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 6.07% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

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

The average rate for the prior week (2024-02-09) was 6.13% and one month ago for the week of 2024-01-12, the average rate was 5.79%.

The average rate one year ago was 5.55%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.45%.

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.