Torrington FHA Loan Rates, Closing Costs & Stats

Torrington, 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.

    Torrington's 73 lenders originated 438 FHA loans during 2023. The total origination value was $115,060,000, with an average FHA loan value of $262,694.

    Torrington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Torrington averaged 6.66% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Torrington's average FHA mortgage closing costs are $8,508.

    The average rate for the prior week (2025-02-07) was 6.38% and one month ago for the week of 2025-01-10, the average rate was 6.74%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.45%.

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

    Torrington 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 Torrington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 54 6.22% $11,485
    TOTAL MORTGAGE SERVICES, LLC 48 6.45% $10,461
    FIRST WORLD MORTGAGE CORPORATION 46 6.35% $9,672
    UNITED WHOLESALE MORTGAGE, LLC 20 6.30% $12,294
    CROSSCOUNTRY MORTGAGE, LLC 17 6.88% $12,084
    NORWICH COMMERCIAL GROUP, INC. 16 6.54% $10,852
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.74% $13,457
    MOVEMENT MORTGAGE, LLC 10 6.50% $11,172
    LOANDEPOT.COM, LLC 10 6.80% $10,460
    BROKER SOLUTIONS, INC. 9 6.68% $14,831
    GUARANTEED RATE, INC. 8 6.51% $11,883
    PLAZA HOME MORTGAGE, INC. 8 6.56% $12,855
    NEWREZ LLC 8 6.52% $11,652
    Carrington Mortgage Services, LLC 7 6.48% $17,562
    Flagstar Bank, FSB 6 6.04% $9,788
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.60% $12,933
    Mr. Cooper ( Nationstar Mortgage ) 6 6.73% $16,170
    FREEDOM MORTGAGE CORPORATION 5 7.15% $17,207
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.45% $12,096
    GUARANTEED RATE AFFINITY, LLC 5 6.80% $14,453
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.47% $10,301
    CONTINENTAL MORTGAGE BANKERS, INC. 4 6.25% $15,299
    Prosperity Home Mortgage, LLC 4 6.34% $8,764
    HOMESTEAD FUNDING CORP. 4 6.22% $10,861
    Thomaston Savings Bank 3 6.29% $7,351
    Webster Bank 3 5.96% $8,041
    WILLIAM RAVEIS MORTGAGE, LLC 3 6.17% $7,996
    NATIONS DIRECT MORTGAGE, LLC 3 6.92% $20,244
    Keystone Funding, Inc. 3 6.08% $15,125
    ENVOY MORTGAGE, LTD 3 6.67% $11,891
    CLIFFCO, INC. 3 6.66% $14,594
    MORTGAGE EQUITY PARTNERS LLC 3 6.75% $11,246
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.50% $16,423
    CMG MORTGAGE, INC. 2 6.44% $18,774
    LAKEVIEW LOAN SERVICING, LLC 2 6.63% $15,799
    BECKAM FUNDING CORP. 2 7.44% $14,170
    Bank of England 2 6.81% $11,841
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 6.13% $12,419
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $14,170
    PRYSMA LENDING GROUP, LLC 2 7.19% $13,815
    Wells Fargo Bank 2 6.50% $7,655
    VILLAGE CAPITAL MORTGAGE 2 5.50% $10,542
    EVERETT FINANCIAL, INC. 2 6.88% $12,993
    PENNYMAC LOAN SERVICES, LLC 2 6.81% $18,776
    Evolve Bank & Trust 2 7.19% $7,776
    ZILLOW HOME LOANS, LLC 1 5.75% $9,198
    AMERICAN FINANCING CORPORATION 1 6.88% $20,605
    BAY EQUITY LLC 1 5.38% $7,492
    CALIBER HOME LOANS, INC. 1 6.25% $12,387
    CARDINAL FINANCIAL 1 6.63% $8,395
    Citizens Bank 1 6.75% $11,289
    East Coast Capital Corp. 1 6.25% $25,560
    Equity Prime Mortgage LLC 1 7.25% $5,869
    Fifth Third Bank 1 6.13% $6,391
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.63% $15,646
    First Federal Bank 1 6.50% $15,643
    LEADERONE FINANCIAL CORPORATION 1 6.25% $13,006
    Liberty Bank 1 6.63% $6,899
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.63% $18,683
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $21,815
    M&T Bank 1 6.50% $9,513
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.13% $14,116
    Newtown Savings Bank 1 7.13% $11,632
    NORTHPOINT MORTGAGE, INC. 1 6.38% $15,511
    OCMBC, INC. 1 7.75% $16,678
    Paramount Residential Mortgage Group, Inc. 1 7.13% $8,550
    PLANET HOME LENDING, LLC 1 5.50% $10,442
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $15,671
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $9,126
    TOP FLITE FINANCIAL, INC. 1 6.63% $20,366
    TOWNE MORTGAGE COMPANY 1 6.63% $9,892
    UNION HOME MORTGAGE CORP. 1 6.50% $9,237
    AMERICAN FINANCIAL NETWORK, INC. 1 5.88% $16,076

    The top Torrington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 54 FHA loans originated. Their average total fees are $11,485, which is $1,025 higher than the next largest lender, TOTAL MORTGAGE SERVICES, LLC.

