New Haven FHA Loans

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 150 lenders originated 4,664 FHA loans during 2021. The total origination value was $1,080,580,000, with an average FHA loan value of $231,685.

New Haven FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Haven averaged 5.41% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.34% and one month ago for the week of 2022-04-08, the average rate was 4.71%.

The average rate one year ago was 2.92%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.26%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Haven level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 383 2.73% $7,046
TOTAL MORTGAGE SERVICES, LLC 332 3.30% $10,494
FIRST WORLD MORTGAGE CORPORATION 199 2.96% $8,981
HOMEBRIDGE FINANCIAL SERVICES, INC. 162 3.01% $9,399
UNITED WHOLESALE MORTGAGE, LLC 152 2.69% $9,138
CALIBER HOME LOANS, INC. 141 2.78% $8,031
LOANDEPOT.COM, LLC 139 2.96% $8,825
FREEDOM MORTGAGE CORPORATION 136 2.90% $5,770
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 129 3.12% $8,722
CROSSCOUNTRY MORTGAGE, LLC 119 3.16% $9,727
Citizens Bank 107 2.80% $7,717
NEWREZ LLC 104 2.84% $7,424
Carrington Mortgage Services, LLC 94 3.38% $8,018
NORWICH COMMERCIAL GROUP, INC. 91 3.20% $8,932
MOVEMENT MORTGAGE, LLC 86 3.09% $8,832
LAKEVIEW LOAN SERVICING, LLC 86 3.05% $4,881
Mr. Cooper ( Nationstar Mortgage ) 84 3.26% $4,420
GUARANTEED RATE, INC. 79 2.96% $8,624
PRIMELENDING, A PLAINSCAPITAL COMPANY 79 3.38% $9,162
PRIMARY RESIDENTIAL MORTGAGE, INC. 75 3.42% $9,089
GUARANTEED RATE AFFINITY, LLC 74 3.01% $9,589
HOME POINT FINANCIAL CORPORATION 72 2.77% $8,273
PLAZA HOME MORTGAGE, INC. 71 2.99% $8,981
PANORAMA MORTGAGE GROUP, LLC 49 3.39% $9,936
Bank of England 46 3.25% $10,608
PENNYMAC LOAN SERVICES, LLC 45 3.14% $6,016
ENVOY MORTGAGE, LTD 41 3.29% $9,495
Lakeview Community Capital, LLC 34 3.01% $4,824
Flagstar Bank, FSB 32 2.74% $8,824
WILLIAM RAVEIS MORTGAGE, LLC 32 2.63% $8,871
BROKER SOLUTIONS, INC. 29 3.02% $8,244
Prosperity Home Mortgage, LLC 29 3.19% $7,923
Paramount Residential Mortgage Group, Inc. 27 3.18% $8,380
EQUITY RESOURCES, INC. 27 2.97% $9,116
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 25 2.82% $10,292
VILLAGE CAPITAL & INVESTMENT LLC 25 2.94% $2,304
PROVINCE MORTGAGE ASSOCIATES, INC. 24 3.12% $8,711
