Hartford FHA Loan Rates, Closing Costs & Stats

HARTFORD-EAST HARTFORD-MIDDLETOWN, 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.

Hartford's 151 lenders originated 3,404 FHA loans during 2022. The total origination value was $856,000,000, with an average FHA loan value of $251,469.

Hartford FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hartford averaged 6.63% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

Hartford's average FHA mortgage closing costs are $7,970.

The average rate for the prior week (2023-11-24) was 6.54% and one month ago for the week of 2023-10-27, the average rate was 6.95%.

The average rate one year ago was 5.97%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.25%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Hartford 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 Hartford level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
FIRST WORLD MORTGAGE CORPORATION 335 4.92% $10,239
QUICKEN LOANS, LLC 280 4.56% $10,207
UNITED WHOLESALE MORTGAGE, LLC 148 5.02% $9,960
MOVEMENT MORTGAGE, LLC 141 4.97% $10,461
LOANDEPOT.COM, LLC 126 4.62% $10,636
TOTAL MORTGAGE SERVICES, LLC 115 5.09% $10,597
NORWICH COMMERCIAL GROUP, INC. 113 4.91% $10,493
CALIBER HOME LOANS, INC. 113 4.59% $9,864
GUARANTEED RATE, INC. 98 4.73% $9,793
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 97 5.17% $10,471
HOME POINT FINANCIAL CORPORATION 78 4.26% $10,890
FREEDOM MORTGAGE CORPORATION 78 4.76% $10,466
CROSSCOUNTRY MORTGAGE, LLC 76 4.99% $11,098
PLAZA HOME MORTGAGE, INC. 66 4.84% $11,017
HOMEBRIDGE FINANCIAL SERVICES, INC. 57 4.81% $11,156
Citizens Bank 56 4.20% $9,246
GUARANTEED RATE AFFINITY, LLC 49 4.89% $9,815
PENNYMAC LOAN SERVICES, LLC 48 4.23% $9,595
Prosperity Home Mortgage, LLC 48 4.50% $9,375
AMERISAVE MORTGAGE CORPORATION 46 4.30% $11,847
Mr. Cooper ( Nationstar Mortgage ) 44 4.38% $10,744
Paramount Residential Mortgage Group, Inc. 38 4.96% $11,434
Carrington Mortgage Services, LLC 38 5.14% $10,813
BAY EQUITY LLC 37 4.56% $10,013
NEWREZ LLC 37 4.83% $9,495
Flagstar Bank, FSB 35 4.77% $9,643
ENVOY MORTGAGE, LTD 35 4.95% $10,964
LAKEVIEW LOAN SERVICING, LLC 31 3.57% $6,324
GUILD MORTGAGE COMPANY 31 5.10% $9,402
BROKER SOLUTIONS, INC. 28 4.70% $10,838
CARDINAL FINANCIAL 26 4.76% $12,896
FINANCE OF AMERICA MORTGAGE LLC 25 4.47% $11,676
ARK-LA-TEX FINANCIAL SERVICES, LLC. 24 5.30% $11,090
EVERETT FINANCIAL, INC. 23 5.65% $7,084
LEADERONE FINANCIAL CORPORATION 23 5.17% $9,640
NORTHPOINT MORTGAGE, INC. 23 4.70% $10,028
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 20 5.20% $10,885
WILLIAM RAVEIS MORTGAGE, LLC 19 4.58% $8,525
EMBRACE HOME LOANS, INC. 19 4.37% $10,123
Bank of England 17 5.15% $13,092
Mortgage Network, Inc. 16 5.00% $11,372
Bank of America 16 3.57% $6,364
ALLIED MORTGAGE GROUP, INC. 16 4.40% $9,805
INTERSTATE HOME LOAN CENTER, INC. 15 4.58% $11,410
PROVINCE MORTGAGE ASSOCIATES, INC. 15 5.43% $9,282
PANORAMA MORTGAGE GROUP, LLC 14 5.29% $13,926
Equity Prime Mortgage LLC 14 5.21% $11,642
Evolve Bank & Trust 13 5.01% $11,146
RELIANCE FIRST CAPITAL, LLC 12 4.79% $11,430
ACADEMY MORTGAGE CORPORATION 12 4.83% $12,588
Lakeview Community Capital, LLC 11 4.01% $7,502
First Home Bank 10 5.29% $12,121
MUTUAL OF OMAHA MORTGAGE, INC. 10 4.70% $13,148
M&T Bank 10 4.48% $8,438
MORTGAGE EQUITY PARTNERS LLC 9 5.33% $11,345
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.92% $10,497
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 4.88% $11,581
HOMESIDE FINANCIAL, LLC 8 4.67% $11,059
Mortgage Research Center, LLC 8 4.80% $8,416
PLANET HOME LENDING, LLC 8 5.90% $10,960
EMM LOANS LLC 7 4.79% $12,476
Nations Lending Corporation 7 5.50% $9,343
