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.