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 6.45% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

    Rhode Island's average VA mortgage closing costs are $5,756.

    The average rate for the prior week (2023-03-10) was 6.53% and one month ago for the week of 2023-02-10, the average rate was 6.35%.

    The average rate one year ago was 4.05%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.51%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 245 2.80% $6,528
    QUICKEN LOANS, LLC 218 2.48% $4,784
    NAVY FEDERAL CREDIT UNION 130 2.47% $6,567
    MOVEMENT MORTGAGE, LLC 127 2.71% $7,070
    FREEDOM MORTGAGE CORPORATION 117 2.41% $3,611
    PENNYMAC LOAN SERVICES, LLC 117 2.40% $5,673
    LAKEVIEW LOAN SERVICING, LLC 78 2.48% $2,938
    The Federal Savings Bank 67 2.50% $6,760
    USAA Federal Savings Bank 61 2.87% $6,647
    LOANDEPOT.COM, LLC 60 2.60% $4,912
    CALIBER HOME LOANS, INC. 50 2.49% $6,295
    CROSSCOUNTRY MORTGAGE, LLC 48 2.74% $7,848
    UNITED WHOLESALE MORTGAGE, LLC 43 2.50% $6,400
    Citizens Bank 41 2.62% $6,945
    GUARANTEED RATE, INC. 38 2.56% $6,138
    Mr. Cooper ( Nationstar Mortgage ) 36 2.64% $5,205
    Northpointe Bank 36 2.70% $6,667
    HOME POINT FINANCIAL CORPORATION 34 2.42% $5,663
    RESIDENTIAL MORTGAGE SERVICES, INC. 32 2.59% $7,572
    NEWREZ LLC 32 2.60% $5,446
    EMBRACE HOME LOANS, INC. 30 2.40% $5,447
    Shamrock Home Loans, Inc. 27 2.69% $6,413
    HARBORONE MORTGAGE, LLC 25 2.81% $5,825
    VILLAGE CAPITAL MORTGAGE 23 2.34% $2,953
    Home Loan Investment Bank, F.S.B. 23 2.63% $7,352
    GUARANTEED RATE AFFINITY, LLC 23 2.72% $4,973
    Nations Lending Corporation 21 3.15% $8,402
    TOTAL MORTGAGE SERVICES, LLC 21 2.83% $8,907
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.03% $5,319
    Wells Fargo Bank 17 2.55% $3,665
    Low VA Rates, LLC 16 2.25% $4,934
    AMERISAVE MORTGAGE CORPORATION 16 2.57% $7,521
    PROVINCE MORTGAGE ASSOCIATES, INC. 15 3.06% $7,001
    Flagstar Bank, FSB 14 2.56% $5,409
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 3.28% $6,686
    NFM, INC. 14 3.06% $7,187
    PENTAGON FEDERAL CREDIT UNION 13 2.37% $5,206
    FIRST HOME MORTGAGE CORPORATION 13 2.78% $6,968
    HOMEBRIDGE FINANCIAL SERVICES, INC. 12 2.59% $8,307
    North American Savings Bank, F.S.B. 11 2.36% $3,729
    AMERICAN FINANCIAL NETWORK, INC. 11 2.60% $5,885
    Magnolia Bank 11 2.49% $10,367
    Carrington Mortgage Services, LLC 11 2.86% $5,394
    Barrington Bank & Trust Company, N.A. 10 2.66% $7,324
    Atlantic Home Loans, Inc. 10 2.74% $5,992
    MUTUAL OF OMAHA MORTGAGE, INC. 10 2.53% $7,390
    STEARNS LENDING, LLC 9 2.25% $2,634
    First Home Bank 9 2.54% $4,787
    BROKER SOLUTIONS, INC. 8 2.55% $7,659
    First Guaranty Mortgage Corporation 8 2.48% $3,378
    NP, Inc. 8 2.27% $4,205
    Paramount Residential Mortgage Group, Inc. 7 2.57% $4,448
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 2.77% $8,968
    Envision Bank 7 2.38% $6,914
    BNC National Bank 7 2.29% $4,955
    First Federal Bank 7 3.09% $8,246
    NBKC BANK 7 2.39% $3,114
    KS StateBank 6 2.48% $9,446
    PLANET HOME LENDING, LLC 6 2.83% $3,333
    ENVOY MORTGAGE, LTD 6 2.83% $6,006
    CMG MORTGAGE, INC. 5 2.30% $11,076
    NORTHPOINT MORTGAGE, INC. 5 2.78% $9,530
    Sierra Pacific Mortgage Company, Inc. 4 2.91% $5,372
    NORWICH COMMERCIAL GROUP, INC. 4 2.66% $4,187
