Norwich FHA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, 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.

    Norwich's 73 lenders originated 666 FHA loans during 2022. The total origination value was $200,800,000, with an average FHA loan value of $301,502.

    Norwich FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Norwich averaged -0.24% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Norwich's average FHA mortgage closing costs are $7,514.

    The average rate for the prior week (2023-05-26) was 5.99% and one month ago for the week of 2023-04-28, the average rate was 5.84%.

    The average rate one year ago was 4.79%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.79%.

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

    Norwich 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 Norwich level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 61 4.63% $8,308
    QUICKEN LOANS, LLC 55 4.66% $10,373
    UNITED WHOLESALE MORTGAGE, LLC 52 4.94% $9,104
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 43 5.36% $10,979
    NORWICH COMMERCIAL GROUP, INC. 40 4.79% $9,336
    LOANDEPOT.COM, LLC 33 4.74% $10,128
    TOTAL MORTGAGE SERVICES, LLC 26 5.43% $11,061
    GUARANTEED RATE, INC. 22 5.65% $11,864
    PRIMELENDING, A PLAINSCAPITAL COMPANY 16 5.20% $10,272
    AMERISAVE MORTGAGE CORPORATION 15 4.95% $9,980
    FIRST WORLD MORTGAGE CORPORATION 13 4.69% $8,986
    FREEDOM MORTGAGE CORPORATION 13 4.05% $9,048
    HOME POINT FINANCIAL CORPORATION 13 4.52% $9,494
    CROSSCOUNTRY MORTGAGE, LLC 13 5.49% $11,439
    PENNYMAC LOAN SERVICES, LLC 12 4.36% $8,938
    MOVEMENT MORTGAGE, LLC 12 5.25% $11,171
    NFM, INC. 10 4.73% $11,207
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 5.24% $12,289
    CALIBER HOME LOANS, INC. 9 4.19% $8,797
    Prosperity Home Mortgage, LLC 8 4.56% $10,791
    PLAZA HOME MORTGAGE, INC. 7 5.20% $11,231
    NEWREZ LLC 7 4.98% $8,672
    Carrington Mortgage Services, LLC 7 5.09% $10,908
    Paramount Residential Mortgage Group, Inc. 6 6.00% $12,203
    Citizens Bank 6 4.67% $7,069
    EVERETT FINANCIAL, INC. 6 5.19% $7,116
    WILLIAM RAVEIS MORTGAGE, LLC 5 5.35% $9,518
    Mr. Cooper ( Nationstar Mortgage ) 5 4.53% $12,496
    GUILD MORTGAGE COMPANY 5 4.85% $10,710
    ALLIED MORTGAGE GROUP, INC. 5 5.23% $11,835
    CARDINAL FINANCIAL 5 4.55% $10,486
    Semper Home Loans, Inc. 5 5.98% $9,483
    LAKEVIEW LOAN SERVICING, LLC 4 3.38% $6,363
    GUARANTEED RATE AFFINITY, LLC 4 5.06% $9,450
    Shamrock Home Loans, Inc. 4 4.84% $10,242
    Nations Lending Corporation 3 5.21% $9,016
    ENVOY MORTGAGE, LTD 3 5.58% $14,647
    Equity Prime Mortgage LLC 3 5.71% $13,052
    RELIANCE FIRST CAPITAL, LLC 3 5.58% $9,618
    MID AMERICA MORTGAGE, INC. 3 4.92% $6,023
    BROKER SOLUTIONS, INC. 3 4.24% $8,973
    SUN WEST MORTGAGE COMPANY, INC. 3 4.92% $11,516
    Charter Oak Federal Credit Union 3 3.96% $7,851
    EMBRACE HOME LOANS, INC. 3 5.08% $13,064
    OCMBC, INC. 3 4.58% $10,699
    Lakeview Community Capital, LLC 2 3.62% $9,051
    HOMESIDE FINANCIAL, LLC 2 5.31% $11,415
    Mortgage Research Center, LLC 2 4.31% $6,794
    Northpointe Bank 2 5.19% $9,305
    NORTHPOINT MORTGAGE, INC. 2 5.25% $9,182
    Chelsea Groton Bank 2 5.44% $8,931
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.50% $13,408
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 5.38% $12,353
    Wells Fargo Bank 2 5.88% $10,963
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $11,045
    First Federal Bank 1 4.63% $13,177
    CMG MORTGAGE, INC. 1 3.50% $7,521
    PLANET HOME LENDING, LLC 1 2.88% $5,435
    Bank of England 1 6.25% $15,076
    Bank of America 1 3.25% $2,128
    Flagstar Bank, FSB 1 5.14% $10,421
    Mortgage Network, Inc. 1 5.25% $12,532
    INTERSTATE HOME LOAN CENTER, INC. 1 5.75% $17,187
    BETTER MORTGAGE CORPORATION 1 6.13% $9,650
    Magnolia Bank 1 4.75% $16,689
    Barrington Bank & Trust Company, N.A. 1 3.63% $7,970
    FINANCE OF AMERICA MORTGAGE LLC 1 4.88% $11,526
    NEW DAY FINANCIAL, LLC 1 3.38% $14,648
    North American Savings Bank, F.S.B. 1 4.50% $12,633
    ZILLOW HOME LOANS, LLC 1 4.25% $5,986
    HARBORONE MORTGAGE, LLC 1 5.38% $9,422
    NBH Bank 1 5.62% $10,273
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $14,709

