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 6.19% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Rhode Island's average FHA mortgage closing costs are $8,886.

    The average rate for the prior week (2023-05-19) was 6.07% and one month ago for the week of 2023-04-21, the average rate was 5.71%.

    The average rate one year ago was 4.73%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.07%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 236 4.96% $11,375
    Shamrock Home Loans, Inc. 204 4.81% $10,931
    Semper Home Loans, Inc. 167 5.18% $13,192
    QUICKEN LOANS, LLC 166 4.32% $12,025
    PRIMARY RESIDENTIAL MORTGAGE, INC. 155 4.83% $12,834
    UNITED WHOLESALE MORTGAGE, LLC 143 4.76% $12,857
    Northpointe Bank 141 4.77% $12,799
    NFM, INC. 132 4.85% $13,194
    CALIBER HOME LOANS, INC. 100 4.50% $11,541
    GUILD MORTGAGE COMPANY 92 4.68% $10,200
    HOME POINT FINANCIAL CORPORATION 83 4.12% $12,805
    TOTAL MORTGAGE SERVICES, LLC 81 5.07% $13,992
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 5.00% $11,685
    FREEDOM MORTGAGE CORPORATION 72 4.51% $10,755
    GUARANTEED RATE AFFINITY, LLC 69 4.70% $11,757
    PROVINCE MORTGAGE ASSOCIATES, INC. 68 4.95% $10,800
    LOANDEPOT.COM, LLC 64 4.49% $13,673
    CROSSCOUNTRY MORTGAGE, LLC 64 5.10% $13,942
    Nations Lending Corporation 51 5.06% $11,537
    PENNYMAC LOAN SERVICES, LLC 51 4.05% $12,119
    HOMESPIRE MORTGAGE CORPORATION 51 4.76% $14,123
    GUARANTEED RATE, INC. 46 4.73% $12,061
    Ixonia Bank 44 5.13% $18,416
    AMERISAVE MORTGAGE CORPORATION 39 4.22% $12,872
    LAKEVIEW LOAN SERVICING, LLC 36 3.87% $8,873
    Paramount Residential Mortgage Group, Inc. 33 5.03% $14,733
    Mortgage Network, Inc. 32 5.23% $9,920
    Mr. Cooper ( Nationstar Mortgage ) 32 4.10% $14,041
    Home Loan Investment Bank, F.S.B. 31 4.70% $10,632
    OCMBC, INC. 30 4.88% $13,051
    Citizens Bank 30 4.37% $9,361
    HARBORONE MORTGAGE, LLC 29 4.76% $10,274
    EMBRACE HOME LOANS, INC. 28 4.64% $11,518
    Carrington Mortgage Services, LLC 27 4.86% $13,519
    NEWREZ LLC 24 4.84% $11,359
    FIRST HOME MORTGAGE CORPORATION 24 4.94% $16,066
    Flagstar Bank, FSB 23 5.06% $12,980
    HOMEBRIDGE FINANCIAL SERVICES, INC. 20 4.81% $11,868
    Princeton Mortgage Corporation 20 5.59% $12,609
    EVERETT FINANCIAL, INC. 18 5.62% $8,101
    BROKER SOLUTIONS, INC. 16 4.70% $10,941
    NORWICH COMMERCIAL GROUP, INC. 16 5.26% $14,576
    CARDINAL FINANCIAL 16 3.82% $10,976
    Sierra Pacific Mortgage Company, Inc. 16 4.64% $13,397
    Homestar Mortgage, Inc. 13 4.21% $8,391
    Equity Prime Mortgage LLC 12 4.77% $12,136
    Envision Bank 11 4.36% $9,389
    The Federal Savings Bank 10 4.66% $16,351
    The Washington Trust Company, of Westerly 9 4.69% $10,024
    M&T Bank 9 4.13% $9,582
    NEW FED MORTGAGE, CORP. 9 4.47% $13,343
    RELIANCE FIRST CAPITAL, LLC 9 4.57% $13,240
    MUTUAL OF OMAHA MORTGAGE, INC. 8 5.30% $15,237
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 8 4.50% $17,531
    Waterstone Mortgage Corporation 8 5.13% $15,207
    Fall River Five Cents Savings Bank 7 5.59% $10,037
    EMM LOANS LLC 7 4.91% $12,370
    U.S. Bank 7 5.04% $10,375
    INLAND BANK & TRUST 6 4.88% $11,711
    Century Mortgage Company DBA Century Lending Company 6 4.17% $11,157
    EQUITY RESOURCES, INC. 6 5.21% $17,435
    Hometown Equity Mortgage, LLC 6 4.96% $16,783
    MORTGAGE EQUITY PARTNERS LLC 6 5.81% $11,752
    RADIUS FINANCIAL GROUP INC. 5 4.90% $13,540
    FIRST MORTGAGE COMPANY, INC. 5 4.80% $11,508
    ENVOY MORTGAGE, LTD 5 4.33% $13,336
    GENEVA FINANCIAL, LLC 5 5.40% $19,732
    AMERICAN FINANCING CORPORATION 5 3.98% $12,854