    SUN WEST MORTGAGE COMPANY, INC. 4 2.38% $3,048
    The Washington Trust Company, of Westerly 4 2.53% $8,168
    CHURCHILL MORTGAGE CORPORATION 4 2.41% $9,357
    Wyndham Capital Mortgage, Inc. 3 2.42% $4,805
    M&T Bank 3 2.33% $3,567
    Prosperity Home Mortgage, LLC 3 2.63% $13,132
    Fall River Five Cents Savings Bank 2 2.38% $6,774
    OCMBC, INC. 2 2.88% $10,379
    Evolve Bank & Trust 2 2.63% $2,723
    RADIUS FINANCIAL GROUP INC. 2 2.19% $5,507
    RELIANCE FIRST CAPITAL, LLC 2 2.63% $6,318
    PLAZA HOME MORTGAGE, INC. 2 2.88% $4,960
    GUILD MORTGAGE COMPANY 2 2.69% $17,634
    BAYSHORE MORTGAGE FUNDING, LLC 2 2.69% $5,853
    Santander Bank, N.A. 2 2.69% $2,327
    Bank of America 2 2.94% $3,272
    U.S. Bank 2 2.69% $8,617
    Network Funding, L.P. 2 2.81% $8,014
    CONTOUR MORTGAGE CORPORATION 2 2.25% $3,380
    FINANCE OF AMERICA MORTGAGE LLC 2 2.56% $2,729
    Prime Choice Funding Inc. 2 2.25% $3,561
    PNC Bank 1 3.00% $12,002
    Presidential Bank, FSB 1 2.25% $1,039
    Equity Prime Mortgage LLC 1 3.25% $7,681
    AMERICAN FINANCING CORPORATION 1 2.88% $5,381
    EMM LOANS LLC 1 2.50% $3,510
    Eastern Bank 1 2.50% $4,269
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.13% $3,507
    Rockland Trust Company 1 2.25% $3,769
    Core Bank 1 2.25% $5,165
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $2,562
    Community First National Bank 1 2.50% $3,028
    Strong Home Mortgage, LLC 1 2.75% $658
    Sunflower Bank 1 2.25% $3,304
    Century Mortgage Company DBA Century Lending Company 1 2.25% $3,558
    The Camden National Bank 1 2.38% $3,207
    The Central Trust Bank 1 2.25% $1,116
    CELEBRITY HOME LOANS, LLC 1 3.00% $8,317
    Capital Bank 1 2.50% $1,641
    Bank of England 1 2.75% $3,858
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.25% $3,404
    AmeriHome Mortgage Company, LLC 1 2.63% $3,750
    WESTERLY COMMUNITY 1 2.25% $3,795
    Mortgage Network, Inc. 1 2.88% $3,159
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.38% $4,399
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.25% $7,842
    MID AMERICA MORTGAGE, INC. 1 2.25% $988
    Meridian Bank Corporation 1 2.38% $2,418
    NEW FED MORTGAGE, CORP. 1 2.63% $14,027
    Leader Bank 1 2.25% $0
    HOMESTEAD FUNDING CORP. 1 2.38% $1,186
    Goldwater Bank, N.A. 1 2.38% $3,380
    FIRST WORLD MORTGAGE CORPORATION 1 2.38% $12,243
    First Savings Bank 1 2.25% $2,161
    First Federal Bank of Kansas City 1 2.25% $2,363
    OCEAN STATE CREDIT UNION 1 2.88% $2,237
    Paramount Bank 1 2.50% $3,112
    FirstBank 1 2.25% $16,930
    Peoples Bank 1 2.63% $4,013

    The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with 245 VA loans originated. Their average total fees are $6,528, which is $1,744 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rhode Island VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,938), VILLAGE CAPITAL MORTGAGE ($2,953), FREEDOM MORTGAGE CORPORATION ($3,611), Wells Fargo Bank ($3,665) and North American Savings Bank, F.S.B. ($3,729).

    The lowest rate Rhode Island VA lenders (with over 10 loans originated) are Low VA Rates, LLC (2.25%), VILLAGE CAPITAL MORTGAGE (2.34%), North American Savings Bank, F.S.B. (2.36%), PENTAGON FEDERAL CREDIT UNION (2.37%) and PENNYMAC LOAN SERVICES, LLC (2.40%).

    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.