New Haven FHA Loan Rates, Closing Costs & Stats

NEW HAVEN-MILFORD, CT

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    • 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.

    New Haven's 136 lenders originated 1,893 FHA loans during 2023. The total origination value was $533,935,000, with an average FHA loan value of $282,058.

    New Haven FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Haven averaged 6.61% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    New Haven's average FHA mortgage closing costs are $8,920.

    The average rate for the prior week (2024-07-12) was 6.66% and one month ago for the week of 2024-06-14, the average rate was 6.52%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.76%.

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

    New Haven 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 New Haven level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 169 6.36% $12,514
    TOTAL MORTGAGE SERVICES, LLC 165 6.45% $12,530
    UNITED WHOLESALE MORTGAGE, LLC 139 6.51% $13,332
    FIRST WORLD MORTGAGE CORPORATION 96 6.26% $10,282
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 78 6.57% $12,443
    CROSSCOUNTRY MORTGAGE, LLC 68 6.79% $12,536
    NORWICH COMMERCIAL GROUP, INC. 59 6.32% $10,679
    NEWREZ LLC 58 6.46% $13,258
    MOVEMENT MORTGAGE, LLC 51 6.27% $13,211
    PLAZA HOME MORTGAGE, INC. 47 6.56% $12,854
    HOMEBRIDGE FINANCIAL SERVICES, INC. 43 6.23% $12,672
    LOANDEPOT.COM, LLC 33 6.30% $13,577
    GUARANTEED RATE, INC. 29 6.64% $13,038
    CARDINAL FINANCIAL 29 6.47% $16,983
    Citizens Bank 29 6.63% $12,027
    CMG MORTGAGE, INC. 27 6.79% $15,290
    FREEDOM MORTGAGE CORPORATION 27 6.88% $15,056
    Carrington Mortgage Services, LLC 26 6.47% $13,776
    PRIMARY RESIDENTIAL MORTGAGE, INC. 24 6.68% $13,788
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 22 6.66% $12,672
    CALIBER HOME LOANS, INC. 21 6.07% $13,906
    Mr. Cooper ( Nationstar Mortgage ) 20 6.28% $15,095
    BROKER SOLUTIONS, INC. 19 6.64% $12,431
    Flagstar Bank, FSB 17 6.23% $11,702
    HOMESTEAD FUNDING CORP. 16 6.26% $8,934
    Prosperity Home Mortgage, LLC 15 6.51% $9,752
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 15 6.70% $15,700
    WILLIAM RAVEIS MORTGAGE, LLC 15 6.20% $9,921
    AMERISAVE MORTGAGE CORPORATION 15 6.02% $16,440
    PROVINCE MORTGAGE ASSOCIATES, INC. 12 6.36% $9,306
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.53% $12,787
    PENNYMAC LOAN SERVICES, LLC 12 6.14% $15,879
    GUARANTEED RATE AFFINITY, LLC 11 6.38% $12,603
    T2 FINANCIAL LLC 11 6.90% $14,768
    SUN WEST MORTGAGE COMPANY, INC. 10 6.76% $11,045
    Bank of England 10 6.79% $12,074
    NATIONS DIRECT MORTGAGE, LLC 10 6.34% $14,987
    EQUITY RESOURCES, INC. 9 6.21% $10,509
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 9 6.68% $14,109
    AMERICAN FINANCIAL NETWORK, INC. 9 6.82% $13,626
    MUTUAL OF OMAHA MORTGAGE, INC. 8 6.50% $17,034
    Evolve Bank & Trust 8 6.77% $13,185
    M&T Bank 7 6.54% $9,981
    NATIONWIDE MORTGAGE BANKERS, INC. 7 6.66% $17,498
    ENVOY MORTGAGE, LTD 7 6.41% $13,001
    Paramount Residential Mortgage Group, Inc. 7 6.84% $13,473
    Keystone Funding, Inc. 7 6.87% $16,191
    RELIANCE FIRST CAPITAL, LLC 7 6.41% $13,871
    The Federal Savings Bank 6 6.21% $13,749
    ALLIED MORTGAGE GROUP, INC. 6 6.15% $14,310
    CONTOUR MORTGAGE CORPORATION 6 6.15% $13,354
    Equity Prime Mortgage LLC 6 7.33% $12,800
    GUILD MORTGAGE COMPANY 6 6.71% $12,132
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 6 6.33% $20,426
    Mortgage Research Center, LLC 6 6.54% $6,232
    VILLAGE CAPITAL MORTGAGE 6 6.36% $9,475
    PRYSMA LENDING GROUP, LLC 5 6.95% $18,477
    US MORTGAGE CORPORATION 5 6.58% $17,395
    Northpointe Bank 5 6.48% $11,473
    Plains Commerce Bank 5 6.35% $12,919
    Lakeview Community Capital, LLC 5 6.35% $11,930
    JPMorgan Chase Bank 4 6.72% $6,828
    Newtown Savings Bank 4 6.25% $9,420
    EMM LOANS LLC 4 6.13% $16,455
    Century Mortgage Company DBA Century Lending Company 4 6.53% $12,980
    JET DIRECT FUNDING CORP 4 6.59% $15,528
    BAY EQUITY LLC 4 5.94% $14,646
    Wells Fargo Bank 4 6.72% $10,232
