Bridgeport FHA Loan Rates, Closing Costs & Stats
BRIDGEPORT-STAMFORD-NORWALK, CT
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote
home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and
credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores
between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)--
an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Bridgeport's 111 lenders originated 934 FHA
loans during 2023. The total origination value was $402,690,000, with an average FHA loan value of
$431,146.
Bridgeport FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Bridgeport
averaged
6.22%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Bridgeport's average FHA mortgage closing costs are $11,807.
The average rate for the prior week (2024-10-18) was
5.81% and
one month ago for the week of 2024-09-20, the
average rate was 5.53%.
The average rate one year ago was 7.27%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.52%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Bridgeport FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Bridgeport level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
83
|
6.27%
|
$18,883
|
QUICKEN LOANS, LLC
|
73
|
6.31%
|
$16,363
|
TOTAL MORTGAGE SERVICES, LLC
|
69
|
6.34%
|
$15,924
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
51
|
6.60%
|
$15,995
|
CROSSCOUNTRY MORTGAGE, LLC
|
39
|
6.68%
|
$16,400
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
35
|
6.26%
|
$17,472
|
LOANDEPOT.COM, LLC
|
28
|
6.28%
|
$17,960
|
NEWREZ LLC
|
28
|
6.43%
|
$15,997
|
CMG MORTGAGE, INC.
|
20
|
6.85%
|
$17,104
|
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP.
|
18
|
6.63%
|
$26,312
|
CARDINAL FINANCIAL
|
15
|
6.65%
|
$21,380
|
PRYSMA LENDING GROUP, LLC
|
14
|
7.01%
|
$19,294
|
Carrington Mortgage Services, LLC
|
13
|
6.22%
|
$18,397
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
13
|
6.62%
|
$19,855
|
NORWICH COMMERCIAL GROUP, INC.
|
13
|
6.45%
|
$15,025
|
PLAZA HOME MORTGAGE, INC.
|
12
|
6.53%
|
$16,810
|
AMERISAVE MORTGAGE CORPORATION
|
12
|
6.20%
|
$18,479
|
MOVEMENT MORTGAGE, LLC
|
12
|
6.64%
|
$20,660
|
CALIBER HOME LOANS, INC.
|
11
|
6.05%
|
$14,593
|
PENNYMAC LOAN SERVICES, LLC
|
11
|
5.91%
|
$16,531
|
U.S. Bank
|
10
|
6.43%
|
$16,297
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
10
|
6.39%
|
$19,481
|
Magnolia Bank
|
9
|
6.89%
|
$19,388
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
9
|
6.44%
|
$18,329
|
FREEDOM MORTGAGE CORPORATION
|
9
|
6.88%
|
$22,811
|
GUARANTEED RATE, INC.
|
9
|
6.18%
|
$12,162
|
AMERICAN FINANCIAL NETWORK, INC.
|
8
|
6.89%
|
$21,514
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
6.19%
|
$18,803
|
FIRST WORLD MORTGAGE CORPORATION
|
8
|
6.44%
|
$13,737
|
WILLIAM RAVEIS MORTGAGE, LLC
|
7
|
6.54%
|
$13,918
|
Prosperity Home Mortgage, LLC
|
7
|
6.36%
|
$16,303
|
Citizens Bank
|
7
|
6.09%
|
$18,097
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
7
|
6.11%
|
$16,014
|
UNITED NORTHERN MORTGAGE BANKERS LIMITED
|
7
|
6.71%
|
$20,451
|
CONTOUR MORTGAGE CORPORATION
|
7
|
6.32%
|
$16,839
|
GUARANTEED RATE AFFINITY, LLC
|
6
|
6.65%
|
$16,742
|
JET DIRECT FUNDING CORP
|
6
|
6.42%
|
$17,339
|
RELIANCE FIRST CAPITAL, LLC
|
6
|
6.31%
|
$22,284
|
Newtown Savings Bank
|
5
|
6.08%
|
$13,700
|
BROKER SOLUTIONS, INC.
|
5
|
6.85%
|
$16,962
|
The Federal Savings Bank
|
5
|
5.75%
|
$26,332
|
Equity Prime Mortgage LLC
|
4
|
6.81%
|
$13,787
|
CONTINENTAL MORTGAGE BANKERS, INC.
|
4
|
6.50%
|
$17,735
|
ENVOY MORTGAGE, LTD
|
4
|
6.31%
|
$17,727
|
M&T Bank
|
4
|
5.78%
|
$14,812
|
Plains Commerce Bank
|
4
|
5.81%
|
$25,531
|
LAKEVIEW LOAN SERVICING, LLC
|
3
|
5.92%
|
$18,696
|
PLANET HOME LENDING, LLC
|
3
|
5.96%
|
$12,143
|
TOP FLITE FINANCIAL, INC.
|
3
|
6.63%
|
$17,280
|
Mortgage Research Center, LLC
|
3
|
6.79%
|
$15,973
|
EVERETT FINANCIAL, INC.
|
3
|
6.54%
|
$22,732
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
6.50%
|
$15,020
|
Paramount Residential Mortgage Group, Inc.
|
3
|
7.13%
|
$14,652
|
US MORTGAGE CORPORATION
|
3
|
7.38%
|
$15,418
|
VILLAGE CAPITAL MORTGAGE
|
3
|
6.13%
|
$9,087
|
Loan Simple, Inc.
|
3
|
6.38%
|
$22,230
|
NATIONS DIRECT MORTGAGE, LLC
|
3
|
5.96%
|
$25,968
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
3
|
6.92%
|
$19,366
|
HOMESTEAD FUNDING CORP.
|
3
|
5.83%
|
$9,754
|
East Coast Capital Corp.