Liberty Bank 7 4.27% $6,845
Semper Home Loans, Inc. 6 5.21% $13,985
VILLAGE CAPITAL MORTGAGE 6 3.75% $4,432
Plains Commerce Bank 6 6.48% $13,487
Wells Fargo Bank 6 4.13% $9,246
INLAND BANK & TRUST 6 5.33% $12,281
SUN WEST MORTGAGE COMPANY, INC. 5 4.88% $12,183
First Federal Bank 5 5.30% $12,416
CONTOUR MORTGAGE CORPORATION 5 4.28% $12,093
AmRes Corporation 5 4.93% $11,435
HOMESTEAD FUNDING CORP. 5 5.05% $8,894
CMG MORTGAGE, INC. 5 4.83% $10,153
East Coast Capital Corp. 5 4.90% $13,824
The Federal Savings Bank 5 4.65% $14,274
JPMorgan Chase Bank 4 5.25% $9,091
UNITED MORTGAGE CORP 4 3.72% $9,837
Waterstone Mortgage Corporation 4 5.88% $14,190
FIRST ALLIANCE HOME MORTGAGE, LLC 4 5.41% $12,605
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 4 4.78% $16,936
NFM, INC. 4 3.88% $9,835
NORTHERN MORTGAGE SERVICES, LLC 4 6.13% $10,094
Wyndham Capital Mortgage, Inc. 3 5.79% $11,007
HOMESPIRE MORTGAGE CORPORATION 3 4.46% $12,785
Hometown Equity Mortgage, LLC 3 3.83% $11,868
People's United Bank 3 2.88% $9,197
Barrington Bank & Trust Company, N.A. 3 5.50% $10,284
ARC HOME LLC 3 3.87% $10,645
KeyBank 3 4.38% $10,716
AmeriHome Mortgage Company, LLC 3 4.25% $8,583
EQUITY RESOURCES, INC. 3 4.75% $9,098
PNC Bank 2 5.63% $8,903
Northpointe Bank 2 4.13% $8,039
Santander Bank, N.A. 2 3.25% $7,439
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $10,924
CASTLE & COOKE MORTGAGE, LLC 2 4.00% $10,534
Residential Mortgage Solutions, Inc. 2 4.81% $11,009
GSF Mortgage Corporation 2 5.06% $9,277
GENEVA FINANCIAL, LLC 2 5.75% $16,112
AMERICAN FINANCING CORPORATION 2 5.00% $12,419
BEST CAPITAL FUNDING 2 5.00% $12,848
PHH Mortgage Corporation 2 4.06% $9,099
AMERICAN EAGLE FINANCIAL CREDIT UNION 2 5.50% $9,793
First Guaranty Mortgage Corporation 2 3.06% $10,370
Princeton Mortgage Corporation 2 5.00% $9,747
Magnolia Bank 2 5.00% $13,296
FM Home Loans, LLC 2 3.81% $9,382
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.69% $12,104
U.S. Bank 2 4.81% $7,137
UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 4.94% $18,241
Thomaston Savings Bank 2 5.19% $8,210
Shamrock Home Loans, Inc. 2 5.75% $14,792
NBKC BANK 2 4.56% $8,305
AMERICAN FINANCIAL RESOURCES, INC. 2 3.75% $13,283
CHURCHILL MORTGAGE CORPORATION 1 3.75% $9,771
FIRST HOME MORTGAGE CORPORATION 1 3.63% $9,449
First Internet Bank of Indiana 1 3.88% $17,808
FIRST MORTGAGE COMPANY, INC. 1 6.75% $9,016
BNC National Bank 1 4.75% $10,966
BETTER MORTGAGE CORPORATION 1 5.63% $13,843
BAYCOAST MORTGAGE COMPANY, LLC 1 5.25% $7,424
ZILLOW HOME LOANS, LLC 1 5.25% $9,921
HARBORONE MORTGAGE, LLC 1 5.13% $9,974
HOMESTAR FINANCIAL CORPORATION 1 4.75% $8,910
Hometown Lenders, Inc. 1 5.63% $14,792
HOMEXPRESS MORTGAGE CORP. 1 3.88% $12,323
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 5.13% $8,970
ABSOLUTE HOME MORTGAGE CORPORATION 1 5.13% $12,565
Leader Bank 1 2.75% $7,147
LENDING CAPITAL GROUP Inc 1 4.75% $11,000
LOANPAL, LLC 1 4.63% $16,956
MEMBERS MORTGAGE COMPANY, INC. 1 5.00% $9,036
MID AMERICA MORTGAGE, INC. 1 7.25% $8,428
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $15,296
OCMBC, INC. 1 6.25% $18,924
Paramount Bank 1 5.25% $10,624
Peoples Bank 1 5.13% $15,157
PREMIA MORTGAGE, LLC 1 5.13% $6,517
AMCAP MORTGAGE, LTD. 1 3.88% $13,049
RADIUS FINANCIAL GROUP INC. 1 4.75% $9,921
RESIDENTIAL BANCORP 1 4.13% $13,702
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $7,989
Servion, Inc. 1 4.63% $13,592
TD Bank 1 3.00% $5,642
The Union Bank Company 1 4.75% $11,319
The Washington Trust Company, of Westerly 1 3.25% $8,776
UNION HOME MORTGAGE CORP. 1 6.50% $6,045
WALL STREET MORTGAGE BANKERS, LTD. 1 4.63% $17,239
Webster Bank 1 2.75% $7,278
Chelsea Groton Bank 1 6.25% $5,691

