Rhode Island FHA Loan Rates, Closing Costs & Stats

Rhode Island

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 -0.72% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.32% and one month ago for the week of 2024-01-19, the average rate was 5.76%.

The average rate one year ago was 5.82%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.44%.

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).