Norwich FHA Loan Rates, Closing Costs & Stats

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 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 6.61% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.84% and one month ago for the week of 2024-03-08, the average rate was 6.77%.

The average rate one year ago was 6.01%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.58%.

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 $269,450 (-2.0%) $385,081 (0.1%) 1.00 1,335
2018-02-01 $272,400 (-2.7%) $386,997 (-0.2%) 0.99 1,295
2018-03-01 $289,900 (1.0%) $400,665 (1.2%) 1.02 1,313
2018-04-01 $296,475 (-1.1%) $409,713 (-0.5%) 1.01 1,426
2018-05-01 $299,450 (-3.2%) $409,893 (-3.0%) 1.00 1,525
2018-06-01 $309,900 (-0.8%) $418,627 (-1.6%) 1.03 1,575
2018-07-01 $299,999 (-4.5%) $421,173 (-2.6%) 1.00 1,686
2018-08-01 $299,000 (-0.1%) $414,876 (-1.9%) 1.00 1,668
2018-09-01 $289,900 (-3.0%) $404,089 (-5.1%) 0.97 1,692
2018-10-01 $289,000 (-0.3%) $405,538 (-2.9%) 0.98 1,671
2018-11-01 $284,950 (0.0%) $411,966 (1.0%) 0.97 1,581
2018-12-01 $274,900 (-1.7%) $395,930 (-1.7%) 0.95 1,461
2019-01-01 $272,400 (1.1%) $393,474 (2.2%) 0.94 1,269
2019-02-01 $277,000 (1.7%) $397,604 (2.7%) 0.94 1,265
2019-03-01 $288,471 (-0.5%) $408,820 (2.0%) 0.94 1,282
2019-04-01 $299,900 (1.2%) $425,227 (3.8%) 0.95 1,304
2019-05-01 $313,675 (4.8%) $433,047 (5.7%) 0.98 1,385
2019-06-01 $319,900 (3.2%) $436,947 (4.4%) 1.00 1,462
2019-07-01 $309,450 (3.2%) $431,292 (2.4%) 0.97 1,472
2019-08-01 $306,518 (2.5%) $425,426 (2.5%) 0.97 1,451
2019-09-01 $302,795 (4.5%) $421,812 (4.4%) 0.97 1,432
2019-10-01 $299,925 (3.8%) $419,402 (3.4%) 0.97 1,412
2019-11-01 $299,900 (5.3%) $419,905 (1.9%) 0.98 1,324
2019-12-01 $299,675 (9.0%) $415,076 (4.8%) 1.00 1,160
2020-01-01 $299,000 (9.8%) $409,355 (4.0%) 1.00 1,006
2020-02-01 $298,000 (7.6%) $409,008 (2.9%) 0.98 961
2020-03-01 $299,000 (3.7%) $414,497 (1.4%) 0.94 967
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 (16.8%) $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 (20.0%) $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%) $680,004 (27.7%) 0.89 421
2022-07-01 $402,500 (15.0%) $673,025 (27.7%) 0.91 466
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%) $765,721 (39.8%) 0.94 446
2022-11-01 $431,950 (23.6%) $791,414 (43.0%) 1.04 419
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
2023-06-01 $537,000 (34.3%) $841,489 (23.8%) 1.21 330
2023-07-01 $499,900 (24.2%) $814,118 (21.0%) 1.14 322
2023-08-01 $432,425 (5.2%) $703,908 (-1.0%) 0.99 328
2023-09-01 $449,900 (12.5%) $733,303 (2.3%) 1.05 314
2023-10-01 $479,500 (19.9%) $794,470 (3.8%) 1.13 336
2023-11-01 $459,675 (6.4%) $791,694 (0.0%) 1.09 349
2023-12-01 $449,900 (3.4%) $798,914 (-2.8%) 1.10 313
2024-01-01 $454,675 (3.4%) $797,253 (1.7%) 1.11 298
2024-02-01 $478,475 (-0.7%) $858,791 (0.1%) 1.15 276
2024-03-01 $459,900 (-9.6%) $864,073 (-6.0%) 1.08 279
Norwich's median listing price for 2024-03-01 was $459,900, a difference of $-49,048 (-9.6%) versus the prior year and $-18,575 versus the prior month.

Norwich's median listing price comes in at 108% of the national average.

Norwich's average listing price for 2024-03-01 was $864,073, a difference of $-55,305 (-6.0%) versus the prior year and $5,282 versus the prior month.

For the 2024-03-01 period, Norwich had 279 MLS listings, a difference of 3 listings (1%) versus the prior month and 30 listings (12%) 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 1,703 sqft
2018-02-01 96 days 1,691 sqft
2018-03-01 73 days 1,730 sqft
2018-04-01 57 days 1,764 sqft
2018-05-01 54 days 1,746 sqft
2018-06-01 60 days 1,798 sqft
2018-07-01 65 days 1,796 sqft
2018-08-01 72 days 1,757 sqft
2018-09-01 74 days 1,750 sqft
2018-10-01 79 days 1,755 sqft
2018-11-01 84 days 1,759 sqft
2018-12-01 96 days 1,726 sqft
2019-01-01 100 days 1,724 sqft
2019-02-01 100 days 1,707 sqft
2019-03-01 81 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 1,905 sqft
2019-12-01 90 days 1,905 sqft
2020-01-01 97 days 1,881 sqft
2020-02-01 96 days 1,858 sqft
2020-03-01 62 days 1,853 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 1,838 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 1,914 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
2023-06-01 32 days 2,147 sqft
2023-07-01 33 days 2,092 sqft
2023-08-01 40 days 1,885 sqft
2023-09-01 43 days 1,885 sqft
2023-10-01 40 days 1,897 sqft
2023-11-01 42 days 1,888 sqft
2023-12-01 52 days 1,872 sqft
2024-01-01 55 days 1,860 sqft
2024-02-01 48 days 1,811 sqft
2024-03-01 37 days 1,772 sqft
Norwich's median listing age (time on market) for 2024-03-01 was 37 days. This is -15% shorter than the same period one year ago.

Norwich's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 2,040 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).