Norwich FHA Loan Rates, Closing Costs & Stats

NORWICH-NEW LONDON, CT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 74 lenders originated 488 FHA loans during 2023. The total origination value was $124,540,000, with an average FHA loan value of $255,205.

    Norwich FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Norwich averaged 6.39% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Norwich's average FHA mortgage closing costs are $7,933.

    The average rate for the prior week (2025-02-07) was 6.7% and one month ago for the week of 2025-01-10, the average rate was 6.36%.

    The average rate one year ago was 6.49%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.36%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTEAD FUNDING CORP. 54 6.13% $7,969
    QUICKEN LOANS, LLC 48 6.26% $12,616
    UNITED WHOLESALE MORTGAGE, LLC 45 6.41% $12,012
    TOTAL MORTGAGE SERVICES, LLC 31 6.29% $9,540
    NORWICH COMMERCIAL GROUP, INC. 23 6.43% $11,765
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 6.80% $10,902
    GUARANTEED RATE, INC. 14 6.88% $12,934
    FREEDOM MORTGAGE CORPORATION 13 6.83% $15,253
    Prosperity Home Mortgage, LLC 10 6.49% $10,368
    CROSSCOUNTRY MORTGAGE, LLC 10 6.79% $10,429
    LOANDEPOT.COM, LLC 10 6.11% $12,205
    FIRST WORLD MORTGAGE CORPORATION 10 6.00% $8,737
    MOVEMENT MORTGAGE, LLC 8 6.64% $9,929
    Paramount Residential Mortgage Group, Inc. 8 6.86% $12,504
    PLAZA HOME MORTGAGE, INC. 8 6.76% $11,915
    NEWREZ LLC 7 6.64% $10,422
    EVERETT FINANCIAL, INC. 6 6.92% $16,445
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 7.08% $14,191
    Mr. Cooper ( Nationstar Mortgage ) 6 6.00% $13,262
    BROKER SOLUTIONS, INC. 5 6.55% $12,307
    CARDINAL FINANCIAL 5 6.09% $11,549
    MID AMERICA MORTGAGE, INC. 5 7.28% $4,910
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.48% $13,976
    PENNYMAC LOAN SERVICES, LLC 5 6.17% $13,078
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.56% $13,370
    Semper Home Loans, Inc. 4 6.88% $18,119
    RELIANCE FIRST CAPITAL, LLC 4 5.97% $14,783
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.69% $12,281
    T2 FINANCIAL LLC 3 6.63% $9,964
    Plains Commerce Bank 3 6.63% $15,016
    TOP FLITE FINANCIAL, INC. 3 7.25% $17,565
    Citizens Bank 3 6.29% $11,219
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $6,429
    Equity Prime Mortgage LLC 2 7.75% $11,729
    Magnolia Bank 2 6.68% $14,527
    WILLIAM RAVEIS MORTGAGE, LLC 2 6.38% $9,739
    Shamrock Home Loans, Inc. 2 6.25% $13,658
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 7.06% $13,362
    Carrington Mortgage Services, LLC 2 6.81% $17,876
    Mortgage Research Center, LLC 2 6.56% $4,848
    Charter Oak Federal Credit Union 2 6.44% $8,639
    NFM, INC. 2 6.88% $12,388
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $11,739
    M&T Bank 2 6.75% $11,360
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.06% $11,086
    MLB RESIDENTIAL LENDING, LLC 1 7.13% $29,887
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $12,958
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $14,731
    BAY EQUITY LLC 1 6.50% $10,563
    Centreville Bank 1 5.63% $5,606
    CMG MORTGAGE, INC. 1 8.00% $12,228
    EMM LOANS LLC 1 6.63% $12,073
    FirstBank 1 6.13% $11,943
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $10,119
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $5,911
    HARBORONE MORTGAGE, LLC 1 6.75% $12,538
    Ixonia Bank 1 7.38% $17,485
    Keystone Funding, Inc. 1 6.25% $23,050
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $7,388
    LEADERONE FINANCIAL CORPORATION 1 7.13% $8,503
    Liberty Bank 1 6.63% $7,618
    Loan Simple, Inc. 1 6.75% $10,994
    MEMBERS MORTGAGE COMPANY, INC. 1 5.75% $9,389
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $10,682
    MORTGAGE EQUITY PARTNERS LLC 1 6.88% $9,953
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $18,127
    NATIONS DIRECT MORTGAGE, LLC 1 7.63% $13,045
    NBKC BANK 1 7.13% $7,512
    Northpointe Bank 1 5.75% $12,219
    OCMBC, INC. 1 7.50% $14,970
    POLARIS HOME FUNDING CORP. 1 7.13% $15,520
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $13,248
    VILLAGE CAPITAL MORTGAGE 1 6.25% $15,007
    ZILLOW HOME LOANS, LLC 1 7.13% $12,017

    The top Norwich FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with 54 FHA loans originated. Their average total fees are $7,969, which is $4,647 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Norwich FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($7,969), FIRST WORLD MORTGAGE CORPORATION ($8,737), TOTAL MORTGAGE SERVICES, LLC ($9,540), Prosperity Home Mortgage, LLC ($10,368) and CROSSCOUNTRY MORTGAGE, LLC ($10,429).

