Conventional loans in Rhode Island: conforming limit, real monthly costs, PMI timeline
On Rhode Island’s rough $470,000 median, a conventional loan with 5% down means $23,500 at closing and about $3,649 a month with taxes and mortgage insurance; with 20% down, $94,000 and about $2,925. Everything below is worked on those numbers and on the state rules that change them.
| Conforming limit (2026, one unit) | $832,750 baseline — all 5 counties, no FHFA high-cost area |
|---|---|
| Median home price (approx.) | $470,000 — statewide order of magnitude |
| 20% down on the median | $94,000 down, loan $376,000, about $2,377/month P&I at 6.5% |
| 5% down on the median | $23,500 down, loan $446,500, about $2,822/month P&I + about $279 PMI |
| PMI ends (5% down, scheduled payments) | request at 80% after about 10 years and 4 months, automatic at 78% after about 11 years and 3 months |
| Property tax (effective) | about 1.4% — roughly $6,580 a year on the median |
| Closing practice | Attorney closing state |
How much house stays conforming in Rhode Island
In Rhode Island, a one-unit conventional loan above $832,750 is jumbo in 2026. The median price of about $470,000 means the median buyer is well inside the limit even with 3% down (loan $455,900), so conforming rules apply to most purchases. Two-, three- and four-unit homes have higher limits. Every Rhode Island county is in the table below; see conforming loan limits and jumbo loans.
Rhode Island loan limits, county by county (2026)
FHFA sets the limit county by county, but for 2026 every one of Rhode Island’s 5 counties sits at the national baseline: $832,750 for a one-unit home, $1,066,250 for two units, $1,288,800 for three and $1,601,750 for four. The table is here so you can confirm your county rather than assume.
| County | 1 unit | 2 units | 3 units | 4 units |
|---|---|---|---|---|
| Bristol County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Kent County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Newport County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Providence County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Washington County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
Source: FHFA, Conforming Loan Limit Values for 2026 (county list, mortgages acquired in calendar year 2026). Limits are for Fannie Mae and Freddie Mac loans; FHA and VA use their own county figures.
Monthly cost on a $470,000 Rhode Island home
Worked at an illustrative 6.5% over 30 years on the $470,000 median. PMI uses order-of-magnitude annual rates by down payment; tax uses Rhode Island’s approximate 1.4% effective rate. Your county, score and insurer will move every column.
| Down payment | Cash down | Loan | P&I | PMI (est.) | Property tax | Monthly total |
|---|---|---|---|---|---|---|
| 3% | $14,100 | $455,900 | $2,882 | $342 | $548 | $3,772 |
| 5% | $23,500 | $446,500 | $2,822 | $279 | $548 | $3,649 |
| 10% | $47,000 | $423,000 | $2,674 | $176 | $548 | $3,398 |
| 20% | $94,000 | $376,000 | $2,377 | — | $548 | $2,925 |
The 3% row assumes a program such as HomeReady or Home Possible; income limits apply. Compare with FHA at 3.5% down on the FHA vs conventional guide.
How long you pay PMI here
Three dates matter: the month the balance hits 80% of the original price (you ask), 78% (the servicer must act) and the loan’s midpoint (cancellation regardless of value, if current). On Rhode Island’s median with 5% down at 6.5%, the schedule reaches 80% in about 10 years and 4 months; with 3% down, about 11 years and 1 months; with 10% down, about 7 years and 11 months. Over that time the 5% buyer pays roughly $34,596 in PMI at $279 a month.
The Rhode Island closing: costs and who runs it
Rhode Island treats the residential closing itself as the practice of law, so a Rhode Island-licensed attorney runs the settlement table, examines the title and prepares the deed and mortgage; title companies issue the policy but do not replace the lawyer. Funding is wet: the lender wires before signing and the attorney disburses the same day once the mortgage is accepted for recording. Expect a few hundred dollars to around a thousand dollars in attorney fees for a typical purchase, separate from title insurance premiums.
Rhode Island imposes no mortgage recording tax or intangible tax on the note; the borrower pays only the recording fee charged by the city or town clerk for the mortgage and any riders. The state real estate conveyance tax, $2.30 for each $500 of consideration, attaches to the deed and is customarily paid by the seller, not to the loan. Rhode Island’s real estate conveyance tax is $2.30 per $500 (0.46%), paid by the seller; an additional rate applies to the portion of a sale above $800,000.
Rhode Island buyer closing costs — attorney, title, lender fees and prepaids — typically total 2% to 3% of the price, with the conveyance tax on the seller.
Prepayment, spouses and homestead in Rhode Island
Prepayment. Rhode Island has a long-standing statute limiting prepayment penalties on loans secured by owner-occupied one-to-four family homes (General Laws § 34-23-5), and the Rhode Island Home Loan Protection Act forbids them entirely on high-cost home loans. Federal QM rules ban prepayment penalties on most conventional loans anyway; the Loan Estimate says yes or no on page one.
Spouses and title. Rhode Island follows common-law marital property rules, so a spouse who is not on the loan has no automatic ownership interest in a home bought by the other spouse.
Homestead. Rhode Island General Laws § 9-26-4.1 shields up to $500,000 of equity in a principal residence from most judgment creditors, one of the larger fixed-dollar homesteads in the Northeast, and no declaration needs to be recorded to claim it.
The complete state layer — licensing, predatory-lending limits, disclosures, foreclosure — is on mortgage laws in Rhode Island.
Frequently asked questions
What is the conforming loan limit in Rhode Island for 2026?
For 2026, $832,750 (one unit) in all 5 Rhode Island counties — the national baseline, with no county above it. The county table on this page lists the two-, three- and four-unit figures. Above the limit, the loan is jumbo and follows lender rules.
When can I cancel PMI on a conventional loan in Rhode Island?
The request point is 80% of the original value, the automatic point 78% — federal rules, identical in Rhode Island. With 5% down on the state’s $470,000 median at 6.5%, the amortization schedule alone gets you to 80% in roughly 10 years and 4 months; with 10% down, in about 7 years and 11 months. Paying extra principal shortens both.
Does Rhode Island add anything to a conventional loan’s closing costs?
Rhode Island imposes no mortgage recording tax or intangible tax on the note; the borrower pays only the recording fee charged by the city or town clerk for the mortgage and any riders. Rhode Island’s real estate conveyance tax is $2.30 per $500 (0.46%), paid by the seller; an additional rate applies to the portion of a sale above $800,000. Rhode Island buyer closing costs — attorney, title, lender fees and prepaids — typically total 2% to 3% of the price, with the conveyance tax on the seller.
Rhode Island: where to verify
- RIHousing: the state housing finance agency (first-time buyer loans, down payment assistance)
- Rhode Island Department of Business Regulation: licenses mortgage lenders and brokers and takes complaints
- NMLS Consumer Access: check any lender’s or loan officer’s license
- FHFA conforming loan limit files: the county limits shown on this page
Links checked September 22, 2026. Researched and edited by Clément Lacaille (Tech-Bharat); how we research.
Sources
Related: Buying a home from a family member: gift of equity and the non-arm’s-length file, Buying another home before selling the first: qualifying with two payments, Conventional loan requirements in 2026: what Fannie Mae’s guide actually says, USDA vs VA vs FHA vs conventional: the four loan types compared. First home in Rhode Island: programs and assistance. Hub: Conventional loan.