FHA Loan Calculator for Rhode Island

FHA Loans in Rhode Island

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Rhode Island's median home of $400,000, that's a minimum down payment of $14,000.

FHA Loan Limits in Rhode Island

FHA loan limits vary by county and are tied to conforming limits. In most Rhode Island counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Rhode Island counties are at the standard conforming limit.

FHA vs Conventional in Rhode Island

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Rhode Island's median home at $400,000, buyers who can put down $80,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Rhode Island closing costs average $3,800. Rhode Island's Real Estate Conveyance Tax is $2.30/$500 of sale price (approximately 0.46%), which is modest. Overall closing costs are near New England averages. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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