    The top Norwich FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 61 FHA loans originated. Their average total fees are $8,308, which is $2,065 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Norwich FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,308), PENNYMAC LOAN SERVICES, LLC ($8,938), FIRST WORLD MORTGAGE CORPORATION ($8,986), FREEDOM MORTGAGE CORPORATION ($9,048) and UNITED WHOLESALE MORTGAGE, LLC ($9,104).

    The lowest rate Norwich FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (4.05%), PENNYMAC LOAN SERVICES, LLC (4.36%), HOME POINT FINANCIAL CORPORATION (4.52%), HOMESTEAD FUNDING CORP. (4.63%) and QUICKEN LOANS, LLC (4.66%).

    Norwich FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norwich (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 $269,450 (-2.0%) $385,081 (0.1%) 1.00 1,335
    2018-02-01 $272,400 (-2.7%) $386,997 (-0.1%) 0.99 1,295
    2018-03-01 $289,450 (0.9%) $400,112 (1.0%) 1.02 1,312
    2018-04-01 $296,000 (-1.3%) $409,214 (-0.6%) 1.00 1,425
    2018-05-01 $299,450 (-3.2%) $409,420 (-3.1%) 1.00 1,524
    2018-06-01 $309,900 (-0.8%) $418,174 (-1.7%) 1.03 1,574
    2018-07-01 $299,950 (-4.5%) $420,745 (-2.7%) 1.00 1,685
    2018-08-01 $299,000 (-0.1%) $414,444 (-2.0%) 1.00 1,667
    2018-09-01 $289,900 (-3.0%) $403,657 (-5.2%) 0.97 1,691
    2018-10-01 $289,000 (-0.3%) $405,136 (-3.0%) 0.98 1,670
    2018-11-01 $284,850 (0.0%) $411,550 (0.9%) 0.97 1,580
    2018-12-01 $274,900 (-1.7%) $395,432 (-1.8%) 0.95 1,460
    2019-01-01 $272,175 (1.0%) $392,936 (2.0%) 0.94 1,268
    2019-02-01 $277,000 (1.7%) $397,071 (2.6%) 0.94 1,264
    2019-03-01 $288,214 (-0.4%) $408,517 (2.1%) 0.94 1,281
    2019-04-01 $299,900 (1.3%) $425,227 (3.9%) 0.95 1,304
    2019-05-01 $313,675 (4.8%) $433,047 (5.8%) 0.98 1,385
    2019-06-01 $319,900 (3.2%) $436,947 (4.5%) 1.00 1,462
    2019-07-01 $309,450 (3.2%) $431,292 (2.5%) 0.97 1,472
    2019-08-01 $306,518 (2.5%) $425,426 (2.7%) 0.97 1,451
    2019-09-01 $302,795 (4.5%) $421,812 (4.5%) 0.97 1,432
    2019-10-01 $299,925 (3.8%) $419,402 (3.5%) 0.97 1,412
    2019-11-01 $299,900 (5.3%) $419,876 (2.0%) 0.98 1,325
    2019-12-01 $299,900 (9.1%) $415,046 (5.0%) 1.00 1,161
    2020-01-01 $299,000 (9.9%) $409,327 (4.2%) 1.00 1,007
    2020-02-01 $298,500 (7.8%) $408,980 (3.0%) 0.98 962
    2020-03-01 $299,000 (3.7%) $414,466 (1.5%) 0.94 968
