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 6.62% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Rhode Island's average FHA mortgage closing costs are $9,407.

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 6.68%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.02%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 290 6.55% $13,390
    Shamrock Home Loans, Inc. 156 6.62% $13,078
    QUICKEN LOANS, LLC 150 6.16% $14,317
    Semper Home Loans, Inc. 120 6.68% $17,136
    PRIMARY RESIDENTIAL MORTGAGE, INC. 102 6.89% $17,502
    UNITED WHOLESALE MORTGAGE, LLC 82 6.30% $15,362
    Northpointe Bank 78 6.61% $15,210
    GUILD MORTGAGE COMPANY 74 6.64% $11,763
    LOANDEPOT.COM, LLC 64 6.24% $15,692
    TOTAL MORTGAGE SERVICES, LLC 63 6.62% $16,761
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 55 6.45% $13,325
    CROSSCOUNTRY MORTGAGE, LLC 50 6.84% $14,507
    NFM, INC. 45 6.86% $14,474
    NEWREZ LLC 44 6.36% $13,449
    Paramount Residential Mortgage Group, Inc. 38 6.81% $16,187
    PROVINCE MORTGAGE ASSOCIATES, INC. 37 6.79% $13,001
    HOMESPIRE MORTGAGE CORPORATION 34 6.58% $15,430
    DAS Acquisition Company, LLC 31 6.54% $15,405
    FREEDOM MORTGAGE CORPORATION 30 6.85% $15,184
    GUARANTEED RATE, INC. 29 6.49% $16,114
    Home Loan Investment Bank, F.S.B. 26 6.70% $12,360
    GUARANTEED RATE AFFINITY, LLC 25 6.55% $14,191
    PENNYMAC LOAN SERVICES, LLC 21 6.04% $15,160
    EMBRACE HOME LOANS, INC. 19 6.38% $12,718
    Citizens Bank 19 6.46% $11,524
    MUTUAL OF OMAHA MORTGAGE, INC. 19 6.40% $19,924
    Sierra Pacific Mortgage Company, Inc. 18 6.61% $14,718
    FIRST HOME MORTGAGE CORPORATION 17 6.51% $20,847
    BROKER SOLUTIONS, INC. 15 6.50% $13,321
    Mr. Cooper ( Nationstar Mortgage ) 15 6.22% $20,447
    Nations Lending Corporation 15 6.30% $11,779
    HARBORONE MORTGAGE, LLC 15 6.72% $11,517
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 6.44% $11,462
    Waterstone Mortgage Corporation 13 6.60% $16,481
    NORWICH COMMERCIAL GROUP, INC. 13 6.86% $15,094
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 13 6.73% $21,613
    OCMBC, INC. 12 7.03% $15,957
    LAKEVIEW LOAN SERVICING, LLC 12 6.07% $15,266
    The Washington Trust Company, of Westerly 12 6.46% $11,196
    Carrington Mortgage Services, LLC 11 6.58% $14,401
    Ixonia Bank 11 6.53% $15,808
    AMERISAVE MORTGAGE CORPORATION 11 6.14% $17,087
    BAYCOAST MORTGAGE COMPANY, LLC 11 6.47% $11,438
    RELIANCE FIRST CAPITAL, LLC 11 6.10% $15,942
    AMERICAN FINANCIAL NETWORK, INC. 11 6.85% $16,944
    MORTGAGE EQUITY PARTNERS LLC 10 6.73% $13,956
    Princeton Mortgage Corporation 9 6.40% $13,490
    NORTHPOINT MORTGAGE, INC. 8 6.81% $15,149
    EVERETT FINANCIAL, INC. 8 7.00% $13,268
    CARDINAL FINANCIAL 7 5.93% $19,797
    American Mortgage & Equity Consultants, Inc. 7 6.36% $19,135
    Fall River Five Cents Savings Bank 7 6.14% $13,807
    NATIONS DIRECT MORTGAGE, LLC 7 6.80% $23,519
    Hometown Equity Mortgage, LLC 6 6.10% $26,815
    EMM LOANS LLC 6 6.63% $19,262
    FIRST MORTGAGE COMPANY, INC. 6 6.42% $14,381
    POLARIS HOME FUNDING CORP. 6 6.67% $14,983
    ARC HOME LLC 6 6.50% $17,625
    CMG MORTGAGE, INC. 5 7.00% $14,105
    BankNewport 5 6.88% $8,947
    Leader Bank 5 6.57% $9,984
    FIRST COMMUNITY MORTGAGE, INC. 5 6.78% $16,755