Equity Prime Mortgage LLC 22 3.10% $9,633
AMERISAVE MORTGAGE CORPORATION 20 3.02% $9,314
AmeriHome Mortgage Company, LLC 19 3.11% $4,642
FINANCE OF AMERICA MORTGAGE LLC 18 3.03% $8,219
Bank of America 18 2.83% $5,128
AMERICAN FINANCIAL NETWORK, INC. 18 3.08% $14,731
NATIONWIDE MORTGAGE BANKERS, INC. 18 3.07% $10,370
Atlantic Home Loans, Inc. 17 3.06% $7,613
UNITED MORTGAGE CORP. 17 3.04% $11,015
First Guaranty Mortgage Corporation 17 2.84% $9,063
PRYSMA LENDING GROUP, LLC 16 2.88% $8,981
People's United Bank 15 2.75% $8,469
CONTOUR MORTGAGE CORPORATION 14 3.01% $8,214
CMG MORTGAGE, INC. 14 2.95% $8,432
Mortgage Research Center, LLC 13 3.03% $6,677
Manufacturers and Traders Trust Company 12 2.89% $8,873
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 3.14% $8,160
BAY EQUITY LLC 12 3.03% $7,924
ALLIED MORTGAGE GROUP, INC. 12 3.10% $9,826
KeyBank 11 2.78% $9,017
InterContinental Capital Group, Inc 11 2.99% $8,708
JPMorgan Chase Bank 11 3.09% $5,781
PHH Mortgage Corporation 10 3.21% $5,457
Liberty Bank 10 2.54% $8,576
MUTUAL OF OMAHA MORTGAGE, INC. 8 2.84% $9,787
Thomaston Savings Bank 8 3.11% $7,408
ARC HOME LLC 8 2.64% $10,623
Hometown Equity Mortgage, LLC 8 4.30% $9,752
SUN WEST MORTGAGE COMPANY, INC. 8 3.17% $10,100
Evolve Bank & Trust 8 2.94% $7,209
PLANET HOME LENDING, LLC 7 2.93% $5,047
INTERSTATE HOME LOAN CENTER, INC. 7 3.30% $9,790
UNITED NORTHERN MORTGAGE BANKERS LIMITED 6 3.06% $11,014
HOMESIDE FINANCIAL, LLC 6 3.08% $9,691
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 6 3.00% $15,513
Webster Bank 6 2.40% $7,976
STEARNS LENDING, LLC 5 3.05% $7,983
EMBRACE HOME LOANS, INC. 5 2.95% $9,415
EVERETT FINANCIAL, INC. 5 3.03% $6,319
JET DIRECT FUNDING CORP 5 3.13% $11,353
Magnolia Bank 5 2.83% $12,182
RELIANCE FIRST CAPITAL, LLC 5 3.13% $8,252
The Federal Savings Bank 5 2.98% $9,544
Mortgage Network, Inc. 4 2.94% $10,256
U.S. Bank 4 2.75% $9,394
East Coast Capital Corp. 4 3.31% $12,934
HOMESTEAD FUNDING CORP. 4 3.34% $5,928
MID AMERICA MORTGAGE, INC. 4 3.09% $4,955
RESIDENTIAL MORTGAGE SERVICES, INC. 4 2.84% $7,039
Nations Lending Corporation 4 3.50% $8,352
Barrington Bank & Trust Company, N.A. 4 3.00% $8,770
AMERICAN FINANCING CORPORATION 4 2.91% $9,335
ZILLOW HOME LOANS, LLC 3 2.67% $8,876
NATIONS DIRECT MORTGAGE, LLC 3 3.42% $6,727
NFM, INC. 3 3.29% $8,989
Quontic Bank 3 2.67% $10,272