    The lowest fee Torrington FHA lenders (with over 10 loans originated) are FIRST WORLD MORTGAGE CORPORATION ($9,672), LOANDEPOT.COM, LLC ($10,460), TOTAL MORTGAGE SERVICES, LLC ($10,461), NORWICH COMMERCIAL GROUP, INC. ($10,852) and MOVEMENT MORTGAGE, LLC ($11,172).

    The lowest rate Torrington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.30%), FIRST WORLD MORTGAGE CORPORATION (6.35%), TOTAL MORTGAGE SERVICES, LLC (6.45%) and MOVEMENT MORTGAGE, LLC (6.50%).

    Torrington FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Torrington (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 $361,750 (3.4%) $723,270 (-2.0%) 1.30 988
    2018-02-01 $377,450 (7.8%) $743,241 (-0.4%) 1.29 976
    2018-03-01 $383,000 (5.2%) $726,989 (-6.7%) 1.26 1,008
    2018-04-01 $374,975 (-1.3%) $717,536 (-8.2%) 1.22 1,040
    2018-05-01 $371,200 (-2.2%) $715,817 (-5.5%) 1.17 1,135
    2018-06-01 $369,900 (-1.3%) $728,871 (-3.5%) 1.17 1,233
    2018-07-01 $367,000 (-2.1%) $734,095 (-2.1%) 1.17 1,281
    2018-08-01 $366,500 (2.2%) $740,576 (2.1%) 1.19 1,283
    2018-09-01 $362,450 (-1.6%) $747,122 (2.9%) 1.17 1,277
    2018-10-01 $362,475 (-1.8%) $751,247 (5.6%) 1.17 1,254
    2018-11-01 $373,975 (1.4%) $770,644 (6.7%) 1.19 1,166
    2018-12-01 $374,900 (4.2%) $790,748 (12.0%) 1.20 1,082
    2019-01-01 $375,000 (3.7%) $809,632 (11.9%) 1.21 992
    2019-02-01 $392,500 (4.0%) $811,616 (9.2%) 1.19 978
    2019-03-01 $414,407 (8.2%) $823,942 (13.3%) 1.20 980
    2019-04-01 $433,700 (15.7%) $814,283 (13.5%) 1.20 993
    2019-05-01 $425,750 (14.7%) $793,033 (10.8%) 1.15 1,080
    2019-06-01 $409,900 (10.8%) $770,058 (5.7%) 1.15 1,180
    2019-07-01 $417,200 (13.7%) $764,789 (4.2%) 1.16 1,194
    2019-08-01 $410,909 (12.1%) $755,661 (2.0%) 1.17 1,181
    2019-09-01 $404,773 (11.7%) $744,934 (-0.3%) 1.18 1,179
    2019-10-01 $400,682 (10.5%) $739,403 (-1.6%) 1.20 1,178
    2019-11-01 $425,000 (13.6%) $765,348 (-0.7%) 1.27 1,067
    2019-12-01 $429,000 (14.4%) $787,729 (-0.4%) 1.30 957
    2020-01-01 $429,900 (14.6%) $790,250 (-2.4%) 1.32 880
    2020-02-01 $435,000 (10.8%) $787,170 (-3.0%) 1.29 818
    2020-03-01 $452,450 (9.2%) $810,716 (-1.6%) 1.25 779
    2020-04-01 $459,975 (6.1%) $823,712 (1.2%) 1.25 736
    2020-05-01 $465,000 (9.2%) $801,744 (1.1%) 1.20 661
    2020-06-01 $493,750 (20.5%) $902,294 (17.2%) 1.23 653
    2020-07-01 $509,000 (22.0%) $928,218 (21.4%) 1.29 660
    2020-08-01 $499,900 (21.7%) $917,514 (21.4%) 1.26 643
    2020-09-01 $519,950 (28.5%) $931,458 (25.0%) 1.34 635
    2020-10-01 $525,000 (31.0%) $963,803 (30.4%) 1.37 635
    2020-11-01 $533,250 (25.5%) $1,012,222 (32.3%) 1.43 559
    2020-12-01 $546,000 (27.3%) $1,046,728 (32.9%) 1.49 511
    2021-01-01 $549,900 (27.9%) $1,210,425 (53.2%) 1.52 432
    2021-02-01 $577,375 (32.7%) $1,283,853 (63.1%) 1.54 362
    2021-03-01 $573,500 (26.8%) $1,344,675 (65.9%) 1.54 355