    The lowest rate Norwich FHA lenders (with over 10 loans originated) are FIRST WORLD MORTGAGE CORPORATION (6.00%), LOANDEPOT.COM, LLC (6.11%), HOMESTEAD FUNDING CORP. (6.13%), QUICKEN LOANS, LLC (6.26%) and TOTAL MORTGAGE SERVICES, LLC (6.29%).

    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 $247,450 (-0.9%) $351,887 (-1.1%) 1.00 1,288
    2018-02-01 $247,925 (-0.8%) $350,627 (-1.4%) 0.99 1,230
    2018-03-01 $254,900 (-0.8%) $360,663 (-0.6%) 1.02 1,231
    2018-04-01 $262,475 (-4.5%) $370,491 (-2.2%) 1.01 1,337
    2018-05-01 $268,588 (-4.0%) $372,298 (-4.7%) 1.00 1,424
    2018-06-01 $279,900 (-1.4%) $380,422 (-2.6%) 1.03 1,465
    2018-07-01 $274,950 (-4.9%) $381,686 (-4.4%) 1.00 1,585
    2018-08-01 $269,925 (-1.8%) $373,730 (-3.2%) 1.00 1,569
    2018-09-01 $265,000 (-1.8%) $366,101 (-5.4%) 0.97 1,604
    2018-10-01 $268,000 (1.2%) $368,547 (-2.9%) 0.98 1,581
    2018-11-01 $265,300 (2.1%) $374,642 (1.4%) 0.97 1,503
    2018-12-01 $251,950 (0.8%) $359,615 (-0.5%) 0.95 1,393
    2019-01-01 $252,900 (2.2%) $359,613 (2.2%) 0.94 1,212
    2019-02-01 $259,675 (4.7%) $363,384 (3.6%) 0.94 1,192
    2019-03-01 $266,329 (4.5%) $371,675 (3.1%) 0.94 1,199
    2019-04-01 $274,950 (4.8%) $382,928 (3.4%) 0.95 1,217
    2019-05-01 $286,745 (6.8%) $391,668 (5.2%) 0.98 1,296
    2019-06-01 $289,900 (3.6%) $393,886 (3.5%) 1.00 1,366
    2019-07-01 $289,900 (5.4%) $390,870 (2.4%) 0.97 1,391
    2019-08-01 $288,564 (6.9%) $387,391 (3.7%) 0.97 1,370
    2019-09-01 $286,559 (8.1%) $384,473 (5.0%) 0.97 1,352
    2019-10-01 $285,223 (6.4%) $382,529 (3.8%) 0.97 1,331
    2019-11-01 $285,000 (7.4%) $384,989 (2.8%) 0.98 1,232
    2019-12-01 $289,450 (14.9%) $379,865 (5.6%) 1.00 1,082
    2020-01-01 $279,900 (10.7%) $369,337 (2.7%) 1.00 936
    2020-02-01 $279,000 (7.4%) $369,773 (1.8%) 0.98 908
    2020-03-01 $280,925 (5.5%) $376,642 (1.3%) 0.94 915
    2020-04-01 $294,500 (7.1%) $396,985 (3.7%) 0.99 868
    2020-05-01 $299,000 (4.3%) $417,946 (6.7%) 1.00 796
    2020-06-01 $299,900 (3.5%) $423,453 (7.5%) 0.97 744
    2020-07-01 $312,725 (7.9%) $438,955 (12.3%) 0.99 638
    2020-08-01 $326,500 (13.2%) $461,482 (19.1%) 1.00 587
    2020-09-01 $324,950 (13.4%) $459,326 (19.5%) 1.01 591
    2020-10-01 $319,000 (11.8%) $457,338 (19.6%) 1.00 613
    2020-11-01 $319,475 (12.1%) $467,728 (21.5%) 1.02 559
    2020-12-01 $327,450 (13.1%) $475,329 (25.1%) 1.04 487
    2021-01-01 $300,000 (7.2%) $474,848 (28.6%) 1.01 397
    2021-02-01 $333,450 (19.5%) $505,476 (36.7%) 1.04 310
    2021-03-01 $324,950 (15.7%) $506,048 (34.4%) 1.04 303
    2021-04-01 $321,000 (9.0%) $522,329 (31.6%) 1.02 334
    2021-05-01 $345,000 (15.4%) $509,261 (21.9%) 1.06 369
    2021-06-01 $332,450 (10.9%) $479,391 (13.2%) 0.96 445