    2020-04-01 $316,500 (5.5%) $437,159 (2.8%) 0.99 923
    2020-05-01 $329,000 (4.9%) $459,513 (6.1%) 1.00 854
    2020-06-01 $329,900 (3.1%) $475,218 (8.8%) 0.97 794
    2020-07-01 $341,450 (10.3%) $492,577 (14.2%) 0.99 690
    2020-08-01 $349,900 (14.2%) $515,012 (21.1%) 1.00 634
    2020-09-01 $352,250 (16.3%) $514,954 (22.1%) 1.01 636
    2020-10-01 $349,450 (16.5%) $508,598 (21.3%) 1.00 648
    2020-11-01 $349,900 (16.7%) $517,699 (23.3%) 1.02 591
    2020-12-01 $350,000 (16.7%) $525,467 (26.6%) 1.04 516
    2021-01-01 $339,900 (13.7%) $523,248 (27.8%) 1.01 420
    2021-02-01 $357,475 (19.8%) $559,045 (36.7%) 1.04 329
    2021-03-01 $367,400 (22.9%) $577,307 (39.3%) 1.04 323
    2021-04-01 $377,400 (19.2%) $584,547 (33.7%) 1.02 356
    2021-05-01 $399,000 (21.3%) $561,238 (22.1%) 1.06 396
    2021-06-01 $365,950 (10.9%) $532,517 (12.1%) 0.96 477
    2021-07-01 $349,900 (2.5%) $527,190 (7.0%) 0.92 541
    2021-08-01 $345,000 (-1.4%) $506,939 (-1.6%) 0.92 576
    2021-09-01 $348,125 (-1.2%) $492,433 (-4.4%) 0.93 563
    2021-10-01 $349,000 (-0.1%) $547,747 (7.7%) 0.93 527
    2021-11-01 $349,375 (-0.2%) $553,324 (6.9%) 0.93 462
    2021-12-01 $336,725 (-3.8%) $578,364 (10.1%) 0.91 381
    2022-01-01 $344,500 (1.4%) $611,830 (16.9%) 0.93 284
    2022-02-01 $369,900 (3.5%) $650,357 (16.3%) 0.96 274
    2022-03-01 $369,900 (0.7%) $631,607 (9.4%) 0.93 287
    2022-04-01 $369,900 (-2.0%) $612,659 (4.8%) 0.88 299
    2022-05-01 $399,900 (0.2%) $690,484 (23.0%) 0.91 365
    2022-06-01 $399,725 (9.2%) $680,313 (27.8%) 0.89 421
    2022-07-01 $402,500 (15.0%) $673,607 (27.8%) 0.91 465
    2022-08-01 $411,250 (19.2%) $710,674 (40.2%) 0.95 467
    2022-09-01 $399,900 (14.9%) $716,877 (45.6%) 0.93 453
    2022-10-01 $399,900 (14.6%) $766,536 (39.9%) 0.94 446
    2022-11-01 $432,200 (23.7%) $792,414 (43.2%) 1.04 418
    2022-12-01 $435,000 (29.2%) $822,100 (42.1%) 1.07 335
    2023-01-01 $439,725 (27.6%) $784,151 (28.2%) 1.09 288
    2023-02-01 $481,725 (30.2%) $858,192 (32.0%) 1.16 261
    2023-03-01 $508,948 (37.6%) $919,378 (45.6%) 1.20 249
    2023-04-01 $499,389 (35.0%) $849,623 (38.7%) 1.16 282
    2023-05-01 $499,900 (25.0%) $816,168 (18.2%) 1.13 319
    Norwich's median listing price for 2023-05-01 was $499,900, a difference of $100,000 (25.0%) versus the prior year and $511 versus the prior month.

