Norwich FHA Loans
NORWICH-NEW LONDON, 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.
Norwich's 96 lenders originated 1,118 FHA
loans during 2021. The total origination value was $246,650,000, with an average FHA loan value of
$220,617.
Norwich FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Norwich
averaged
5.45%
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
5.28% and
one month ago for the week of 2022-04-08, the
average rate was 5.04%.
The average rate one year ago was 3.15%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.95%.
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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Norwich level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
98
|
2.75%
|
$6,462
|
HOMESTEAD FUNDING CORP.
|
81
|
2.83%
|
$6,930
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
71
|
3.19%
|
$8,471
|
UNITED WHOLESALE MORTGAGE, LLC
|
62
|
2.62%
|
$8,689
|
NORWICH COMMERCIAL GROUP, INC.
|
55
|
3.19%
|
$8,494
|
FREEDOM MORTGAGE CORPORATION
|
53
|
3.07%
|
$5,556
|
LOANDEPOT.COM, LLC
|
38
|
2.78%
|
$7,985
|
TOTAL MORTGAGE SERVICES, LLC
|
36
|
2.92%
|
$8,795
|
LAKEVIEW LOAN SERVICING, LLC
|
28
|
3.06%
|
$4,658
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
22
|
3.59%
|
$9,969
|
Mr. Cooper ( Nationstar Mortgage )
|
21
|
3.35%
|
$4,721
|
HOME POINT FINANCIAL CORPORATION
|
20
|
2.71%
|
$8,438
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
19
|
3.51%
|
$9,446
|
FIRST WORLD MORTGAGE CORPORATION
|
19
|
2.89%
|
$8,374
|
NEWREZ LLC
|
18
|
2.82%
|
$6,186
|
Prosperity Home Mortgage, LLC
|
18
|
3.05%
|
$8,588
|
MOVEMENT MORTGAGE, LLC
|
17
|
3.05%
|
$6,711
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
17
|
2.93%
|
$7,023
|
Paramount Residential Mortgage Group, Inc.
|
15
|
3.01%
|
$8,850
|
CALIBER HOME LOANS, INC.
|
14
|
2.83%
|
$8,123
|
BROKER SOLUTIONS, INC.
|
11
|
3.00%
|
$8,125
|
Citizens Bank
|
10
|
2.70%
|
$7,249
|
ALLIED MORTGAGE GROUP, INC.
|
10
|
3.05%
|
$8,224
|
PENNYMAC LOAN SERVICES, LLC
|
10
|
3.11%
|
$5,508
|
Carrington Mortgage Services, LLC
|
9
|
3.53%
|
$7,869
|
NFM, INC.
|
9
|
3.19%
|
$8,111
|
GUARANTEED RATE AFFINITY, LLC
|
9
|
2.92%
|
$7,513
|
WILLIAM RAVEIS MORTGAGE, LLC
|
8
|
2.83%
|
$8,155
|
Shamrock Home Loans, Inc.
|
8
|
3.52%
|
$9,581
|
CROSSCOUNTRY MORTGAGE, LLC
|
8
|
3.38%
|
$9,528
|
OCMBC, INC.
|
7
|
3.18%
|
$7,395
|
AmeriHome Mortgage Company, LLC
|
6
|
2.94%
|
$4,241
|
FINANCE OF AMERICA MORTGAGE LLC
|
6
|
2.79%
|
$8,185
|
GUARANTEED RATE, INC.
|
6
|
2.71%
|
$8,798
|
AMERISAVE MORTGAGE CORPORATION
|
6
|
2.90%
|
$7,370
|
Nations Lending Corporation
|
6
|
3.10%
|
$6,575
|
Lakeview Community Capital, LLC
|
6
|
3.19%
|
$3,775
|
Northpointe Bank
|
6
|
3.06%
|
$7,851
|
AMERICAN FINANCIAL NETWORK, INC.
|
5
|
3.03%
|
$11,948
|
EQUITY RESOURCES, INC.
|
5
|
2.65%
|
$9,527
|
Berkshire Bank
|
5
|
2.80%
|
$7,535
|
First Guaranty Mortgage Corporation
|
5
|
2.83%
|
$8,769
|
VILLAGE CAPITAL & INVESTMENT LLC
|
4
|
3.06%
|
$2,260
|
CONTOUR MORTGAGE CORPORATION
|
4
|
2.50%
|
$6,976
|
RESIDENTIAL MORTGAGE SERVICES, INC.
|
4
|
3.25%
|
$8,033
|
PLAZA HOME MORTGAGE, INC.
