Rhode Island VA Loan Rates, Closing Costs & Stats

Rhode Island

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    • 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.

    Rhode Island VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rhode Island averaged 6.15% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Rhode Island's average VA mortgage closing costs are $6,676.

    The average rate for the prior week (2024-12-06) was 6.49% and one month ago for the week of 2024-11-08, the average rate was 6.38%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.46%.

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

    Rhode Island 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 Rhode Island level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 84 6.58% $10,211
    MOVEMENT MORTGAGE, LLC 65 6.57% $11,132
    NAVY FEDERAL CREDIT UNION 46 5.83% $9,418
    QUICKEN LOANS, LLC 41 6.18% $13,320
    UNITED WHOLESALE MORTGAGE, LLC 22 6.23% $10,822
    USAA Federal Savings Bank 19 6.11% $12,846
    Semper Home Loans, Inc. 18 6.49% $12,946
    Shamrock Home Loans, Inc. 18 6.27% $12,667
    The Federal Savings Bank 15 6.34% $20,408
    NFM, INC. 14 6.41% $8,413
    GUILD MORTGAGE COMPANY 14 6.53% $9,334
    Northpointe Bank 13 6.41% $10,389
    PENNYMAC LOAN SERVICES, LLC 12 5.73% $11,623
    LOANDEPOT.COM, LLC 11 6.17% $14,683
    FREEDOM MORTGAGE CORPORATION 10 6.76% $12,465
    GUARANTEED RATE, INC. 8 6.50% $6,322
    The Washington Trust Company, of Westerly 6 5.89% $7,230
    PROVINCE MORTGAGE ASSOCIATES, INC. 6 6.71% $8,422
    TOTAL MORTGAGE SERVICES, LLC 6 6.65% $11,267
    CROSSCOUNTRY MORTGAGE, LLC 6 6.65% $11,967
    BAYCOAST MORTGAGE COMPANY, LLC 6 5.71% $10,088
    American Mortgage & Equity Consultants, Inc. 6 6.13% $14,273
    NEWREZ LLC 5 6.58% $10,199
    MORTGAGE EQUITY PARTNERS LLC 5 6.78% $14,458
    Mr. Cooper ( Nationstar Mortgage ) 5 5.78% $20,580
    VILLAGE CAPITAL MORTGAGE 5 6.20% $9,186
    EMBRACE HOME LOANS, INC. 5 6.30% $10,037
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.33% $10,776
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.83% $16,420
    PENTAGON FEDERAL CREDIT UNION 5 5.20% $14,008
    AMERICAN FINANCIAL NETWORK, INC. 4 6.16% $5,909
    CMG MORTGAGE, INC. 4 6.41% $13,602
    Magnolia Bank 4 5.50% $19,694
    GUARANTEED RATE AFFINITY, LLC 3 6.46% $11,789
    Barrington Bank & Trust Company, N.A. 3 6.08% $14,047
    LAKEVIEW LOAN SERVICING, LLC 3 6.08% $17,842
    Citizens Bank 3 6.88% $5,962
    Flagstar Bank, FSB 3 6.82% $10,637
    FIRST HOME MORTGAGE CORPORATION 3 5.63% $18,794
    T2 FINANCIAL LLC 2 6.44% $32,248
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $7,570
    CHURCHILL MORTGAGE CORPORATION 2 6.25% $7,122
    ENVOY MORTGAGE, LTD 2 6.44% $19,565
    Fall River Five Cents Savings Bank 2 6.56% $8,949
    HARBORONE MORTGAGE, LLC 2 6.25% $3,426
    Home Loan Investment Bank, F.S.B. 2 6.13% $10,247
    LEADERONE FINANCIAL CORPORATION 2 6.50% $9,570
    NORWICH COMMERCIAL GROUP, INC. 2 6.25% $25,384
    Princeton Mortgage Corporation 2 6.38% $18,366
    RELIANCE FIRST CAPITAL, LLC 2 6.44% $11,262
    Waterstone Mortgage Corporation 2 6.00% $13,794
    JPMorgan Chase Bank 1 5.75% $11,159
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,166
    NORTHPOINT MORTGAGE, INC. 1 5.75% $11,278
    U.S. Bank 1 6.25% $3,601
    Paramount Residential Mortgage Group, Inc. 1 7.25% $9,234
    GENEVA FINANCIAL, LLC 1 7.50% $14,767
    FIRST MORTGAGE COMPANY, INC. 1 6.88% $4,997
    PLANET HOME LENDING, LLC 1 5.75% $9,359
    PREMIA MORTGAGE, LLC 1 5.63% $0
    FirstBank 1 6.63% $7,959
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $17,604
    EVERETT FINANCIAL, INC. 1 7.13% $23,005
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $10,355
    RADIUS FINANCIAL GROUP INC. 1 6.75% $13,726
    Wells Fargo Bank 1 5.75% $0
    RESIDENTIAL BANCORP 1 6.25% $5,008
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $23,770
    CARDINAL FINANCIAL 1 6.99% $13,198
    Capital Bank 1 5.75% $22,258
    Sierra Pacific Mortgage Company, Inc. 1 6.13% $12,525
    Stifel Bank and Trust 1 7.38% $11,807
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $12,500
    BROKER SOLUTIONS, INC. 1 6.25% $35,020
    The Central Trust Bank 1 5.75% $23,680
    Berkshire Bank 1 5.63% $16,002
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $15,880
    BAY EQUITY LLC 1 6.25% $11,984
    Armed Forces Bank 1 6.00% $11,608
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $22,077
    NATIONS RELIABLE LENDING, LLC 1 7.49% $9,353
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $10,635
    NBKC BANK 1 5.88% $10,135
    Leader Bank 1 6.75% $11,977

    The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with 84 VA loans originated. Their average total fees are $10,211, which is $921 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Rhode Island VA lenders (with over 10 loans originated) are NFM, INC. ($8,413), GUILD MORTGAGE COMPANY ($9,334), NAVY FEDERAL CREDIT UNION ($9,418), Mortgage Research Center, LLC ($10,211) and Northpointe Bank ($10,389).

    The lowest rate Rhode Island VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.73%), NAVY FEDERAL CREDIT UNION (5.83%), USAA Federal Savings Bank (6.11%), LOANDEPOT.COM, LLC (6.17%) and QUICKEN LOANS, LLC (6.18%).

    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.