    Eastern Bank 4 6.87% $11,520
    Equity Prime Mortgage LLC 4 7.38% $17,299
    DRAPER AND KRAMER MORTGAGE CORP. 4 6.41% $11,009
    SUN WEST MORTGAGE COMPANY, INC. 4 6.66% $11,497
    First Savings Bank 4 5.97% $18,739
    GENEVA FINANCIAL, LLC 3 7.33% $19,416
    NATIONS RELIABLE LENDING, LLC 3 7.33% $17,941
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.17% $13,700
    JMAC LENDING, INC. 3 6.33% $20,239
    Berkshire Bank 2 6.31% $12,576
    Bank of America 2 7.63% $11,571
    Centreville Bank 2 7.25% $13,119
    CIBM Bank 2 6.69% $13,423
    Easthampton Savings Bank 2 6.50% $12,263
    Evolve Bank & Trust 2 5.81% $17,833
    LAND HOME FINANCIAL SERVICES, INC. 2 7.50% $20,546
    LEADERONE FINANCIAL CORPORATION 2 6.75% $10,956
    Mortgage Research Center, LLC 2 6.25% $15,653
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $14,772
    M&T Bank 2 6.75% $14,182
    PHH Mortgage Corporation 2 6.24% $17,829
    RADIUS FINANCIAL GROUP INC. 2 6.94% $11,961
    Rockland Trust Company 2 6.75% $10,486
    T2 FINANCIAL LLC 2 6.19% $14,345
    The Federal Savings Bank 2 6.38% $17,471
    ZILLOW HOME LOANS, LLC 2 7.13% $15,227
    OCEAN STATE CREDIT UNION 1 6.63% $7,797
    Magnolia Bank 1 6.63% $27,632
    JPMorgan Chase Bank 1 6.13% $12,034
    Flagstar Bank, FSB 1 5.75% $14,111
    TOWNE MORTGAGE COMPANY 1 6.63% $16,968
    PLAZA HOME MORTGAGE, INC. 1 6.25% $18,828
    FIRST WORLD MORTGAGE CORPORATION 1 7.13% $14,092
    ENVOY MORTGAGE, LTD 1 5.75% $11,410
    DREW MORTGAGE ASSOCIATES, INC. 1 5.75% $11,437
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $12,351
    Chelsea Groton Bank 1 6.13% $5,006
    AMERICAN FINANCING CORPORATION 1 7.00% $16,249
    Century Mortgage Company DBA Century Lending Company 1 7.13% $19,022
    U.S. Bank 1 6.75% $12,861
    SALEM FIVE MORTGAGE COMPANY, LLC 1 7.00% $19,515
    Bridgewater Savings Bank 1 6.75% $11,710
    BETTER MORTGAGE CORPORATION 1 6.13% $10,020
    ALLIED MORTGAGE GROUP, INC. 1 5.75% $8,930
    BAY EQUITY LLC 1 6.25% $12,233
    VILLAGE CAPITAL MORTGAGE 1 4.75% $13,671
    TD Bank 1 6.00% $9,406
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $8,736
    The Union Bank Company 1 6.25% $20,822
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $17,831
    AmRes Corporation 1 7.13% $15,313
    NexBank 1 5.63% $13,089
    NEW FED MORTGAGE, CORP. 1 6.75% $20,072
    Network Funding, L.P. 1 6.63% $12,822
    NBKC BANK 1 6.13% $11,741
    MID AMERICA MORTGAGE, INC. 1 5.63% $9,853
    OCEANSIDE MORTGAGE COMPANY 1 6.38% $12,091

    The top Rhode Island FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 290 FHA loans originated. Their average total fees are $13,390, which is $312 higher than the next largest lender, Shamrock Home Loans, Inc..

    The lowest fee Rhode Island FHA lenders (with over 10 loans originated) are The Washington Trust Company, of Westerly ($11,196), BAYCOAST MORTGAGE COMPANY, LLC ($11,438), HOMEBRIDGE FINANCIAL SERVICES, INC. ($11,462), HARBORONE MORTGAGE, LLC ($11,517) and Citizens Bank ($11,524).

    The lowest rate Rhode Island FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.04%), LAKEVIEW LOAN SERVICING, LLC (6.07%), RELIANCE FIRST CAPITAL, LLC (6.10%), AMERISAVE MORTGAGE CORPORATION (6.14%) and QUICKEN LOANS, LLC (6.16%).

    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).