New Haven FHA Loan Rates, Closing Costs & Stats

NEW HAVEN-MILFORD, 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.

New Haven's 139 lenders originated 2,749 FHA loans during 2022. The total origination value was $764,375,000, with an average FHA loan value of $278,056.

New Haven FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Haven averaged 6.46% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

New Haven's average FHA mortgage closing costs are $8,460.

The average rate for the prior week (2023-05-19) was 6.33% and one month ago for the week of 2023-04-21, the average rate was 5.87%.

The average rate one year ago was 4.89%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.11%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 213 4.54% $10,821
TOTAL MORTGAGE SERVICES, LLC 204 5.09% $11,903
UNITED WHOLESALE MORTGAGE, LLC 201 4.84% $10,512
LOANDEPOT.COM, LLC 132 4.55% $12,236
FIRST WORLD MORTGAGE CORPORATION 126 4.74% $10,014
HOMEBRIDGE FINANCIAL SERVICES, INC. 98 5.21% $12,898
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 94 4.97% $11,245
Citizens Bank 92 4.48% $9,273
CROSSCOUNTRY MORTGAGE, LLC 82 5.21% $12,555
CALIBER HOME LOANS, INC. 78 4.70% $10,421
MOVEMENT MORTGAGE, LLC 74 4.79% $10,856
NORWICH COMMERCIAL GROUP, INC. 72 5.01% $10,816
PLAZA HOME MORTGAGE, INC. 61 5.03% $11,842
FREEDOM MORTGAGE CORPORATION 44 4.92% $10,465
GUARANTEED RATE AFFINITY, LLC 41 5.01% $11,509
Carrington Mortgage Services, LLC 39 4.71% $11,912
HOME POINT FINANCIAL CORPORATION 39 4.17% $10,524
GUARANTEED RATE, INC. 38 4.74% $11,343
CARDINAL FINANCIAL 33 4.84% $14,781
AMERISAVE MORTGAGE CORPORATION 32 4.27% $11,985
Flagstar Bank, FSB 31 4.07% $10,400
PRIMELENDING, A PLAINSCAPITAL COMPANY 30 5.18% $11,540
BROKER SOLUTIONS, INC. 29 4.65% $10,764
PRIMARY RESIDENTIAL MORTGAGE, INC. 27 5.29% $12,765
Prosperity Home Mortgage, LLC 26 4.82% $9,787
Mr. Cooper ( Nationstar Mortgage ) 25 4.34% $13,478
NEWREZ LLC 25 4.50% $9,622
Paramount Residential Mortgage Group, Inc. 23 4.59% $11,155
EVERETT FINANCIAL, INC. 21 5.23% $7,319
Equity Prime Mortgage LLC 21 5.10% $11,648
WILLIAM RAVEIS MORTGAGE, LLC 19 4.15% $9,701
ENVOY MORTGAGE, LTD 18 5.29% $13,012
LAKEVIEW LOAN SERVICING, LLC 17 3.62% $5,948
Bank of England 17 4.44% $10,224
PANORAMA MORTGAGE GROUP, LLC 16 5.50% $12,084
BAY EQUITY LLC 16 4.93% $10,256
HOMESIDE FINANCIAL, LLC 15 4.67% $13,469
M&T Bank 15 4.28% $8,847
NATIONWIDE MORTGAGE BANKERS, INC. 14 5.38% $14,656
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 4.59% $11,760
AMERICAN PACIFIC MORTGAGE CORPORATION 14 5.49% $13,843
EQUITY RESOURCES, INC. 14 4.79% $10,342
MUTUAL OF OMAHA MORTGAGE, INC. 13 4.97% $13,351
Mortgage Network, Inc. 13 4.91% $10,476
PENNYMAC LOAN SERVICES, LLC 13 5.18% $12,067
PROVINCE MORTGAGE ASSOCIATES, INC. 12 5.26% $11,356
First Home Bank 12 5.25% $14,036
PRYSMA LENDING GROUP, LLC 11 4.90% $13,548
Lakeview Community Capital, LLC 11 3.95% $5,346
The Federal Savings Bank 10 5.36% $12,715
FINANCE OF AMERICA MORTGAGE LLC 10 4.30% $9,771
Bank of America 10 3.78% $6,403
HOMESTEAD FUNDING CORP. 10 5.56% $8,546
Evolve Bank & Trust 9 4.24% $9,932
CONTOUR MORTGAGE CORPORATION 9 5.28% $12,739
GUILD MORTGAGE COMPANY 9 4.56% $9,861
ALLIED MORTGAGE GROUP, INC. 8 4.95% $9,679
RELIANCE FIRST CAPITAL, LLC 8 4.98% $11,505