    NORTHPOINT MORTGAGE, INC. 5 4.45% $9,518
    VILLAGE CAPITAL MORTGAGE 5 2.98% $6,543
    Network Funding, L.P. 5 5.40% $12,052
    CMG MORTGAGE, INC. 4 5.06% $12,398
    First Home Bank 4 4.34% $15,656
    BankNewport 4 3.88% $9,468
    ALLIED MORTGAGE GROUP, INC. 4 4.84% $9,742
    PLANET HOME LENDING, LLC 3 3.25% $4,057
    FINANCE OF AMERICA MORTGAGE LLC 3 5.75% $16,961
    Leader Bank 3 5.13% $11,232
    Prosperity Home Mortgage, LLC 3 5.33% $9,652
    Eastern Bank 3 4.75% $10,929
    DRAPER AND KRAMER MORTGAGE CORP. 3 3.92% $12,362
    DAS Acquisition Company, LLC 3 6.33% $15,080
    BAYCOAST MORTGAGE COMPANY, LLC 3 3.50% $9,421
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.04% $13,746
    Rockland Trust Company 3 4.08% $12,233
    ZILLOW HOME LOANS, LLC 2 4.00% $10,390
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 4.06% $10,113
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.56% $12,526
    ARC HOME LLC 2 4.87% $9,299
    Bank of America 2 4.88% $11,618
    Bank of England 2 4.44% $11,849
    BAY EQUITY LLC 2 5.50% $12,511
    BETTER MORTGAGE CORPORATION 2 3.75% $12,152
    DREW MORTGAGE ASSOCIATES, INC. 2 6.63% $11,902
    First Savings Bank 2 3.38% $15,485
    JPMorgan Chase Bank 2 6.18% $7,661
    LIBERTY HOME MORTGAGE CORPORATION 2 6.63% $15,085
    PLAZA HOME MORTGAGE, INC. 2 4.19% $10,125
    PNC Bank 2 6.13% $7,939
    Santander Bank, N.A. 2 2.75% $9,569
    Southern Mass Credit Union 2 5.37% $13,850
    SUN WEST MORTGAGE COMPANY, INC. 2 6.00% $13,012
    TD Bank 2 5.13% $7,473
    Texana Bank 2 4.00% $13,369
    Wells Fargo Bank 2 5.19% $9,348
    Mortgage Research Center, LLC 1 5.75% $3,483
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $12,137
    HUNT MORTGAGE CORPORATION 1 4.88% $14,852
    Ross Mortgage Company, Inc. 1 3.75% $16,370
    Ameris Bank 1 5.63% $8,812
    First Guaranty Mortgage Corporation 1 3.50% $15,745
    First Federal Bank 1 2.25% $9,785
    Easthampton Savings Bank 1 6.63% $10,101
    AmeriHome Mortgage Company, LLC 1 3.13% $11,404
    STEARNS LENDING, LLC 1 2.75% $7,390
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.13% $11,982
    T2 FINANCIAL LLC 1 5.25% $16,654
    ACADEMY MORTGAGE CORPORATION 1 5.25% $10,882
    Wyndham Capital Mortgage, Inc. 1 5.00% $7,653
    CONTOUR MORTGAGE CORPORATION 1 6.13% $13,274
    The Union Bank Company 1 6.00% $14,459
    Centreville Bank 1 4.25% $8,652
    BNC National Bank 1 3.63% $6,994
    UNION HOME MORTGAGE CORP. 1 4.75% $11,143
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.50% $11,556
    Barrington Bank & Trust Company, N.A. 1 5.25% $14,217
    PREMIA MORTGAGE, LLC 1 5.88% $10,874
    Poli Mortgage Group, Inc. 1 5.00% $12,989
    Plains Commerce Bank 1 4.50% $12,807
    PHH Mortgage Corporation 1 5.63% $11,868
    OCEAN STATE CREDIT UNION 1 3.88% $5,190
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,954

    The top Rhode Island FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 236 FHA loans originated. Their average total fees are $11,375, which is $444 higher than the next largest lender, Shamrock Home Loans, Inc..

    The lowest fee Rhode Island FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($8,101), Homestar Mortgage, Inc. ($8,391), LAKEVIEW LOAN SERVICING, LLC ($8,873), Citizens Bank ($9,361) and Envision Bank ($9,389).

    The lowest rate Rhode Island FHA lenders (with over 10 loans originated) are CARDINAL FINANCIAL (3.82%), LAKEVIEW LOAN SERVICING, LLC (3.87%), PENNYMAC LOAN SERVICES, LLC (4.05%), Mr. Cooper ( Nationstar Mortgage ) (4.10%) and HOME POINT FINANCIAL CORPORATION (4.12%).

    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).