The top Hartford FHA lender as defined by loan originations is FIRST WORLD MORTGAGE CORPORATION, with 335 FHA loans originated. Their average total fees are $10,239, which is $32 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Hartford FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,324), Bank of America ($6,364), EVERETT FINANCIAL, INC. ($7,084), Lakeview Community Capital, LLC ($7,502) and M&T Bank ($8,438).

The lowest rate Hartford FHA lenders (with over 10 loans originated) are Bank of America (3.57%), LAKEVIEW LOAN SERVICING, LLC (3.57%), Lakeview Community Capital, LLC (4.01%), Citizens Bank (4.20%) and PENNYMAC LOAN SERVICES, LLC (4.23%).

Hartford FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2022 $420,680 $538,650 $651,050 $809,150
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2022 $420,680 $538,650 $651,050 $809,150
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2022 $420,680 $538,650 $651,050 $809,150
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2023 $472,030 $604,400 $730,525 $907,900
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2023 $472,030 $604,400 $730,525 $907,900
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hartford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $269,000 (3.7%) $350,237 (4.8%) 1.00 4,055
2018-02-01 $268,125 (1.2%) $349,176 (2.9%) 0.97 3,982
2018-03-01 $284,900 (4.7%) $356,531 (-0.7%) 1.00 4,186
2018-04-01 $289,450 (5.3%) $361,838 (-0.3%) 0.98 4,374
2018-05-01 $288,800 (2.3%) $362,479 (-0.5%) 0.96 4,809
2018-06-01 $289,900 (1.3%) $364,263 (-0.9%) 0.97 5,133
2018-07-01 $287,157 (2.6%) $357,794 (-3.0%) 0.96 5,449
2018-08-01 $284,250 (1.7%) $353,174 (-3.3%) 0.95 5,444
2018-09-01 $279,900 (0.0%) $349,494 (-2.9%) 0.94 5,532
2018-10-01 $279,900 (1.8%) $351,026 (-1.3%) 0.95 5,450
2018-11-01 $279,900 (1.8%) $352,435 (-0.5%) 0.95 5,186
2018-12-01 $274,900 (1.9%) $353,265 (0.2%) 0.95 4,664
2019-01-01 $274,588 (2.1%) $351,044 (0.2%) 0.95 4,163
2019-02-01 $279,900 (4.4%) $355,454 (1.8%) 0.95 4,031
2019-03-01 $286,329 (0.5%) $360,632 (1.2%) 0.94 4,061
2019-04-01 $296,950 (2.6%) $368,326 (1.8%) 0.94 4,139
2019-05-01 $299,900 (3.8%) $372,559 (2.8%) 0.94 4,467
2019-06-01 $304,900 (5.2%) $372,159 (2.2%) 0.95 4,723
2019-07-01 $299,450 (4.3%) $367,244 (2.6%) 0.94 4,895
2019-08-01 $298,700 (5.1%) $364,355 (3.2%) 0.95 4,890
2019-09-01 $298,250 (6.6%) $361,876 (3.5%) 0.95 4,893
2019-10-01 $298,500 (6.7%) $360,467 (2.7%) 0.96 4,837
2019-11-01 $290,000 (3.6%) $358,723 (1.8%) 0.95 4,410
2019-12-01 $289,900 (5.5%) $358,106 (1.4%) 0.97 3,818
2020-01-01 $285,000 (3.8%) $353,011 (0.6%) 0.95 3,319
2020-02-01 $289,900 (3.6%) $359,217 (1.1%) 0.95 3,142