OCEANSIDE MORTGAGE COMPANY 3 2.66% $3,940
LEADERONE FINANCIAL CORPORATION 3 3.08% $8,181
First Federal Bank 3 2.96% $10,822
FAMILY FIRST FUNDING LLC 3 3.17% $11,431
Santander Bank, N.A. 3 2.58% $7,384
Savings Bank of Danbury 3 2.63% $7,822
CLIFFCO, INC. 3 3.25% $8,610
TD Bank 3 2.75% $7,832
BETTER MORTGAGE CORPORATION 2 2.63% $9,138
GUARANTY HOME MORTGAGE CORPORATION 2 3.00% $9,004
NEW FED MORTGAGE, CORP. 2 2.50% $7,882
Residential Mortgage Solutions, Inc. 2 3.50% $8,763
Shamrock Home Loans, Inc. 2 3.00% $7,725
ACADEMY MORTGAGE CORPORATION 2 3.31% $6,339
Newtown Savings Bank 2 2.69% $8,421
TOWNE MORTGAGE COMPANY 2 3.00% $8,164
INLAND BANK & TRUST 2 3.13% $9,655
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.75% $8,894
Northpointe Bank 2 3.13% $8,295
NORTHPOINT MORTGAGE, INC. 2 3.13% $10,075
AMERICAN FINANCIAL RESOURCES, INC. 2 3.50% $7,740
Mortgage Unlimited, L.L.C. 2 2.88% $8,933
Leader Bank 2 2.44% $9,703
KELLER MORTGAGE, LLC 2 2.69% $7,324
EMM LOANS LLC 2 3.06% $14,700
HARTFORD FUNDING, LTD. 2 2.81% $14,600
Plains Commerce Bank 2 2.88% $11,825
DAS Acquisition Company, LLC 2 2.94% $8,852
GUILD MORTGAGE COMPANY 2 2.56% $6,281
Prime Choice Funding Inc. 2 2.69% $8,386
Wilmington Savings Fund Society, FSB 1 2.88% $5,781
A&D Mortgage LLC 1 3.13% $15,956
MID-ISLAND MORTGAGE CORP. 1 2.63% $12,200
MLB RESIDENTIAL LENDING, LLC 1 3.63% $13,759
HOMESPIRE MORTGAGE CORPORATION 1 3.25% $7,258
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.25% $11,003
Goldwater Bank, N.A. 1 3.75% $10,538
FIRST HOME MORTGAGE CORPORATION 1 3.13% $5,387
NJ LENDERS CORP. 1 3.13% $12,665
North American Savings Bank, F.S.B. 1 2.75% $6,260
First Home Bank 1 3.63% $9,308
DREW MORTGAGE ASSOCIATES, INC. 1 3.25% $10,074
CHURCHILL MORTGAGE CORPORATION 1 2.63% $10,808
Capital Bank 1 2.50% $7,329
Berkshire Bank 1 2.63% $8,271
BAYCOAST MORTGAGE COMPANY, LLC 1 2.75% $7,978
LOANPAL, LLC 1 2.50% $10,147
RESIDENTIAL HOME FUNDING CORP. 1 3.13% $10,697
Sierra Pacific Mortgage Company, Inc. 1 2.25% $8,604
ASSOCIATED MORTGAGE BANKERS, INC. 1 3.13% $10,390
ANGEL OAK HOME LOANS LLC 1 2.88% $9,896
AmRes Corporation 1 2.75% $8,100
Ameris Bank 1 2.88% $10,889
UNITED SECURITY FINANCIAL CORP 1 2.88% $9,493
Valley National Bank 1 2.50% $10,983
Advisors Mortgage Group, L.L.C. 1 3.00% $11,868
Wells Fargo Bank 1 3.25% $11,093