    2021-04-01 $581,000 (26.3%) $1,311,068 (59.2%) 1.46 340
    2021-05-01 $566,835 (21.9%) $1,289,869 (60.9%) 1.46 366
    2021-06-01 $567,393 (14.9%) $1,280,863 (42.0%) 1.39 408
    2021-07-01 $552,500 (8.6%) $1,222,706 (31.7%) 1.32 474
    2021-08-01 $549,000 (9.8%) $1,187,708 (29.5%) 1.33 483
    2021-09-01 $527,950 (1.5%) $1,176,187 (26.3%) 1.33 474
    2021-10-01 $525,000 (0.0%) $1,149,606 (19.3%) 1.31 463
    2021-11-01 $547,175 (2.6%) $1,215,543 (20.1%) 1.32 401
    2021-12-01 $553,950 (1.5%) $1,240,961 (18.6%) 1.36 348
    2022-01-01 $579,950 (5.5%) $1,414,569 (16.9%) 1.43 301
    2022-02-01 $637,475 (10.4%) $1,515,488 (18.0%) 1.46 246
    2022-03-01 $627,100 (9.4%) $1,460,719 (8.6%) 1.37 236
    2022-04-01 $649,900 (11.9%) $1,424,340 (8.6%) 1.31 249
    2022-05-01 $684,900 (20.8%) $1,484,814 (15.1%) 1.23 286
    2022-06-01 $670,375 (18.2%) $1,442,738 (12.6%) 1.22 328
    2022-07-01 $630,000 (14.0%) $1,330,169 (8.8%) 1.22 356
    2022-08-01 $660,000 (20.2%) $1,382,639 (16.4%) 1.28 361
    2022-09-01 $665,550 (26.1%) $1,401,839 (19.2%) 1.29 347
    2022-10-01 $649,900 (23.8%) $1,381,322 (20.2%) 1.28 327
    2022-11-01 $614,975 (12.4%) $1,402,145 (15.4%) 1.27 298
    2022-12-01 $600,000 (8.3%) $1,409,187 (13.6%) 1.36 273
    2023-01-01 $624,500 (7.7%) $1,480,433 (4.7%) 1.40 233
    2023-02-01 $687,450 (7.8%) $1,482,156 (-2.2%) 1.44 211
    2023-03-01 $720,175 (14.8%) $1,546,646 (5.9%) 1.52 206
    2023-04-01 $767,500 (18.1%) $1,587,214 (11.4%) 1.57 214
    2023-05-01 $799,000 (16.7%) $1,643,527 (10.7%) 1.56 234
    2023-06-01 $795,000 (18.6%) $1,477,277 (2.4%) 1.47 259
    2023-07-01 $770,000 (22.2%) $1,386,297 (4.2%) 1.57 253
    2023-08-01 $721,425 (9.3%) $1,330,905 (-3.7%) 1.46 250
    2023-09-01 $733,300 (10.2%) $1,325,411 (-5.5%) 1.44 268
    2023-10-01 $763,000 (17.4%) $1,327,182 (-3.9%) 1.53 284
    2023-11-01 $757,475 (23.2%) $1,269,958 (-9.4%) 1.55 276
    2023-12-01 $729,150 (21.5%) $1,252,861 (-11.1%) 1.54 244
    2024-01-01 $699,225 (12.0%) $1,210,518 (-18.2%) 1.51 210
    2024-02-01 $673,225 (-2.1%) $1,123,258 (-24.2%) 1.44 205
    2024-03-01 $675,000 (-6.3%) $1,209,904 (-21.8%) 1.41 205
    2024-04-01 $718,675 (-6.4%) $1,270,361 (-20.0%) 1.49 218
    2024-05-01 $742,500 (-7.1%) $1,350,532 (-17.8%) 1.51 248
    2024-06-01 $685,000 (-13.8%) $1,241,623 (-16.0%) 1.40 295
    2024-07-01 $680,000 (-11.7%) $1,283,840 (-7.4%) 1.37 295
    2024-08-01 $647,450 (-10.3%) $1,264,508 (-5.0%) 1.35 299
    2024-09-01 $681,850 (-7.0%) $1,372,867 (3.6%) 1.41 322
    2024-10-01 $664,900 (-12.9%) $1,335,733 (0.6%) 1.40 332
    2024-11-01 $699,900 (-7.6%) $1,427,994 (12.4%) 1.44 303
    2024-12-01 $724,750 (-0.6%) $1,491,866 (19.1%) 1.55 248
    2025-01-01 $685,000 (-2.0%) $1,380,680 (14.1%) 0.00 209
    Torrington's median listing price for 2025-01-01 was $685,000, a difference of $-14,225 (-2.0%) versus the prior year and $-39,750 versus the prior month.

