Rhode Island VA Loan Rates, Closing Costs & Stats

Rhode Island

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.