The top New Haven FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 383 FHA loans originated. Their average total fees are $7,046, which is $3,448 lower than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

The lowest fee New Haven FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,304), Mr. Cooper ( Nationstar Mortgage ) ($4,420), AmeriHome Mortgage Company, LLC ($4,642), Lakeview Community Capital, LLC ($4,824) and LAKEVIEW LOAN SERVICING, LLC ($4,881).

The lowest rate New Haven FHA lenders (with over 10 loans originated) are Liberty Bank (2.54%), WILLIAM RAVEIS MORTGAGE, LLC (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), QUICKEN LOANS, LLC (2.73%) and Flagstar Bank, FSB (2.74%).

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

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 $250,000 (0.0%) $375,107 (1.6%) 0.92 3,359
2018-02-01 $258,450 (-0.6%) $381,758 (2.4%) 0.93 3,453
2018-03-01 $265,000 (-1.8%) $384,495 (2.5%) 0.92 3,772
2018-04-01 $273,320 (-1.3%) $376,305 (-2.1%) 0.92 4,079
2018-05-01 $279,900 (0.0%) $369,186 (-6.3%) 0.93 4,441
2018-06-01 $279,900 (-2.5%) $366,012 (-9.7%) 0.93 4,518
2018-07-01 $275,000 (-3.5%) $372,162 (-7.6%) 0.92 4,597
2018-08-01 $269,950 (1.1%) $365,558 (-2.6%) 0.90 4,632
2018-09-01 $269,900 (2.0%) $363,210 (-3.2%) 0.90 4,579
2018-10-01 $269,900 (3.9%) $362,767 (-2.7%) 0.90 4,530
2018-11-01 $265,000 (2.0%) $358,678 (-2.9%) 0.89 4,281
2018-12-01 $259,900 (1.6%) $352,245 (-6.2%) 0.89 3,843
2019-01-01 $259,900 (4.0%) $353,597 (-5.7%) 0.90 3,452
2019-02-01 $259,900 (0.6%) $357,035 (-6.5%) 0.87 3,484
2019-03-01 $270,371 (2.0%) $361,296 (-6.0%) 0.88 3,739
2019-04-01 $279,450 (2.2%) $367,147 (-2.4%) 0.88 3,977
2019-05-01 $279,900 (0.0%) $365,394 (-1.0%) 0.86 4,231
2019-06-01 $279,000 (-0.3%) $362,657 (-0.9%) 0.86 4,362
2019-07-01 $276,950 (0.7%) $358,970 (-3.5%) 0.86 4,344
2019-08-01 $271,514 (0.6%) $354,237 (-3.1%) 0.85 4,185
2019-09-01 $266,450 (-1.3%) $351,458 (-3.2%) 0.85 4,038
2019-10-01 $265,000 (-1.8%) $353,139 (-2.7%) 0.85 3,906
2019-11-01 $260,000 (-1.9%) $348,130 (-2.9%) 0.84 3,603
2019-12-01 $259,900 (0.0%) $347,545 (-1.3%) 0.87 3,104
2020-01-01 $259,000 (-0.4%) $346,224 (-2.1%) 0.86 2,733
2020-02-01 $264,999 (2.0%) $350,193 (-1.9%) 0.86 2,772
2020-03-01 $274,500 (1.5%) $356,402 (-1.4%) 0.86 3,071
2020-04-01 $274,900 (-1.6%) $362,115 (-1.4%) 0.86 2,924
2020-05-01 $279,900 (0.0%) $365,382 (0.0%) 0.85 2,807
2020-06-01 $289,900 (3.9%) $375,670 (3.6%) 0.85 3,010
2020-07-01 $289,950 (4.7%) $380,168 (5.9%) 0.83 3,075
2020-08-01 $289,000 (6.4%) $379,009 (7.0%) 0.83 3,069
2020-09-01 $279,900 (5.1%) $380,085 (8.2%) 0.80 3,084
2020-10-01 $285,000 (7.6%) $380,566 (7.8%) 0.81 3,035
2020-11-01 $286,950 (10.4%) $385,506 (10.7%) 0.82 2,644
2020-12-01 $279,800 (7.7%) $386,620 (11.2%) 0.82 2,292
2021-01-01 $285,000 (10.0%) $396,371 (14.5%) 0.84 1,875
2021-02-01 $289,900 (9.4%) $397,292 (13.5%) 0.83 1,718
2021-03-01 $297,000 (8.2%) $405,761 (13.9%) 0.83 1,843
2021-04-01 $299,900 (9.1%) $414,351 (14.4%) 0.81 1,928
2021-05-01 $309,900 (10.7%) $417,568 (14.3%) 0.82 2,131
2021-06-01 $337,400 (16.4%) $494,894 (31.7%) 0.88 1,150
2021-07-01 $339,000 (16.9%) $510,864 (34.4%) 0.88 1,277
2021-08-01 $329,900 (14.2%) $488,001 (28.8%) 0.87 1,413
2021-09-01 $325,000 (16.1%) $479,575 (26.2%) 0.86 1,432
2021-10-01 $329,900 (15.8%) $484,678 (27.4%) 0.87 1,363
2021-11-01 $329,950 (15.0%) $482,233 (25.1%) 0.87 1,096
2021-12-01 $324,450 (16.0%) $475,402 (23.0%) 0.87 923
2022-01-01 $329,900 (15.8%) $490,755 (23.8%) 0.88 729
2022-02-01 $344,450 (18.8%) $512,804 (29.1%) 0.88 628
2022-03-01 $354,500 (19.4%) $514,659 (26.8%) 0.88 616
2022-04-01 $359,900 (20.0%) $525,655 (26.9%) 0.85 733
New Haven's median listing price for 2022-04-01 was $359,900, a difference of $60,000 (20.0%) versus the prior year and $5,400 versus the prior month.