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 5.56% $9,793
PLANET HOME LENDING, LLC 7 5.23% $9,957
VILLAGE CAPITAL MORTGAGE 7 3.50% $5,160
East Coast Capital Corp. 6 5.52% $14,486
Mortgage Research Center, LLC 6 4.13% $6,855
LEADERONE FINANCIAL CORPORATION 6 5.44% $11,511
MLB RESIDENTIAL LENDING, LLC 5 5.48% $15,217
AMERICAN FINANCING CORPORATION 5 4.03% $8,223
ABSOLUTE HOME MORTGAGE CORPORATION 5 5.95% $14,707
ROUNDPOINT MORTGAGE SERVICING CORPORATION 5 4.48% $11,629
Northpointe Bank 5 4.93% $15,989
CMG MORTGAGE, INC. 5 5.17% $12,243
Magnolia Bank 5 4.50% $14,484
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 5 5.55% $14,227
First Guaranty Mortgage Corporation 4 3.44% $8,526
Hometown Equity Mortgage, LLC 4 5.22% $11,544
UNITED NORTHERN MORTGAGE BANKERS LIMITED 4 4.63% $12,105
INTERSTATE HOME LOAN CENTER, INC. 4 4.25% $15,213
JET DIRECT FUNDING CORP 4 4.97% $16,603
JPMorgan Chase Bank 4 4.97% $9,008
KeyBank 4 3.69% $9,144
UNITED MORTGAGE CORP. 4 5.22% $16,955
First Federal Bank 4 5.19% $14,926
EMBRACE HOME LOANS, INC. 3 4.42% $8,932
AMERICAN EAGLE FINANCIAL CREDIT UNION 3 4.79% $8,520
ARC HOME LLC 3 4.58% $14,499
CONTINENTAL MORTGAGE BANKERS, INC. 3 4.96% $16,314
First Savings Bank 3 3.75% $11,653
NATIONS DIRECT MORTGAGE, LLC 3 6.46% $10,811
NFM, INC. 3 5.13% $9,847
US MORTGAGE CORPORATION 3 5.46% $11,517
Wyndham Capital Mortgage, Inc. 3 4.75% $8,110
LOANPAL, LLC 2 5.44% $13,167
FM Home Loans, LLC 2 4.75% $9,361
Liberty Bank 2 6.56% $6,863
UNION HOME MORTGAGE CORP. 2 5.25% $9,620
Century Mortgage Company DBA Century Lending Company 2 3.88% $7,599
LENDING CAPITAL GROUP Inc 2 4.19% $7,414
PHH Mortgage Corporation 2 5.44% $13,925
U.S. Bank 2 5.94% $9,048
Plains Commerce Bank 2 6.25% $14,977
Barrington Bank & Trust Company, N.A. 2 5.94% $19,977
Webster Bank 2 4.94% $6,881
Wells Fargo Bank 2 5.56% $11,924
SUN WEST MORTGAGE COMPANY, INC. 2 3.63% $12,508
RESIDENTIAL BANCORP. 2 4.44% $8,847
CHERRY CREEK MORTGAGE, LLC 2 4.63% $6,568
DRAPER AND KRAMER MORTGAGE CORP. 1 4.75% $12,913
Quontic Bank 1 3.25% $9,927
Citibank 1 3.25% $6,879
RESIDENTIAL HOME FUNDING CORP. 1 5.75% $17,160
CHURCHILL MORTGAGE CORPORATION 1 5.75% $8,032
Savings Bank of Danbury 1 2.75% $7,936
Shamrock Home Loans, Inc. 1 5.25% $6,899
Sierra Pacific Mortgage Company, Inc. 1 4.00% $11,084
Strong Home Mortgage, LLC 1 4.25% $11,235
TD Bank 1 4.63% $10,446
Thomaston Savings Bank 1 5.13% $7,590
Charter Oak Federal Credit Union 1 4.13% $7,335
TOWNE MORTGAGE COMPANY 1 5.13% $10,555
Bethpage Federal Credit Union 1 5.13% $4,144
BAYSHORE MORTGAGE FUNDING, LLC 1 4.75% $16,426
ZILLOW HOME LOANS, LLC 1 3.50% $9,818
MY MORTGAGE, INC. 1 6.88% $14,142
NBKC BANK 1 2.75% $9,596
AMCAP MORTGAGE, LTD. 1 4.38% $9,577
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $18,626
NJ LENDERS CORP. 1 4.75% $12,747
OCEANSIDE MORTGAGE COMPANY 1 3.88% $8,274
OCMBC, INC. 1 4.13% $6,642
Kwik Mortgage Corporation 1 5.13% $8,096
Hometown Lenders, Inc. 1 6.75% $21,236
People's United Bank 1 2.75% $7,504
HARBORONE MORTGAGE, LLC 1 3.13% $7,796
POLARIS HOME FUNDING CORP. 1 6.38% $19,691
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $19,053
EQUITY NOW INC. 1 6.13% $12,084
Princeton Mortgage Corporation 1 5.75% $11,826
EMM LOANS LLC 1 6.13% $15,417
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 5.75% $12,559
Eastern Bank 1 6.25% $12,919