|
2
|
6.94%
|
$19,277
|
JPMorgan Chase Bank
|
2
|
6.69%
|
$11,601
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
2
|
6.38%
|
$10,772
|
Century Mortgage Company DBA Century Lending Company
|
2
|
7.06%
|
$14,792
|
FM Home Loans, LLC
|
2
|
6.50%
|
$24,102
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
6.25%
|
$22,728
|
OCMBC, INC.
|
2
|
6.88%
|
$18,346
|
Residential Mortgage Solutions, Inc.
|
2
|
6.19%
|
$16,838
|
Keystone Funding, Inc.
|
2
|
6.19%
|
$18,633
|
TBI MORTGAGE COMPANY
|
2
|
5.75%
|
$31,222
|
Bank of England
|
2
|
7.56%
|
$18,615
|
EMM LOANS LLC
|
2
|
6.19%
|
$20,962
|
MORTGAGE ACCESS CORP.
|
2
|
7.19%
|
$19,001
|
Wells Fargo Bank
|
2
|
6.63%
|
$13,049
|
RESIDENTIAL BANCORP
|
1
|
7.38%
|
$13,625
|
RESIDENTIAL HOME FUNDING CORP.
|
1
|
6.75%
|
$19,190
|
Savings Bank of Danbury
|
1
|
7.13%
|
$11,519
|
Shamrock Home Loans, Inc.
|
1
|
7.75%
|
$17,372
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.75%
|
$22,106
|
TD Bank
|
1
|
6.38%
|
$16,806
|
BETTER MORTGAGE CORPORATION
|
1
|
6.13%
|
$15,526
|
Bank of America
|
1
|
5.88%
|
$7,748
|
AmeriHome Mortgage Company, LLC
|
1
|
5.63%
|
$31,782
|
WALL STREET MORTGAGE BANKERS, LTD.
|
1
|
6.49%
|
$16,631
|
Ixonia Bank
|
1
|
6.13%
|
$22,471
|
INTERSTATE HOME LOAN CENTER, INC.
|
1
|
5.63%
|
$13,654
|
KeyBank
|
1
|
6.75%
|
$12,233
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
7.50%
|
$19,812
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.75%
|
$22,652
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
7.13%
|
$22,119
|
HUDSON VALLEY CREDIT UNION
|
1
|
6.38%
|
$19,436
|
HOMESIDE FINANCIAL, LLC
|
1
|
7.12%
|
$23,782
|
MLB RESIDENTIAL LENDING, LLC
|
1
|
6.00%
|
$16,157
|
MORTGAGE EQUITY PARTNERS LLC
|
1
|
7.00%
|
$16,722
|
GUILD MORTGAGE COMPANY
|
1
|
6.50%
|
$11,481
|
Flagstar Bank, FSB
|
1
|
7.25%
|
$20,727
|
Nations Lending Corporation
|
1
|
7.75%
|
$32,917
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
5.75%
|
$20,184
|
Evolve Bank & Trust
|
1
|
7.25%
|
$14,624
|
NFM, INC.
|
1
|
7.38%
|
$18,018
|
NJ LENDERS CORP.
|
1
|
6.75%
|
$9,383
|
Northpointe Bank
|
1
|
6.25%
|
$18,755
|
EQUITY RESOURCES, INC.
|
1
|
6.88%
|
$13,660
|
PANORAMA MORTGAGE GROUP, LLC
|
1
|
6.63%
|
$22,293
|
AMCAP MORTGAGE, LTD.
|
1
|
7.13%
|
$15,809
|
ZILLOW HOME LOANS, LLC
|
1
|
6.63%
|
$20,185
|
POLARIS HOME FUNDING CORP.
|
1
|
7.13%
|
$12,858
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
1
|
7.25%
|
$31,610
|
CLIFFCO, INC.
|
1
|
7.25%
|
$14,545
|
Citibank
|
1
|
6.50%
|
$12,563
|
Quontic Bank
|
1
|
7.13%
|
$25,085
|
CANOPY MORTGAGE, LLC
|
1
|
6.13%
|
$11,446
|
The top Bridgeport FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
83 FHA loans originated. Their average total fees are
$18,883, which is $2,520
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Bridgeport FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. ($14,593), NORWICH COMMERCIAL GROUP, INC. ($15,025), TOTAL MORTGAGE SERVICES, LLC ($15,924), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($15,995) and NEWREZ LLC ($15,997).
The lowest rate Bridgeport FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.91%), CALIBER HOME LOANS, INC. (6.05%), AMERISAVE MORTGAGE CORPORATION (6.20%), Carrington Mortgage Services, LLC (6.22%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (6.26%).
Bridgeport FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
BRIDGEPORT-STAMFORD-NORWALK, CT |
FAIRFIELD |
2022 |
$695,750 |
$890,700 |
$1,076,650 |
$1,338,000 |
BRIDGEPORT-STAMFORD-NORWALK, CT |
FAIRFIELD |
2023 |
$707,250 |
$905,400 |
$1,094,450 |
$1,360,100 |
FHA Loan Requirements
Borrowers must have a steady employment history or worked for the same employer for the past two years.
Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a
mortgage in your state.
Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
New FHA loans are only available for primary residence occupancy.
Borrowers must have a property appraisal from a FHA-approved appraiser.
Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance)
needs to be less than 31 percent of their gross income, typically. You may be able to get approved
with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they
believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment,
student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to
get approved with as high a percentage as 50 percent.
Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5
percent.
Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down
payment of 10 percent.
Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can
be made.
Typically borrowers must be three years out of foreclosure and have re-established good credit.
The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet
these standards and a seller will not agree to the required repairs, your only option is to pay for the required
repairs at closing (to be held in escrow until the repairs are complete).