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 6.32% for the week of 2024-12-06, compared to the national average (all VA variants) of 6.143% for the same period.

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

The average rate for the prior week (2024-11-29) was 6.22% and one month ago for the week of 2024-11-01, the average rate was 6.67%.

The average rate one year ago was 7.02%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.22%.

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.