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

    Torrington's average listing price for 2025-01-01 was $1,380,680, a difference of $170,162 (14.1%) versus the prior year and $-111,186 versus the prior month.

    For the 2025-01-01 period, Torrington had 209 MLS listings, a difference of -39 listings (-16%) versus the prior month and -1 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Torrington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 119 days 2,160 sqft
    2018-02-01 128 days 2,183 sqft
    2018-03-01 109 days 2,201 sqft
    2018-04-01 70 days 2,170 sqft
    2018-05-01 65 days 2,160 sqft
    2018-06-01 68 days 2,160 sqft
    2018-07-01 75 days 2,161 sqft
    2018-08-01 86 days 2,157 sqft
    2018-09-01 92 days 2,120 sqft
    2018-10-01 98 days 2,094 sqft
    2018-11-01 102 days 2,118 sqft
    2018-12-01 108 days 2,118 sqft
    2019-01-01 120 days 2,106 sqft
    2019-02-01 124 days 2,145 sqft
    2019-03-01 104 days 2,185 sqft
    2019-04-01 76 days 2,231 sqft
    2019-05-01 65 days 2,320 sqft
    2019-06-01 66 days 2,400 sqft
    2019-07-01 74 days 2,404 sqft
    2019-08-01 80 days 2,409 sqft
    2019-09-01 85 days 2,398 sqft
    2019-10-01 90 days 2,388 sqft
    2019-11-01 101 days 2,397 sqft
    2019-12-01 116 days 2,388 sqft
    2020-01-01 126 days 2,365 sqft
    2020-02-01 128 days 2,366 sqft
    2020-03-01 109 days 2,413 sqft
    2020-04-01 91 days 2,410 sqft
    2020-05-01 86 days 2,400 sqft
    2020-06-01 68 days 2,480 sqft
    2020-07-01 49 days 2,540 sqft
    2020-08-01 51 days 2,516 sqft
    2020-09-01 51 days 2,499 sqft
    2020-10-01 50 days 2,527 sqft
    2020-11-01 64 days 2,580 sqft
    2020-12-01 83 days 2,607 sqft
    2021-01-01 100 days 2,581 sqft
    2021-02-01 114 days 2,584 sqft
    2021-03-01 97 days 2,511 sqft
    2021-04-01 46 days 2,487 sqft
    2021-05-01 41 days 2,487 sqft
    2021-06-01 40 days 2,474 sqft
    2021-07-01 43 days 2,346 sqft
    2021-08-01 46 days 2,244 sqft
    2021-09-01 57 days 2,220 sqft
    2021-10-01 67 days 2,220 sqft
    2021-11-01 74 days 2,224 sqft
    2021-12-01 78 days 2,230 sqft
    2022-01-01 88 days 2,367 sqft
    2022-02-01 89 days 2,448 sqft
    2022-03-01 48 days 2,289 sqft
    2022-04-01 38 days 2,276 sqft
    2022-05-01 30 days 2,321 sqft
    2022-06-01 32 days 2,439 sqft
    2022-07-01 38 days 2,355 sqft
    2022-08-01 45 days 2,506 sqft
    2022-09-01 54 days 2,477 sqft
    2022-10-01 64 days 2,475 sqft
    2022-11-01 70 days 2,450 sqft
    2022-12-01 82 days 2,431 sqft
    2023-01-01 93 days 2,389 sqft
    2023-02-01 97 days 2,544 sqft
    2023-03-01 56 days 2,523 sqft
    2023-04-01 51 days 2,618 sqft
    2023-05-01 38 days 2,617 sqft
    2023-06-01 34 days 2,490 sqft
    2023-07-01 45 days 2,304 sqft
    2023-08-01 51 days 2,379 sqft
    2023-09-01 50 days 2,425 sqft
    2023-10-01 48 days 2,469 sqft
    2023-11-01 60 days 2,474 sqft
    2023-12-01 72 days 2,448 sqft
    2024-01-01 81 days 2,413 sqft
    2024-02-01 73 days 2,369 sqft
    2024-03-01 55 days 2,252 sqft
    2024-04-01 45 days 2,266 sqft
    2024-05-01 38 days 2,404 sqft
    2024-06-01 37 days 2,246 sqft
    2024-07-01 44 days 2,260 sqft
    2024-08-01 51 days 2,213 sqft
    2024-09-01 50 days 2,245 sqft
    2024-10-01 51 days 2,229 sqft
    2024-11-01 61 days 2,238 sqft
    2024-12-01 78 days 2,245 sqft
    2025-01-01 0 days 2,238 sqft
    Torrington'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.

    Torrington's median square footage for active listings during the 2025-01-01 period was 2,238 sqft. One year prior, the average listing was 2,413 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).