    CLIFFCO, INC. 3 6.08% $20,365
    Loan Simple, Inc. 3 6.13% $12,898
    Magnolia Bank 3 5.92% $16,054
    EVERETT FINANCIAL, INC. 3 6.42% $14,532
    NFM, INC. 3 7.33% $14,481
    LAKEVIEW LOAN SERVICING, LLC 3 6.50% $10,929
    PLANET HOME LENDING, LLC 3 5.88% $9,801
    Thomaston Savings Bank 2 5.88% $7,338
    TOP FLITE FINANCIAL, INC. 2 7.00% $15,781
    MLB RESIDENTIAL LENDING, LLC 2 7.00% $14,559
    LEADERONE FINANCIAL CORPORATION 2 6.56% $13,277
    NBKC BANK 2 5.63% $9,826
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.81% $18,494
    FM Home Loans, LLC 2 6.31% $10,785
    PHH Mortgage Corporation 2 6.56% $14,644
    NJ LENDERS CORP. 2 6.88% $15,960
    Residential Mortgage Solutions, Inc. 2 6.69% $14,058
    RESIDENTIAL HOME FUNDING CORP. 2 5.75% $19,229
    ZILLOW HOME LOANS, LLC 2 5.94% $13,172
    Waterstone Mortgage Corporation 2 6.88% $18,251
    Webster Bank 2 6.56% $8,719
    Bank of America 2 5.56% $8,562
    Hometown Equity Mortgage, LLC 2 7.06% $11,985
    INTERSTATE HOME LOAN CENTER, INC. 2 6.75% $16,396
    EMBRACE HOME LOANS, INC. 2 5.25% $16,267
    Liberty Bank 2 6.19% $9,393
    Semper Home Loans, Inc. 2 6.56% $10,465
    First Federal Bank 2 6.81% $12,359
    LOANPAL, LLC 2 5.19% $16,910
    PANORAMA MORTGAGE GROUP, LLC 2 6.69% $16,212
    TD Bank 2 6.50% $9,879
    1ST 2ND MORTGAGE COMPANY OF N.J., INC. 2 6.94% $13,727
    Union Savings Bank 1 6.25% $9,906
    KeyBank 1 5.88% $5,853
    Home Loan Investment Bank, F.S.B. 1 7.25% $12,067
    LEGEND LENDING CORPORATION 1 7.25% $18,393
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $18,763
    HARTFORD FUNDING, LTD. 1 7.63% $17,620
    MEMBERS MORTGAGE COMPANY, INC. 1 5.75% $8,404
    MORTGAGE EQUITY PARTNERS LLC 1 7.13% $18,619
    A&D Mortgage LLC 1 6.88% $19,187
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $17,307
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.75% $12,607
    FIRST MORTGAGE COMPANY, INC. 1 5.38% $14,503
    NATION ONE MORTGAGE CORPORATION 1 7.25% $18,112
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $11,946
    NATIONS RELIABLE LENDING, LLC 1 6.25% $16,184
    NORTHPOINT MORTGAGE, INC. 1 6.13% $17,099
    OCMBC, INC. 1 7.50% $12,663
    East Coast Capital Corp. 1 7.13% $7,728
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $10,249
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $20,066
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $20,285
    ASSOCIATED MORTGAGE BANKERS, INC. 1 7.13% $17,948
    Savings Bank of Danbury 1 6.88% $12,157
    Shamrock Home Loans, Inc. 1 7.13% $11,075
    Stifel Bank and Trust 1 6.63% $11,334
    AmeriHome Mortgage Company, LLC 1 7.13% $7,396
    AMERICAN FINANCING CORPORATION 1 6.13% $6,154
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $18,949
    TOWNE MORTGAGE COMPANY 1 5.99% $11,901
    TruHome Solutions, LLC 1 5.13% $20,959
    UNION HOME MORTGAGE CORP. 1 6.63% $6,466
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 6.63% $22,023
    AMERICAN EAGLE FINANCIAL CREDIT UNION 1 7.25% $9,108
    AMCAP MORTGAGE, LTD. 1 6.13% $13,691
    U.S. Bank 1 6.75% $11,739
    HOMESIDE FINANCIAL, LLC 1 6.75% $19,885

    The top New Haven FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 169 FHA loans originated. Their average total fees are $12,514, which is $16 lower than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

    The lowest fee New Haven FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,934), PROVINCE MORTGAGE ASSOCIATES, INC. ($9,306), Prosperity Home Mortgage, LLC ($9,752), WILLIAM RAVEIS MORTGAGE, LLC ($9,921) and FIRST WORLD MORTGAGE CORPORATION ($10,282).

    The lowest rate New Haven FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (6.02%), CALIBER HOME LOANS, INC. (6.07%), PENNYMAC LOAN SERVICES, LLC (6.14%), WILLIAM RAVEIS MORTGAGE, LLC (6.20%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (6.23%).

    New Haven FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW HAVEN-MILFORD, CT NEW HAVEN 2022 $420,680 $538,650 $651,050 $809,150
    NEW HAVEN-MILFORD, CT NEW HAVEN 2023 $472,030 $604,400 $730,525 $907,900

    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).