2020-03-01 $307,138 (7.3%) $375,832 (4.2%) 0.96 3,116
2020-04-01 $309,900 (4.4%) $378,161 (2.7%) 0.97 2,998
2020-05-01 $324,900 (8.3%) $389,755 (4.6%) 0.99 2,862
2020-06-01 $332,400 (9.0%) $408,916 (9.9%) 0.98 2,729
2020-07-01 $343,975 (14.9%) $423,465 (15.3%) 1.00 2,501
2020-08-01 $345,000 (15.5%) $431,049 (18.3%) 0.99 2,339
2020-09-01 $339,900 (14.0%) $434,079 (20.0%) 0.97 2,355
2020-10-01 $339,900 (13.9%) $437,089 (21.3%) 0.97 2,366
2020-11-01 $339,900 (17.2%) $440,014 (22.7%) 0.99 2,225
2020-12-01 $340,000 (17.3%) $447,365 (24.9%) 1.01 1,919
2021-01-01 $343,727 (20.6%) $453,182 (28.4%) 1.03 1,526
2021-02-01 $352,450 (21.6%) $473,755 (31.9%) 1.03 1,265
2021-03-01 $354,100 (15.3%) $479,744 (27.7%) 1.01 1,272
2021-04-01 $359,900 (16.1%) $476,323 (26.0%) 0.97 1,319
2021-05-01 $349,900 (7.7%) $464,554 (19.2%) 0.93 1,401
2021-06-01 $342,450 (3.0%) $461,676 (12.9%) 0.90 1,608
2021-07-01 $335,000 (-2.6%) $451,669 (6.7%) 0.88 1,825
2021-08-01 $329,900 (-4.4%) $437,229 (1.4%) 0.88 1,919
2021-09-01 $331,675 (-2.4%) $435,081 (0.2%) 0.88 1,868
2021-10-01 $329,900 (-2.9%) $434,077 (-0.7%) 0.88 1,802
2021-11-01 $337,225 (-0.8%) $447,622 (1.7%) 0.90 1,499
2021-12-01 $345,350 (1.6%) $460,466 (2.9%) 0.94 1,216
2022-01-01 $349,900 (1.8%) $468,276 (3.3%) 0.95 992
2022-02-01 $362,425 (2.8%) $478,934 (1.1%) 0.94 870
2022-03-01 $349,950 (-1.2%) $466,921 (-2.7%) 0.88 901
2022-04-01 $349,900 (-2.8%) $462,121 (-3.0%) 0.83 1,029
2022-05-01 $362,450 (3.6%) $474,518 (2.2%) 0.83 1,192
2022-06-01 $370,000 (8.0%) $481,078 (4.2%) 0.82 1,360
2022-07-01 $379,000 (13.1%) $487,092 (7.8%) 0.85 1,525
2022-08-01 $373,675 (13.3%) $488,528 (11.7%) 0.86 1,461
2022-09-01 $372,475 (12.3%) $497,157 (14.3%) 0.87 1,336
2022-10-01 $375,000 (13.7%) $507,641 (17.0%) 0.88 1,336
2022-11-01 $372,400 (10.4%) $508,994 (13.7%) 0.90 1,263
2022-12-01 $365,000 (5.7%) $515,700 (12.0%) 0.90 1,059
2023-01-01 $372,500 (6.5%) $525,972 (12.3%) 0.92 851
2023-02-01 $396,400 (9.4%) $558,024 (16.5%) 0.96 794
2023-03-01 $402,900 (15.1%) $576,485 (23.5%) 0.95 748
2023-04-01 $399,900 (14.3%) $568,051 (22.9%) 0.93 839
2023-05-01 $424,925 (17.2%) $595,993 (25.6%) 0.96 882
2023-06-01 $434,450 (17.4%) $588,785 (22.4%) 0.98 980
2023-07-01 $435,000 (14.8%) $584,294 (20.0%) 0.99 1,012
2023-08-01 $399,900 (7.0%) $534,493 (9.4%) 0.92 1,043
2023-09-01 $399,900 (7.4%) $535,399 (7.7%) 0.93 1,100
2023-10-01 $399,900 (6.6%) $546,007 (7.6%) 0.94 1,106
2023-11-01 $398,450 (7.0%) $530,059 (4.1%) 0.95 1,125
Hartford's median listing price for 2023-11-01 was $398,450, a difference of $26,050 (7.0%) versus the prior year and $-1,450 versus the prior month.

