Bridgeport FHA Loan Rates, Closing Costs & Stats

BRIDGEPORT-STAMFORD-NORWALK, CT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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).