inc. 52 6.41% $17,009
    NEWREZ LLC 39 6.49% $15,160
    PENNYMAC LOAN SERVICES, LLC 34 5.94% $13,778
    Home Loan Investment Bank, F.S.B. 28 6.42% $12,846
    FIRST HOME MORTGAGE CORPORATION 27 6.28% $21,950
    HOMESPIRE MORTGAGE CORPORATION 26 6.02% $20,904
    NATIONS DIRECT MORTGAGE, LLC 24 6.35% $18,207
    MORTGAGE EQUITY PARTNERS LLC 22 6.41% $19,498
    AMERICAN FINANCIAL NETWORK, INC. 20 6.18% $18,258
    LAKEVIEW LOAN SERVICING, LLC 20 6.41% $12,977
    Mr. Cooper ( Nationstar Mortgage ) 19 6.39% $13,599
    MUTUAL OF OMAHA MORTGAGE, INC. 19 6.38% $23,484
    Citizens Bank 19 6.39% $11,709
    Waterstone Mortgage Corporation 17 6.32% $17,164
    Carrington Mortgage Services, LLC 16 6.13% $21,615
    GUARANTEED RATE, INC. 15 6.36% $13,124
    AMERISAVE MORTGAGE CORPORATION 15 6.33% $17,597
    Fall River Five Cents Savings Bank 14 6.10% $12,481
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 6.33% $16,141
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.45% $13,891
    Sierra Pacific Mortgage Company, Inc. 13 6.42% $15,580
    CARDINAL FINANCIAL 11 6.13% $11,705
    HARBORONE MORTGAGE, LLC 9 6.74% $13,422
    GUARANTEED RATE AFFINITY, LLC 9 6.54% $17,622
    EMBRACE HOME LOANS, INC. 9 6.15% $14,570
    BAYSHORE MORTGAGE FUNDING, LLC 8 6.70% $13,719
    BAYCOAST MORTGAGE COMPANY, LLC 8 5.78% $11,386
    NORTHPOINT MORTGAGE, INC. 8 6.23% $13,387
    TOWNE MORTGAGE COMPANY 7 5.98% $21,127
    Equity Prime Mortgage LLC 7 7.73% $18,295
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.55% $11,658
    NORWICH COMMERCIAL GROUP, INC. 7 6.16% $13,484
    EMM LOANS LLC 6 6.54% $16,786
    Centreville Bank 6 6.27% $11,056
    POLARIS HOME FUNDING CORP. 6 6.40% $15,462
    BankNewport 6 6.13% $11,838
    Nations Lending Corporation 6 6.52% $15,687
    Texana Bank 5 6.03% $19,410
    MID AMERICA MORTGAGE, INC. 5 6.83% $13,166
    FIRST COMMUNITY MORTGAGE, INC. 5 7.08% $17,209
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.13% $17,549
    PLAZA HOME MORTGAGE, INC. 5 7.05% $15,975
    FIRST MORTGAGE COMPANY, INC. 5 6.15% $15,828
    MSA MORTGAGE, LLC 5 6.15% $12,667
    RELIANCE FIRST CAPITAL, LLC 5 6.45% $15,716
    VILLAGE CAPITAL MORTGAGE 4 6.34% $9,646
    Eastern Bank 4 6.37% $12,513
    The Federal Savings Bank 4 6.13% $20,471
    SECURITYNATIONAL MORTGAGE COMPANY 4 6.13% $13,496
    NBKC BANK 3 6.29% $11,378
    ARC HOME LLC 3 6.83% $20,617
    Bank of America 3 6.88% $15,308
    CIBM Bank 3 6.96% $17,832
    EVERETT FINANCIAL, INC. 3 6.92% $23,675
    Leader Bank 3 5.96% $11,672
    NATIONS RELIABLE LENDING, LLC 3 6.04% $23,457
    Network Funding, L.P. 3 6.58% $11,132
    OCMBC, INC. 3 6.58% $21,174
    PLANET HOME LENDING, LLC 3 6.33% $5,999
    RADIUS FINANCIAL GROUP INC. 3 6.00% $12,950
    T2 FINANCIAL LLC 3 6.38% $11,935
    Lakeview Community Capital, LLC 2 6.00% $9,246
    Hometown Equity Mortgage, LLC 2 6.88% $20,835
    SUMMIT FUNDING, INC. 2 6.50% $13,031
    SUN WEST MORTGAGE COMPANY, INC. 2 6.80% $10,353
    ZILLOW HOME LOANS, LLC 2 6.13% $12,353
    PHH Mortgage Corporation 2 6.49% $15,640
    BAY EQUITY LLC 2 6.00% $14,528
    Bank of England 2 6.69% $12,085
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.25% $12,154
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.63% $15,154
    AmeriHome Mortgage Company, LLC 2 6.38% $16,350
    ALLIED MORTGAGE GROUP, INC. 2 6.44% $12,366
    U.S. Bank 2 6.13% $15,056
    JMAC LENDING, INC. 2 5.81% $23,246
    GENEVA FINANCIAL, LLC 2 7.00% $16,791
    Mortgage Research Center, LLC 2 7.06% $7,868
    FIRST COLONY MORTGAGE CORPORATION 1 6.25% $20,006
    ENVOY MORTGAGE, LTD 1 6.63% $13,834
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $17,931
    BETTER MORTGAGE CORPORATION 1 5.75% $15,636
    AmRes Corporation 1 5.63% $14,803
    NEW FED MORTGAGE, CORP. 1 6.13% $20,107
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.99% $20,874
    M&T Bank 1 6.50% $9,703
    MEMBERS MORTGAGE COMPANY, INC. 1 6.75% $10,388
    LEADERONE FINANCIAL CORPORATION 1 6.13% $9,739
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $5,950
    American Mortgage & Equity Consultants, Inc. 1 6.13% $15,534
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $14,876
    Ixonia Bank 1 7.00% $13,094
    PNC Bank 1 7.63% $11,736
    HOMESTEAD FUNDING CORP. 1 6.75% $16,530
    Prosperity Home Mortgage, LLC 1 6.75% $10,006
    GREENSTATE CREDIT UNION 1 6.13% $17,822
    Quontic Bank 1 6.25% $29,933
    WILLIAM RAVEIS MORTGAGE, LLC 1 7.13% $13,970
    First Federal Bank 1 5.63% $12,290
    Rockland Trust Company 1 6.63% $10,199
    SALEM FIVE MORTGAGE COMPANY, LLC 1 6.63% $12,139

    The top Rhode Island FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 228 FHA loans originated. Their average total fees are $14,218, which is $817 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rhode Island FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($8,116), CARDINAL FINANCIAL ($11,705), Citizens Bank ($11,709), The Washington Trust Company, of Westerly ($11,810) and Fall River Five Cents Savings Bank ($12,481).

    The lowest rate Rhode Island FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.94%), HOMESPIRE MORTGAGE CORPORATION (6.02%), UNITED WHOLESALE MORTGAGE, LLC (6.09%), Fall River Five Cents Savings Bank (6.10%) and Carrington Mortgage Services, LLC (6.13%).

    Rhode Island 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 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 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

    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).