Hartford's median listing price comes in at 95% of the national average.

Hartford's average listing price for 2023-11-01 was $530,059, a difference of $21,065 (4.1%) versus the prior year and $-15,948 versus the prior month.

For the 2023-11-01 period, Hartford had 1,125 MLS listings, a difference of 19 listings (2%) versus the prior month and -138 listings (-11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hartford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 1,749 sqft
2018-02-01 80 days 1,739 sqft
2018-03-01 57 days 1,800 sqft
2018-04-01 52 days 1,822 sqft
2018-05-01 47 days 1,826 sqft
2018-06-01 49 days 1,844 sqft
2018-07-01 54 days 1,825 sqft
2018-08-01 61 days 1,804 sqft
2018-09-01 67 days 1,800 sqft
2018-10-01 69 days 1,800 sqft
2018-11-01 71 days 1,800 sqft
2018-12-01 80 days 1,784 sqft
2019-01-01 88 days 1,783 sqft
2019-02-01 86 days 1,800 sqft
2019-03-01 68 days 1,806 sqft
2019-04-01 47 days 1,824 sqft
2019-05-01 44 days 1,916 sqft
2019-06-01 47 days 2,002 sqft
2019-07-01 54 days 1,994 sqft
2019-08-01 58 days 1,990 sqft
2019-09-01 60 days 1,992 sqft
2019-10-01 63 days 1,997 sqft
2019-11-01 67 days 1,992 sqft
2019-12-01 77 days 1,968 sqft
2020-01-01 82 days 1,914 sqft
2020-02-01 71 days 1,938 sqft
2020-03-01 51 days 2,008 sqft
2020-04-01 58 days 2,002 sqft
2020-05-01 66 days 2,036 sqft
2020-06-01 48 days 2,082 sqft
2020-07-01 44 days 2,108 sqft
2020-08-01 41 days 2,100 sqft
2020-09-01 39 days 2,039 sqft
2020-10-01 37 days 2,007 sqft
2020-11-01 44 days 1,980 sqft
2020-12-01 57 days 1,991 sqft
2021-01-01 60 days 1,975 sqft
2021-02-01 51 days 1,978 sqft
2021-03-01 30 days 1,954 sqft
2021-04-01 23 days 1,988 sqft
2021-05-01 22 days 1,957 sqft
2021-06-01 22 days 1,916 sqft
2021-07-01 29 days 1,893 sqft
2021-08-01 29 days 1,745 sqft
2021-09-01 37 days 1,739 sqft
2021-10-01 35 days 1,704 sqft
2021-11-01 43 days 1,739 sqft
2021-12-01 50 days 1,732 sqft
2022-01-01 61 days 1,774 sqft
2022-02-01 31 days 1,773 sqft
2022-03-01 20 days 1,733 sqft
2022-04-01 15 days 1,702 sqft
2022-05-01 15 days 1,749 sqft
2022-06-01 17 days 1,788 sqft
2022-07-01 24 days 1,792 sqft
2022-08-01 32 days 1,928 sqft
2022-09-01 37 days 1,955 sqft
2022-10-01 32 days 1,966 sqft
2022-11-01 41 days 1,936 sqft
2022-12-01 55 days 1,918 sqft
2023-01-01 56 days 1,899 sqft
2023-02-01 34 days 1,974 sqft
2023-03-01 29 days 1,968 sqft
2023-04-01 21 days 1,984 sqft
2023-05-01 19 days 2,022 sqft
2023-06-01 18 days 2,030 sqft
2023-07-01 23 days 2,032 sqft
2023-08-01 37 days 1,921 sqft
2023-09-01 37 days 1,983 sqft
2023-10-01 37 days 1,950 sqft
2023-11-01 37 days 1,929 sqft
Hartford's median listing age (time on market) for 2023-11-01 was 37 days. This is -9% shorter than the same period one year ago.

Hartford's median square footage for active listings during the 2023-11-01 period was 1,929 sqft. One year prior, the average listing was 1,936 sqft.

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).