|
4
|
3.53%
|
$7,841
|
Equity Prime Mortgage LLC
|
4
|
3.22%
|
$8,593
|
Charter Oak Federal Credit Union
|
4
|
2.44%
|
$6,211
|
Flagstar Bank, FSB
|
3
|
2.71%
|
$8,454
|
SUN WEST MORTGAGE COMPANY, INC.
|
3
|
3.25%
|
$6,600
|
HOMESIDE FINANCIAL, LLC
|
3
|
3.27%
|
$9,117
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
3
|
2.92%
|
$6,940
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
3
|
3.38%
|
$9,174
|
NATIONS DIRECT MORTGAGE, LLC
|
2
|
3.81%
|
$6,975
|
Chelsea Groton Bank
|
2
|
2.81%
|
$8,083
|
EMBRACE HOME LOANS, INC.
|
2
|
3.25%
|
$7,203
|
EMM LOANS LLC
|
2
|
3.00%
|
$16,779
|
EVERETT FINANCIAL, INC.
|
2
|
3.69%
|
$6,963
|
HARBORONE MORTGAGE, LLC
|
2
|
3.19%
|
$7,306
|
Hometown Equity Mortgage, LLC
|
2
|
4.38%
|
$11,079
|
InterContinental Capital Group, Inc
|
2
|
3.25%
|
$9,248
|
Mortgage Network, Inc.
|
2
|
3.13%
|
$8,816
|
Mortgage Research Center, LLC
|
2
|
3.06%
|
$6,254
|
PLANET HOME LENDING, LLC
|
2
|
2.69%
|
$5,083
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
2
|
3.00%
|
$10,288
|
Webster Bank
|
2
|
3.00%
|
$12,569
|
MID AMERICA MORTGAGE, INC.
|
1
|
3.50%
|
$2,856
|
NORTHPOINT MORTGAGE, INC.
|
1
|
3.13%
|
$7,982
|
INTERSTATE HOME LOAN CENTER, INC.
|
1
|
3.25%
|
$11,489
|
Homestar Mortgage, Inc.
|
1
|
3.00%
|
$2,871
|
HOMESPIRE MORTGAGE CORPORATION
|
1
|
3.63%
|
$9,129
|
FIRST HOME MORTGAGE CORPORATION
|
1
|
3.75%
|
$10,250
|
Plains Commerce Bank
|
1
|
2.50%
|
$8,595
|
Wells Fargo Bank
|
1
|
2.88%
|
$10,014
|
First Home Bank
|
1
|
3.50%
|
$7,030
|
ENVOY MORTGAGE, LTD
|
1
|
3.63%
|
$7,378
|
DAS Acquisition Company, LLC
|
1
|
3.25%
|
$5,292
|
CMG MORTGAGE, INC.
|
1
|
3.25%
|
$7,597
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
3.75%
|
$6,869
|
BETTER MORTGAGE CORPORATION
|
1
|
2.25%
|
$11,227
|
Barrington Bank & Trust Company, N.A.
|
1
|
2.88%
|
$8,689
|
Bank of America
|
1
|
2.75%
|
$2,128
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
3.13%
|
$8,734
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
3.13%
|
$10,882
|
STEARNS LENDING, LLC
|
1
|
2.25%
|
$7,709
|
Atlantic Home Loans, Inc.
|
1
|
3.00%
|
$7,619
|
The Federal Savings Bank
|
1
|
3.00%
|
$6,448
|
TIAA, FSB
|
1
|
2.75%
|
$4,450
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
3.63%
|
$8,785
|
TOWNE MORTGAGE COMPANY
|
1
|
2.75%
|
$7,928
|
ARC HOME LLC
|
1
|
2.63%
|
$9,639
|
AmRes Corporation
|
1
|
2.75%
|
$4,876
|
ZILLOW HOME LOANS, LLC
|
1
|
2.63%
|
$6,639
|
Network Funding, L.P.
|
1
|
3.63%
|
$5,700
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
3.50%
|
$7,485
|
NJ LENDERS CORP.
|
1
|
2.63%
|
$10,725
|
The top Norwich FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
98 FHA loans originated. Their average total fees are
$6,462, which is $467
lower than the next largest lender,
HOMESTEAD FUNDING CORP..
The lowest fee Norwich FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($4,658), Mr. Cooper ( Nationstar Mortgage ) ($4,721), PENNYMAC LOAN SERVICES, LLC ($5,508), FREEDOM MORTGAGE CORPORATION ($5,556) and NEWREZ LLC ($6,186).
The lowest rate Norwich FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.62%), Citizens Bank (2.70%), HOME POINT FINANCIAL CORPORATION (2.71%), QUICKEN LOANS, LLC (2.75%) and LOANDEPOT.COM, LLC (2.78%).
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 |
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).