The top New Haven FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 213 FHA loans originated. Their average total fees are $10,821, which is $1,082 lower than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

The lowest fee New Haven FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($5,346), LAKEVIEW LOAN SERVICING, LLC ($5,948), Bank of America ($6,403), EVERETT FINANCIAL, INC. ($7,319) and HOMESTEAD FUNDING CORP. ($8,546).

The lowest rate New Haven FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.62%), Bank of America (3.78%), Lakeview Community Capital, LLC (3.95%), Flagstar Bank, FSB (4.07%) and WILLIAM RAVEIS MORTGAGE, LLC (4.15%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New Haven (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 $261,475 (4.8%) $397,044 (8.9%) 0.97 2,823
2018-02-01 $267,400 (7.0%) $408,705 (10.9%) 0.97 2,761
2018-03-01 $279,000 (6.3%) $417,339 (12.5%) 0.98 2,890
2018-04-01 $285,000 (5.6%) $408,523 (7.3%) 0.97 3,016
2018-05-01 $296,950 (8.0%) $394,701 (1.5%) 0.99 3,248
2018-06-01 $294,950 (5.9%) $390,762 (-3.0%) 0.98 3,404
2018-07-01 $289,948 (3.9%) $397,522 (-0.9%) 0.97 3,530
2018-08-01 $289,700 (5.2%) $382,154 (-4.1%) 0.97 3,604
2018-09-01 $289,500 (7.2%) $385,236 (-2.9%) 0.97 3,613
2018-10-01 $284,800 (5.5%) $384,146 (-2.6%) 0.96 3,528
2018-11-01 $274,975 (3.2%) $375,705 (-3.9%) 0.93 3,355
2018-12-01 $269,900 (2.2%) $370,370 (-5.1%) 0.93 3,029
2019-01-01 $269,900 (3.2%) $371,680 (-6.4%) 0.93 2,716
2019-02-01 $274,700 (2.7%) $377,129 (-7.7%) 0.93 2,670
2019-03-01 $289,900 (3.9%) $392,796 (-5.9%) 0.97 2,701
2019-04-01 $299,450 (5.1%) $397,857 (-2.6%) 0.95 2,863
2019-05-01 $293,224 (-1.3%) $393,000 (-0.4%) 0.92 3,024
2019-06-01 $294,995 (0.0%) $390,448 (-0.1%) 0.92 3,182
2019-07-01 $292,450 (0.9%) $388,756 (-2.2%) 0.92 3,207
2019-08-01 $285,000 (-1.6%) $381,646 (-0.1%) 0.89 3,242
2019-09-01 $279,450 (-3.5%) $379,123 (-1.6%) 0.88 2,986
2019-10-01 $275,000 (-3.4%) $372,510 (-3.0%) 0.89 3,028
2019-11-01 $274,900 (0.0%) $367,636 (-2.2%) 0.90 2,773
2019-12-01 $270,950 (0.4%) $367,962 (-0.7%) 0.90 2,408
2020-01-01 $269,925 (0.0%) $368,568 (-0.8%) 0.90 2,123
2020-02-01 $275,000 (0.1%) $377,743 (0.2%) 0.90 2,040
