Rhode Island VA Loan Rates, Closing Costs & Stats

Rhode Island

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    • 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 7.05% for the week of 2025-05-23, compared to the national average (all VA variants) of 6.52% for the same period.

    Rhode Island's average VA mortgage closing costs are $6,985.

    The average rate for the prior week (2025-05-16) was 6.73% and one month ago for the week of 2025-04-18, the average rate was 6.7%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.67%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 113 6.30% $8,264
    MOVEMENT MORTGAGE, LLC 84 6.24% $8,703
    NAVY FEDERAL CREDIT UNION 57 5.84% $8,156
    UNITED WHOLESALE MORTGAGE, LLC 46 5.76% $7,571
    QUICKEN LOANS, LLC 45 6.01% $10,803
    FREEDOM MORTGAGE CORPORATION 36 6.26% $11,795
    PENNYMAC LOAN SERVICES, LLC 27 5.53% $12,865
    NEWREZ LLC 24 6.21% $8,903
    USAA Federal Savings Bank 19 6.21% $13,637
    GUILD MORTGAGE COMPANY 19 6.51% $9,531
    The Federal Savings Bank 18 6.24% $18,429
    BAYCOAST MORTGAGE COMPANY, LLC 16 5.71% $9,525
    CROSSCOUNTRY MORTGAGE, LLC 15 6.24% $10,793
    Semper Home Loans, Inc. 14 6.43% $13,207
    NFM, INC. 13 6.30% $13,942
    LOANDEPOT.COM, LLC 13 6.18% $17,694
    VILLAGE CAPITAL MORTGAGE 12 5.71% $5,329
    CMG MORTGAGE, INC. 11 6.29% $11,734
    TOTAL MORTGAGE SERVICES, LLC 10 6.46% $11,284
    The Washington Trust Company, of Westerly 10 6.07% $7,602
    Northpointe Bank 10 5.99% $12,492
    GUARANTEED RATE, INC. 9 6.22% $7,623
    BROKER SOLUTIONS, INC. 9 6.33% $10,021
    Home Loan Investment Bank, F.S.B. 8 6.27% $10,084
    EMBRACE HOME LOANS, INC. 8 6.41% $16,256
    PROVINCE MORTGAGE ASSOCIATES, INC. 7 6.79% $9,913
    Magnolia Bank 7 6.00% $15,596
    HARBORONE MORTGAGE, LLC 6 6.44% $8,316
    NBKC BANK 5 5.70% $13,322
    First Federal Bank 5 6.03% $5,639
    U.S. Bank 5 6.48% $8,722
    Waterstone Mortgage Corporation 5 6.35% $16,836
    LAKEVIEW LOAN SERVICING, LLC 5 6.08% $5,666
    NATIONS DIRECT MORTGAGE, LLC 5 6.58% $9,428
    Leader Bank 5 5.95% $9,896
    AMERICAN FINANCIAL NETWORK, INC. 4 6.50% $3,915
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.38% $13,159
    Armed Forces Bank 4 6.13% $11,453
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.63% $1,738
    Mr. Cooper ( Nationstar Mortgage ) 4 6.72% $12,847
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.31% $11,768
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 7.09% $9,597
    Texana Bank 4 6.59% $28,924
    Carrington Mortgage Services, LLC 3 5.96% $10,850
    T2 FINANCIAL LLC 3 5.96% $13,611
    Fall River Five Cents Savings Bank 3 6.04% $15,658
    Prosperity Home Mortgage, LLC 3 6.21% $7,258
    PLANET HOME LENDING, LLC 3 6.21% $3,488
    Paramount Residential Mortgage Group, Inc. 3 5.83% $22,550
    Sierra Pacific Mortgage Company, Inc. 3 6.67% $22,536
    PLAZA HOME MORTGAGE, INC. 2 6.50% $5,393
    POLARIS HOME FUNDING CORP. 2 6.88% $32,649
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $23,892
    MORTGAGE EQUITY PARTNERS LLC 2 6.69% $10,323
    JPMorgan Chase Bank 2 6.44% $539
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.38% $6,333
    RADIUS FINANCIAL GROUP INC. 2 6.75% $9,584
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.19% $4,279
    RELIANCE FIRST CAPITAL, LLC 2 5.75% $15,332
    FIRST MORTGAGE COMPANY, INC. 2 5.94% $11,389
    GUARANTEED RATE AFFINITY, LLC 2 6.00% $12,051
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.31% $22,562
    SUMMIT FUNDING, INC. 2 6.19% $6,604
    PENTAGON FEDERAL CREDIT UNION 2 5.50% $3,942
    The Central Trust Bank 1 6.25% $3,470
    Citizens Bank 1 6.25% $5,950
    CIBM Bank 1 6.75% $20,120
    CARDINAL FINANCIAL 1 6.25% $4,841
    Capital Bank 1 6.75% $13,045
    Lakeview Community Capital, LLC 1 5.75% $10,722
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.50% $4,841
    HOMESTEAD FUNDING CORP. 1 6.75% $17,721
    Ixonia Bank 1 6.25% $16,453
    Meridian Bank Corporation 1 6.75% $46,535
    HOMESPIRE MORTGAGE CORPORATION 1 6.75% $1,894
    BAY-VALLEY MORTGAGE GROUP 1 5.88% $13,935
    Florida Capital Bank 1 6.25% $3,481
    NATIONS RELIABLE LENDING, LLC 1 6.25% $2,413
    Flagstar Bank, FSB 1 6.63% $2,307
    FIRST HOME MORTGAGE CORPORATION 1 6.13% $5,835
    North American Savings Bank, F.S.B. 1 5.75% $8,804
    NORTHPOINT MORTGAGE, INC. 1 6.13% $11,778
    OCEAN STATE CREDIT UNION 1 7.13% $3,506
    EMM LOANS LLC 1 6.25% $13,497
    PHH Mortgage Corporation 1 5.38% $2,635
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $1,865
    Easthampton Savings Bank 1 6.75% $13,234
    Cornerstone First Mortgage, Inc 1 5.75% $6,893
    CONTOUR MORTGAGE CORPORATION 1 6.50% $5,253
    Service Federal Credit Union 1 5.63% $9,423
    Stifel Bank and Trust 1 5.50% $4,548
    SUN WEST MORTGAGE COMPANY, INC. 1 5.38% $6,495
    ZILLOW HOME LOANS, LLC 1 6.13% $15,139

    The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with 113 VA loans originated. Their average total fees are $8,264, which is $439 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Rhode Island VA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($5,329), UNITED WHOLESALE MORTGAGE, LLC ($7,571), The Washington Trust Company, of Westerly ($7,602), NAVY FEDERAL CREDIT UNION ($8,156) and Mortgage Research Center, LLC ($8,264).

    The lowest rate Rhode Island VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.53%), VILLAGE CAPITAL MORTGAGE (5.71%), BAYCOAST MORTGAGE COMPANY, LLC (5.71%), UNITED WHOLESALE MORTGAGE, LLC (5.76%) and NAVY FEDERAL CREDIT UNION (5.84%).

    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.