Rhode Island VA Loan Rates, Closing Costs & Stats

Rhode Island

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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 6.43% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

    Rhode Island's average VA mortgage closing costs are $6,319.

    The average rate for the prior week (2023-09-15) was 6.31% and one month ago for the week of 2023-08-18, the average rate was 6.39%.

    The average rate one year ago was 5.55%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.51%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 143 4.93% $8,600
    QUICKEN LOANS, LLC 81 3.77% $12,661
    NAVY FEDERAL CREDIT UNION 80 4.05% $9,176
    MOVEMENT MORTGAGE, LLC 78 4.30% $9,278
    FREEDOM MORTGAGE CORPORATION 47 3.79% $9,707
    USAA Federal Savings Bank 37 4.45% $12,226
    UNITED WHOLESALE MORTGAGE, LLC 34 4.92% $10,160
    Northpointe Bank 32 4.75% $10,126
    LOANDEPOT.COM, LLC 29 3.91% $10,627
    PENNYMAC LOAN SERVICES, LLC 27 3.31% $9,373
    GUARANTEED RATE, INC. 27 4.17% $15,394
    The Federal Savings Bank 24 4.83% $15,907
    GUILD MORTGAGE COMPANY 20 5.21% $9,630
    NEWREZ LLC 20 4.43% $8,806
    Semper Home Loans, Inc. 19 5.38% $11,498
    CALIBER HOME LOANS, INC. 16 4.34% $8,735
    LAKEVIEW LOAN SERVICING, LLC 16 3.50% $5,403
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.08% $7,266
    CROSSCOUNTRY MORTGAGE, LLC 15 4.49% $8,609
    NFM, INC. 14 4.88% $8,861
    EMBRACE HOME LOANS, INC. 13 4.35% $14,906
    Citizens Bank 12 4.08% $7,388
    Shamrock Home Loans, Inc. 12 4.70% $7,736
    Home Loan Investment Bank, F.S.B. 11 4.55% $10,658
    GUARANTEED RATE AFFINITY, LLC 11 5.05% $7,413
    HOME POINT FINANCIAL CORPORATION 10 3.82% $9,462
    Flagstar Bank, FSB 10 5.05% $9,932
    AMERISAVE MORTGAGE CORPORATION 10 4.21% $15,965
    PROVINCE MORTGAGE ASSOCIATES, INC. 8 5.33% $8,516
    Mr. Cooper ( Nationstar Mortgage ) 8 4.89% $12,639
    Barrington Bank & Trust Company, N.A. 8 4.34% $13,252
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.84% $6,747
    The Washington Trust Company, of Westerly 7 3.71% $8,027
    VILLAGE CAPITAL MORTGAGE 7 4.09% $13,143
    HARBORONE MORTGAGE, LLC 6 4.90% $4,735
    MUTUAL OF OMAHA MORTGAGE, INC. 5 3.87% $6,628
    Equity Prime Mortgage LLC 5 4.80% $11,034
    BROKER SOLUTIONS, INC. 4 3.81% $10,803
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 4.66% $7,255
    Princeton Mortgage Corporation 4 4.63% $16,245
    Carrington Mortgage Services, LLC 4 4.38% $8,183
    Mortgage Network, Inc. 4 4.63% $10,413
    EVERETT FINANCIAL, INC. 4 5.38% $1,889
    BNC National Bank 4 4.56% $10,178
    Wyndham Capital Mortgage, Inc. 3 3.00% $11,263
    EQUITY RESOURCES, INC. 3 3.29% $5,120
    Nations Lending Corporation 3 5.25% $13,757
    OCMBC, INC. 3 5.58% $10,477
    Paramount Residential Mortgage Group, Inc. 3 4.71% $18,050
    PENTAGON FEDERAL CREDIT UNION 3 3.96% $6,333
    Sierra Pacific Mortgage Company, Inc. 3 5.42% $12,705
    TOTAL MORTGAGE SERVICES, LLC 3 4.00% $13,550
    North American Savings Bank, F.S.B. 2 4.19% $19,989
    RELIANCE FIRST CAPITAL, LLC 2 6.56% $7,096
    Envision Bank 2 4.31% $9,181
    AMERICAN FINANCING CORPORATION 2 5.50% $29,344
    NBKC BANK 2 4.25% $7,727
    CARDINAL FINANCIAL 2 3.87% $10,025
    Magnolia Bank 2 3.75% $9,661
    Service Federal Credit Union 2 3.69% $3,159
    CMG MORTGAGE, INC. 2 3.81% $17,717
    Prosperity Home Mortgage, LLC 2 3.44% $17,641
    EMM LOANS LLC 2 4.56% $2,686
    First Federal Bank 2 3.88% $11,659
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $4,646
    Century Mortgage Company DBA Century Lending Company 1 4.75% $16,297
    RADIUS FINANCIAL GROUP INC. 1 5.13% $3,020
    SALEM FIVE MORTGAGE COMPANY, LLC 1 4.75% $11,221
    Santander Bank, N.A. 1 2.50% $13,434
    BAY EQUITY LLC 1 4.99% $4,761
    WESTERLY COMMUNITY 1 4.13% $3,736
    T2 FINANCIAL LLC 1 3.25% $5,214
    Texana Bank 1 4.38% $9,141
    The Central Trust Bank 1 5.25% $12,598
    Bank of England 1 6.25% $26,859
    Bank of America 1 3.38% $7,810
    Armed Forces Bank 1 4.00% $7,350
    ARC HOME LLC 1 6.50% $7,983
    Low VA Rates, LLC 1 3.25% $9,965
    LEADERONE FINANCIAL CORPORATION 1 5.63% $32,275
    Leader Bank 1 7.13% $13,036
    HOMESTEAD FUNDING CORP. 1 2.50% $1,843
    VAN DYK MORTGAGE CORPORATION 1 5.63% $12,338
    First Savings Bank 1 3.25% $9,560
    First Internet Bank of Indiana 1 5.63% $2,856
    First Home Bank 1 5.50% $24,160
    NORTHPOINT MORTGAGE, INC. 1 5.00% $4,633
    NORWICH COMMERCIAL GROUP, INC. 1 4.13% $1,645
    NP, Inc. 1 2.25% $6,249
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.99% $17,578
    Waterstone Mortgage Corporation 1 2.75% $20,039
    Wells Fargo Bank 1 2.25% $15,803
    PLANET HOME LENDING, LLC 1 5.88% $7,989
    PNC Bank 1 5.13% $12,005
    Community First National Bank 1 2.75% $10,221

    The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with 143 VA loans originated. Their average total fees are $8,600, which is $4,061 lower 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 ($5,403), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,266), Citizens Bank ($7,388), GUARANTEED RATE AFFINITY, LLC ($7,413) and Shamrock Home Loans, Inc. ($7,736).

    The lowest rate Rhode Island VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.31%), LAKEVIEW LOAN SERVICING, LLC (3.50%), QUICKEN LOANS, LLC (3.77%), FREEDOM MORTGAGE CORPORATION (3.79%) and HOME POINT FINANCIAL CORPORATION (3.82%).

    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.