2020-03-01 $289,950 (0.0%) $390,744 (-0.5%) 0.91 2,102
2020-04-01 $289,900 (-3.2%) $396,727 (-0.3%) 0.91 2,052
2020-05-01 $299,900 (2.3%) $406,164 (3.4%) 0.91 1,908
2020-06-01 $317,450 (7.6%) $432,757 (10.8%) 0.94 1,666
2020-07-01 $326,950 (11.8%) $448,513 (15.4%) 0.95 1,591
2020-08-01 $320,000 (12.3%) $453,950 (19.0%) 0.92 1,559
2020-09-01 $308,500 (10.4%) $450,543 (18.8%) 0.88 1,594
2020-10-01 $310,000 (12.7%) $449,549 (20.7%) 0.89 1,548
2020-11-01 $309,450 (12.6%) $447,767 (21.8%) 0.90 1,453
2020-12-01 $300,000 (10.7%) $454,473 (23.5%) 0.89 1,268
2021-01-01 $310,000 (14.9%) $468,117 (27.0%) 0.93 1,019
2021-02-01 $317,975 (15.6%) $472,862 (25.2%) 0.92 835
2021-03-01 $324,900 (12.1%) $491,572 (25.8%) 0.92 814
2021-04-01 $333,250 (15.0%) $516,992 (30.3%) 0.90 845
2021-05-01 $340,000 (13.4%) $512,193 (26.1%) 0.90 956
2021-06-01 $337,400 (6.3%) $507,267 (17.2%) 0.89 1,132
2021-07-01 $335,000 (2.5%) $508,451 (13.4%) 0.88 1,290
2021-08-01 $329,575 (3.0%) $486,132 (7.1%) 0.88 1,415
2021-09-01 $324,950 (5.3%) $478,572 (6.2%) 0.87 1,421
2021-10-01 $329,000 (6.1%) $484,266 (7.7%) 0.88 1,361
2021-11-01 $329,900 (6.6%) $481,309 (7.5%) 0.88 1,102
2021-12-01 $321,000 (7.0%) $471,258 (3.7%) 0.87 920
2022-01-01 $329,900 (6.4%) $486,516 (3.9%) 0.89 732
2022-02-01 $344,450 (8.3%) $508,974 (7.6%) 0.90 625
2022-03-01 $350,000 (7.7%) $513,833 (4.5%) 0.88 626
2022-04-01 $351,000 (5.3%) $520,885 (0.8%) 0.84 749
2022-05-01 $357,450 (5.1%) $506,099 (-1.2%) 0.82 882
2022-06-01 $361,000 (7.0%) $502,853 (-0.9%) 0.80 1,014
2022-07-01 $358,000 (6.9%) $494,812 (-2.7%) 0.81 1,153
2022-08-01 $360,950 (9.5%) $488,184 (0.4%) 0.83 1,136
2022-09-01 $353,228 (8.7%) $497,775 (4.0%) 0.83 1,137
2022-10-01 $350,000 (6.4%) $497,744 (2.8%) 0.82 1,180
2022-11-01 $349,950 (6.1%) $490,084 (1.8%) 0.84 1,165
2022-12-01 $349,900 (9.0%) $489,391 (3.9%) 0.86 977
2023-01-01 $372,450 (12.9%) $493,418 (1.4%) 0.92 800
2023-02-01 $387,000 (12.4%) $515,822 (1.4%) 0.93 712
2023-03-01 $399,000 (14.0%) $542,237 (5.5%) 0.94 698
2023-04-01 $399,950 (14.0%) $549,293 (5.5%) 0.93 716
New Haven's median listing price for 2023-04-01 was $399,950, a difference of $48,950 (14.0%) versus the prior year and $950 versus the prior month.