New Haven's median listing price comes in at 85% of the national average.

New Haven's average listing price for 2022-04-01 was $525,655, a difference of $111,304 (26.9%) versus the prior year and $10,996 versus the prior month.

For the 2022-04-01 period, New Haven had 733 MLS listings, a difference of 117 listings (19%) versus the prior month and -1,195 listings (-62%) 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 96 days 1,527 sqft
2018-02-01 95 days 1,548 sqft
2018-03-01 66 days 1,583 sqft
2018-04-01 55 days 1,616 sqft
2018-05-01 53 days 1,636 sqft
2018-06-01 53 days 1,632 sqft
2018-07-01 61 days 1,627 sqft
2018-08-01 66 days 1,617 sqft
2018-09-01 71 days 1,616 sqft
2018-10-01 78 days 1,620 sqft
2018-11-01 81 days 1,605 sqft
2018-12-01 94 days 1,586 sqft
2019-01-01 102 days 1,574 sqft
2019-02-01 99 days 1,559 sqft
2019-03-01 67 days 1,594 sqft
2019-04-01 52 days 1,637 sqft
2019-05-01 50 days 1,712 sqft
2019-06-01 53 days 1,790 sqft
2019-07-01 59 days 1,782 sqft
2019-08-01 66 days 1,763 sqft
2019-09-01 68 days 1,747 sqft
2019-10-01 71 days 1,760 sqft
2019-11-01 71 days 1,748 sqft
2019-12-01 82 days 1,735 sqft
2020-01-01 88 days 1,720 sqft
2020-02-01 77 days 1,733 sqft
2020-03-01 50 days 1,756 sqft
2020-04-01 55 days 1,750 sqft
2020-05-01 64 days 1,755 sqft
2020-06-01 51 days 1,786 sqft
2020-07-01 43 days 1,794 sqft
2020-08-01 42 days 1,757 sqft
2020-09-01 42 days 1,737 sqft
2020-10-01 43 days 1,747 sqft
2020-11-01 46 days 1,743 sqft
2020-12-01 51 days 1,716 sqft
2021-01-01 59 days 1,716 sqft
2021-02-01 48 days 1,691 sqft
2021-03-01 35 days 1,686 sqft
2021-04-01 32 days 1,694 sqft
2021-05-01 31 days 1,711 sqft
2021-06-01 29 days 1,766 sqft
2021-07-01 29 days 1,771 sqft
2021-08-01 33 days 1,613 sqft
2021-09-01 40 days 1,590 sqft
2021-10-01 45 days 1,612 sqft
2021-11-01 50 days 1,582 sqft
2021-12-01 59 days 1,570 sqft
2022-01-01 67 days 1,603 sqft
2022-02-01 46 days 1,597 sqft
2022-03-01 26 days 1,624 sqft
2022-04-01 20 days 1,600 sqft
New Haven's median listing age (time on market) for 2022-04-01 was 20 days. This is -37% shorter than the same period one year ago.

New Haven's median square footage for active listings during the 2022-04-01 period was 1,600 sqft. One year prior, the average listing was 1,694 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).