    2021-07-01 $325,000 (3.9%) $472,303 (7.6%) 0.92 507
    2021-08-01 $319,900 (-2.0%) $458,492 (-0.7%) 0.92 536
    2021-09-01 $319,475 (-1.7%) $441,088 (-4.0%) 0.93 538
    2021-10-01 $325,000 (1.9%) $457,913 (0.1%) 0.93 506
    2021-11-01 $314,700 (-1.5%) $449,266 (-4.0%) 0.93 442
    2021-12-01 $302,400 (-7.7%) $451,897 (-4.9%) 0.91 361
    2022-01-01 $299,000 (-0.3%) $456,649 (-3.8%) 0.93 266
    2022-02-01 $328,750 (-1.4%) $474,736 (-6.1%) 0.96 259
    2022-03-01 $328,225 (1.0%) $472,716 (-6.6%) 0.93 272
    2022-04-01 $349,900 (9.0%) $486,112 (-6.9%) 0.88 285
    2022-05-01 $372,400 (7.9%) $525,327 (3.2%) 0.91 341
    2022-06-01 $366,200 (10.2%) $553,386 (15.4%) 0.89 383
    2022-07-01 $357,450 (10.0%) $550,289 (16.5%) 0.91 435
    2022-08-01 $379,950 (18.8%) $597,176 (30.3%) 0.95 437
    2022-09-01 $378,375 (18.4%) $584,547 (32.5%) 0.93 428
    2022-10-01 $374,950 (15.4%) $627,175 (37.0%) 0.94 423
    2022-11-01 $397,200 (26.2%) $647,505 (44.1%) 1.04 391
    2022-12-01 $399,000 (31.9%) $633,894 (40.3%) 1.07 323
    2023-01-01 $393,195 (31.5%) $589,571 (29.1%) 1.09 273
    2023-02-01 $451,950 (37.5%) $661,021 (39.2%) 1.16 242
    2023-03-01 $468,000 (42.6%) $726,577 (53.7%) 1.20 225
    2023-04-01 $449,900 (28.6%) $677,395 (39.4%) 1.16 256
    2023-05-01 $462,425 (24.2%) $694,120 (32.1%) 1.13 290
    2023-06-01 $494,225 (35.0%) $720,125 (30.1%) 1.21 305
    2023-07-01 $474,950 (32.9%) $694,431 (26.2%) 1.14 298
    2023-08-01 $399,900 (5.3%) $593,908 (-0.6%) 0.99 307
    2023-09-01 $400,000 (5.7%) $615,166 (5.2%) 1.05 292
    2023-10-01 $424,900 (13.3%) $643,118 (2.5%) 1.13 315
    2023-11-01 $424,550 (6.9%) $646,878 (-0.1%) 1.09 331
    2023-12-01 $403,750 (1.2%) $630,198 (-0.6%) 1.10 293
    2024-01-01 $422,450 (7.4%) $626,127 (6.2%) 1.11 278
    2024-02-01 $439,681 (-2.7%) $660,501 (-0.1%) 1.15 261
    2024-03-01 $425,000 (-9.2%) $652,625 (-10.2%) 1.08 262
    2024-04-01 $467,225 (3.9%) $716,203 (5.7%) 1.16 274
    2024-05-01 $488,250 (5.6%) $741,541 (6.8%) 1.22 323
    2024-06-01 $459,950 (-6.9%) $756,210 (5.0%) 1.22 350
    2024-07-01 $457,450 (-3.7%) $749,109 (7.9%) 1.17 351
    2024-08-01 $459,000 (14.8%) $727,195 (22.4%) 1.14 365
    2024-09-01 $437,500 (9.4%) $706,141 (14.8%) 1.11 411
    2024-10-01 $432,000 (1.7%) $716,961 (11.5%) 1.11 403
    2024-11-01 $409,900 (-3.5%) $620,725 (-4.0%) 1.08 365
    2024-12-01 $404,931 (0.3%) $598,291 (-5.1%) 1.10 280
    2025-01-01 $384,450 (-9.0%) $581,195 (-7.2%) 0.00 277
    Norwich's median listing price for 2025-01-01 was $384,450, a difference of $-38,000 (-9.0%) versus the prior year and $-20,481 versus the prior month.

    Norwich's median listing price comes in at 0% of the national average.