New Haven's median listing price comes in at 93% of the national average.

New Haven's average listing price for 2023-04-01 was $549,293, a difference of $28,408 (5.5%) versus the prior year and $7,056 versus the prior month.

For the 2023-04-01 period, New Haven had 716 MLS listings, a difference of 18 listings (3%) versus the prior month and -33 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New Haven (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 101 days 1,600 sqft
2018-02-01 99 days 1,618 sqft
2018-03-01 70 days 1,657 sqft
2018-04-01 58 days 1,707 sqft
2018-05-01 54 days 1,730 sqft
2018-06-01 57 days 1,716 sqft
2018-07-01 65 days 1,703 sqft
2018-08-01 68 days 1,682 sqft
2018-09-01 72 days 1,692 sqft
2018-10-01 79 days 1,682 sqft
2018-11-01 83 days 1,645 sqft
2018-12-01 95 days 1,626 sqft
2019-01-01 102 days 1,609 sqft
2019-02-01 96 days 1,618 sqft
2019-03-01 68 days 1,668 sqft
2019-04-01 53 days 1,712 sqft
2019-05-01 51 days 1,747 sqft
2019-06-01 54 days 1,848 sqft
2019-07-01 62 days 1,845 sqft
2019-08-01 73 days 1,830 sqft
2019-09-01 80 days 1,825 sqft
2019-10-01 75 days 1,807 sqft
2019-11-01 75 days 1,800 sqft
2019-12-01 86 days 1,777 sqft
2020-01-01 93 days 1,759 sqft
2020-02-01 84 days 1,780 sqft
2020-03-01 53 days 1,800 sqft
2020-04-01 60 days 1,782 sqft
2020-05-01 73 days 1,817 sqft
2020-06-01 57 days 1,854 sqft
2020-07-01 43 days 1,868 sqft
2020-08-01 41 days 1,862 sqft
2020-09-01 42 days 1,823 sqft
2020-10-01 43 days 1,817 sqft
2020-11-01 47 days 1,783 sqft
2020-12-01 55 days 1,771 sqft
2021-01-01 68 days 1,752 sqft
2021-02-01 59 days 1,735 sqft
2021-03-01 25 days 1,728 sqft
2021-04-01 26 days 1,793 sqft
2021-05-01 23 days 1,792 sqft
2021-06-01 23 days 1,757 sqft
2021-07-01 29 days 1,729 sqft
2021-08-01 32 days 1,601 sqft
2021-09-01 38 days 1,578 sqft
2021-10-01 44 days 1,605 sqft
2021-11-01 50 days 1,580 sqft
2021-12-01 57 days 1,570 sqft
2022-01-01 64 days 1,592 sqft
2022-02-01 36 days 1,588 sqft
2022-03-01 21 days 1,607 sqft
2022-04-01 17 days 1,581 sqft
2022-05-01 18 days 1,594 sqft
2022-06-01 22 days 1,604 sqft
2022-07-01 27 days 1,608 sqft
2022-08-01 33 days 1,789 sqft
2022-09-01 38 days 1,803 sqft
2022-10-01 36 days 1,803 sqft
2022-11-01 45 days 1,796 sqft
2022-12-01 56 days 1,776 sqft
2023-01-01 65 days 1,761 sqft
2023-02-01 44 days 1,758 sqft
2023-03-01 33 days 1,854 sqft
2023-04-01 31 days 1,803 sqft
New Haven's median listing age (time on market) for 2023-04-01 was 31 days. This is 88% longer than the same period one year ago.

New Haven's median square footage for active listings during the 2023-04-01 period was 1,803 sqft. One year prior, the average listing was 1,581 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).