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 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).