    Norwich's average listing price for 2025-01-01 was $581,195, a difference of $-44,932 (-7.2%) versus the prior year and $-17,096 versus the prior month.

    For the 2025-01-01 period, Norwich had 277 MLS listings, a difference of -3 listings (-1%) versus the prior month and -1 listings (0%) 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 1,637 sqft
    2018-02-01 96 days 1,627 sqft
    2018-03-01 73 days 1,663 sqft
    2018-04-01 57 days 1,680 sqft
    2018-05-01 54 days 1,679 sqft
    2018-06-01 60 days 1,719 sqft
    2018-07-01 65 days 1,719 sqft
    2018-08-01 72 days 1,699 sqft
    2018-09-01 74 days 1,698 sqft
    2018-10-01 79 days 1,714 sqft
    2018-11-01 84 days 1,715 sqft
    2018-12-01 96 days 1,680 sqft
    2019-01-01 100 days 1,673 sqft
    2019-02-01 100 days 1,663 sqft
    2019-03-01 81 days 1,660 sqft
    2019-04-01 57 days 1,695 sqft
    2019-05-01 53 days 1,762 sqft
    2019-06-01 58 days 1,809 sqft
    2019-07-01 65 days 1,831 sqft
    2019-08-01 68 days 1,845 sqft
    2019-09-01 69 days 1,870 sqft
    2019-10-01 71 days 1,890 sqft
    2019-11-01 75 days 1,854 sqft
    2019-12-01 90 days 1,848 sqft
    2020-01-01 97 days 1,823 sqft
    2020-02-01 96 days 1,800 sqft
    2020-03-01 62 days 1,804 sqft
    2020-04-01 65 days 1,846 sqft
    2020-05-01 79 days 1,851 sqft
    2020-06-01 62 days 1,843 sqft
    2020-07-01 50 days 1,825 sqft
    2020-08-01 46 days 1,875 sqft
    2020-09-01 37 days 1,840 sqft
    2020-10-01 38 days 1,851 sqft
    2020-11-01 47 days 1,851 sqft
    2020-12-01 59 days 1,847 sqft
    2021-01-01 70 days 1,784 sqft
    2021-02-01 53 days 1,774 sqft
    2021-03-01 33 days 1,786 sqft
    2021-04-01 25 days 1,785 sqft
    2021-05-01 24 days 1,783 sqft
    2021-06-01 27 days 1,771 sqft
    2021-07-01 31 days 1,768 sqft
    2021-08-01 30 days 1,676 sqft
    2021-09-01 39 days 1,720 sqft
    2021-10-01 40 days 1,729 sqft
    2021-11-01 44 days 1,687 sqft
    2021-12-01 54 days 1,636 sqft
    2022-01-01 62 days 1,567 sqft
    2022-02-01 40 days 1,600 sqft
    2022-03-01 31 days 1,600 sqft
    2022-04-01 28 days 1,600 sqft
    2022-05-01 19 days 1,753 sqft
    2022-06-01 24 days 1,775 sqft
    2022-07-01 29 days 1,772 sqft
    2022-08-01 37 days 1,858 sqft
    2022-09-01 46 days 1,842 sqft
    2022-10-01 40 days 1,845 sqft
    2022-11-01 49 days 1,861 sqft
    2022-12-01 63 days 1,850 sqft
    2023-01-01 74 days 1,800 sqft
    2023-02-01 64 days 1,874 sqft
    2023-03-01 44 days 1,970 sqft
    2023-04-01 30 days 1,951 sqft
    2023-05-01 31 days 1,903 sqft
    2023-06-01 32 days 2,015 sqft
    2023-07-01 33 days 2,000 sqft
    2023-08-01 40 days 1,854 sqft
    2023-09-01 43 days 1,855 sqft
    2023-10-01 40 days 1,856 sqft
    2023-11-01 42 days 1,838 sqft
    2023-12-01 52 days 1,770 sqft
    2024-01-01 55 days 1,750 sqft
    2024-02-01 48 days 1,750 sqft
    2024-03-01 37 days 1,693 sqft
    2024-04-01 35 days 1,745 sqft
    2024-05-01 28 days 1,791 sqft
    2024-06-01 30 days 1,747 sqft
    2024-07-01 43 days 1,711 sqft
    2024-08-01 42 days 1,721 sqft
    2024-09-01 39 days 1,737 sqft
    2024-10-01 42 days 1,730 sqft
    2024-11-01 51 days 1,654 sqft
    2024-12-01 56 days 1,679 sqft
    2025-01-01 0 days 1,618 sqft
    Norwich's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Norwich's median square footage for active listings during the 2025-01-01 period was 1,618 sqft. One year prior, the average listing was 1,750 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).