Skip to content
Purchase Mortgage Loan
Get Pre-Approved

FHA loans in Rhode Island

Quick answer

FHA loans in Rhode Island require 3.5% down with a 580+ credit score; on a $368,800 home that's about $12,908. County FHA limits start at $787,750 for one-unit homes in lower-cost areas.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

FHA loan snapshot for Rhode Island

ItemEstimate
Minimum down payment3.5%
Minimum credit score580
Typical RI home value$368,800
3.5% down on typical home$12,908
20% down on typical home$73,760
Avg. effective property tax1.32%/yr (~$404/mo)
Income for typical home (31% rule)$121,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Rhode Island programs pair with FHA loans?

  • First Down Payment Assistance: Forgivable assistance for first-time buyers in eligible income ranges.
  • FirstHomes: Fixed-rate first mortgages for first-time buyers.

Details and current limits: Rhode Island Housing.

Who is an FHA loan best for?

FHA is designed for buyers with modest savings or credit that's still being built. Because the government insures the lender against loss, lenders can approve borrowers they might otherwise decline.

  • Credit scores between 580 and 680.
  • Debt-to-income ratios up to about 50% with compensating factors.
  • Buyers using gift funds for the entire down payment.
  • Buyers who had a bankruptcy 2+ years ago or foreclosure 3+ years ago.

How much does FHA mortgage insurance cost?

The upfront premium (UFMIP) is 1.75% of the base loan amount and is usually rolled into the loan. The annual premium for most 30-year loans is 0.55% of the balance, paid monthly. With less than 10% down, annual MIP lasts for the life of the loan; with 10% or more, it ends after 11 years. Many owners later refinance into a conventional loan to drop MIP.

FHA loans in Rhode Island cities

FHA in ProvidenceFHA in WarwickFHA in CranstonFHA in PawtucketFHA in East ProvidenceFHA in WoonsocketFHA in NewportFHA in Central FallsFHA in WesterlyFHA in Valley FallsFHA in Newport East

Frequently asked questions

Yes. FHA loans are available statewide in Rhode Island through approved lenders, subject to county loan limits where they apply.

Often yes. Rhode Island Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Rhode Island.

Get matched with FHA lenders in Rhode Island

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.