    Norwich's median listing price comes in at 113% of the national average.

    Norwich's average listing price for 2023-05-01 was $816,168, a difference of $125,684 (18.2%) versus the prior year and $-33,455 versus the prior month.

    For the 2023-05-01 period, Norwich had 319 MLS listings, a difference of 37 listings (13%) versus the prior month and -46 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norwich (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,700 sqft
    2018-02-01 96 days 1,691 sqft
    2018-03-01 73 days 1,728 sqft
    2018-04-01 57 days 1,757 sqft
    2018-05-01 54 days 1,746 sqft
    2018-06-01 59 days 1,795 sqft
    2018-07-01 65 days 1,796 sqft
    2018-08-01 72 days 1,754 sqft
    2018-09-01 74 days 1,744 sqft
    2018-10-01 79 days 1,754 sqft
    2018-11-01 84 days 1,755 sqft
    2018-12-01 96 days 1,722 sqft
    2019-01-01 100 days 1,724 sqft
    2019-02-01 100 days 1,706 sqft
    2019-03-01 80 days 1,698 sqft
    2019-04-01 57 days 1,728 sqft
    2019-05-01 53 days 1,810 sqft
    2019-06-01 58 days 1,883 sqft
    2019-07-01 65 days 1,908 sqft
    2019-08-01 68 days 1,919 sqft
    2019-09-01 69 days 1,933 sqft
    2019-10-01 71 days 1,944 sqft
    2019-11-01 75 days 1,906 sqft
    2019-12-01 90 days 1,905 sqft
    2020-01-01 97 days 1,882 sqft
    2020-02-01 96 days 1,862 sqft
    2020-03-01 62 days 1,855 sqft
    2020-04-01 65 days 1,875 sqft
    2020-05-01 79 days 1,875 sqft
    2020-06-01 62 days 1,886 sqft
    2020-07-01 50 days 1,898 sqft
    2020-08-01 46 days 1,922 sqft
    2020-09-01 37 days 1,910 sqft
    2020-10-01 38 days 1,934 sqft
    2020-11-01 47 days 1,913 sqft
    2020-12-01 59 days 1,880 sqft
    2021-01-01 70 days 1,816 sqft
    2021-02-01 53 days 1,812 sqft
    2021-03-01 33 days 1,812 sqft
    2021-04-01 25 days 1,828 sqft
    2021-05-01 24 days 1,800 sqft
    2021-06-01 27 days 1,779 sqft
    2021-07-01 31 days 1,777 sqft
    2021-08-01 30 days 1,699 sqft
    2021-09-01 39 days 1,743 sqft
    2021-10-01 40 days 1,755 sqft
    2021-11-01 44 days 1,716 sqft
    2021-12-01 54 days 1,700 sqft
    2022-01-01 62 days 1,702 sqft
    2022-02-01 40 days 1,605 sqft
    2022-03-01 31 days 1,600 sqft
    2022-04-01 28 days 1,653 sqft
    2022-05-01 19 days 1,760 sqft
    2022-06-01 24 days 1,809 sqft
    2022-07-01 29 days 1,840 sqft
    2022-08-01 37 days 1,945 sqft
    2022-09-01 46 days 1,905 sqft
    2022-10-01 40 days 1,874 sqft
    2022-11-01 49 days 1,918 sqft
    2022-12-01 63 days 1,892 sqft
    2023-01-01 74 days 1,851 sqft
    2023-02-01 64 days 1,960 sqft
    2023-03-01 44 days 2,040 sqft
    2023-04-01 30 days 2,086 sqft
    2023-05-01 31 days 2,049 sqft
    Norwich's median listing age (time on market) for 2023-05-01 was 31 days. This is 61% longer than the same period one year ago.

    Norwich's median square footage for active listings during the 2023-05-01 period was 2,049 sqft. One year prior, the average listing was 1,760 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).