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 6.8% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.8% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6.49%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.19%.

    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 $349,900 (6.1%) $641,342 (-0.4%) 1.30 1,365
    2018-02-01 $355,750 (6.4%) $653,179 (-0.3%) 1.29 1,346
    2018-03-01 $357,900 (3.9%) $638,493 (-6.9%) 1.26 1,393
    2018-04-01 $359,000 (2.6%) $639,940 (-6.7%) 1.22 1,457
    2018-05-01 $349,900 (-2.7%) $635,832 (-5.7%) 1.17 1,589
    2018-06-01 $350,000 (-2.5%) $645,536 (-3.9%) 1.17 1,714
    2018-07-01 $350,000 (-2.8%) $651,378 (-3.5%) 1.17 1,766
    2018-08-01 $354,950 (1.5%) $656,124 (0.4%) 1.19 1,762
    2018-09-01 $349,000 (-0.3%) $658,896 (0.6%) 1.17 1,756
    2018-10-01 $344,950 (-1.4%) $660,423 (3.0%) 1.17 1,711
    2018-11-01 $349,925 (0.0%) $676,375 (4.6%) 1.19 1,585
    2018-12-01 $349,000 (-0.1%) $681,681 (7.7%) 1.20 1,477
    2019-01-01 $349,900 (0.0%) $701,843 (9.4%) 1.21 1,343
    2019-02-01 $353,475 (-0.6%) $708,797 (8.5%) 1.19 1,316
    2019-03-01 $367,979 (2.8%) $716,780 (12.3%) 1.20 1,321
    2019-04-01 $377,337 (5.1%) $707,597 (10.6%) 1.20 1,333
    2019-05-01 $369,000 (5.5%) $690,491 (8.6%) 1.15 1,456
    2019-06-01 $369,000 (5.4%) $677,903 (5.0%) 1.15 1,584
    2019-07-01 $369,000 (5.4%) $667,364 (2.5%) 1.16 1,614
    2019-08-01 $369,245 (4.0%) $663,852 (1.2%) 1.17 1,597
    2019-09-01 $369,614 (5.9%) $658,361 (-0.1%) 1.18 1,587
    2019-10-01 $372,450 (8.0%) $657,653 (-0.4%) 1.20 1,575
    2019-11-01 $387,250 (10.7%) $677,440 (0.2%) 1.27 1,428
    2019-12-01 $388,575 (11.3%) $695,742 (2.1%) 1.30 1,268
    2020-01-01 $395,000 (12.9%) $706,736 (0.7%) 1.32 1,155
    2020-02-01 $395,000 (11.8%) $704,170 (-0.7%) 1.29 1,103
    2020-03-01 $399,000 (8.4%) $713,373 (-0.5%) 1.25 1,064
    2020-04-01 $398,950 (5.7%) $720,458 (1.8%) 1.25 1,002
    2020-05-01 $395,000 (7.1%) $694,918 (0.6%) 1.20 914
    2020-06-01 $416,200 (12.8%) $789,814 (16.5%) 1.23 864
    2020-07-01 $444,900 (20.6%) $825,605 (23.7%) 1.29 875
    2020-08-01 $439,900 (19.1%) $814,214 (22.7%) 1.26 870
    2020-09-01 $466,200 (26.1%) $823,199 (25.0%) 1.34 878
    2020-10-01 $479,000 (28.6%) $848,641 (29.0%) 1.37 880
    2020-11-01 $487,450 (25.9%) $888,957 (31.2%) 1.43 752
    2020-12-01 $499,450 (28.5%) $922,267 (32.6%) 1.49 656
    2021-01-01 $509,900 (29.1%) $1,071,864 (51.7%) 1.52 562
    2021-02-01 $529,000 (33.9%) $1,122,294 (59.4%) 1.54 472
    2021-03-01 $541,450 (35.7%) $1,183,788 (65.9%) 1.54 454
    2021-04-01 $539,950 (35.3%) $1,119,098 (55.3%) 1.46 471
    2021-05-01 $548,000 (38.7%) $1,139,519 (64.0%) 1.46 504
    2021-06-01 $527,000 (26.6%) $1,096,759 (38.9%) 1.39 573
    2021-07-01 $499,900 (12.4%) $1,041,410 (26.1%) 1.32 673
    2021-08-01 $499,000 (13.4%) $1,008,902 (23.9%) 1.33 687
    2021-09-01 $499,900 (7.2%) $1,011,388 (22.9%) 1.33 655
    2021-10-01 $489,900 (2.3%) $1,000,387 (17.9%) 1.31 633
    2021-11-01 $494,450 (1.4%) $1,045,673 (17.6%) 1.32 542
    2021-12-01 $502,400 (0.6%) $1,066,235 (15.6%) 1.36 462
    2022-01-01 $529,450 (3.8%) $1,218,183 (13.7%) 1.43 389
    2022-02-01 $559,500 (5.8%) $1,280,928 (14.1%) 1.46 329
    2022-03-01 $547,450 (1.1%) $1,213,733 (2.5%) 1.37 328
    2022-04-01 $549,000 (1.7%) $1,185,915 (6.0%) 1.31 347
    2022-05-01 $539,788 (-1.5%) $1,164,542 (2.2%) 1.23 428
    2022-06-01 $549,900 (4.4%) $1,149,266 (4.8%) 1.22 491
    2022-07-01 $539,900 (8.0%) $1,085,630 (4.3%) 1.22 523
    2022-08-01 $554,675 (11.2%) $1,137,378 (12.7%) 1.28 527
    2022-09-01 $553,450 (10.7%) $1,154,949 (14.2%) 1.29 496
    2022-10-01 $545,000 (11.3%) $1,124,370 (12.4%) 1.28 480
    2022-11-01 $527,000 (6.6%) $1,145,727 (9.6%) 1.27 434
    2022-12-01 $549,999 (9.5%) $1,178,516 (10.5%) 1.36 387
    2023-01-01 $566,000 (6.9%) $1,237,991 (1.6%) 1.40 325
    2023-02-01 $598,500 (7.0%) $1,255,107 (-2.0%) 1.44 293
    2023-03-01 $642,425 (17.4%) $1,305,840 (7.6%) 1.52 298
    2023-04-01 $675,000 (23.0%) $1,336,434 (12.7%) 1.57 308
    2023-05-01 $687,000 (27.3%) $1,366,496 (17.3%) 1.56 339
    2023-06-01 $656,250 (19.3%) $1,250,193 (8.8%) 1.47 365
    2023-07-01 $689,900 (27.8%) $1,176,739 (8.4%) 1.57 371
    2023-08-01 $634,925 (14.5%) $1,107,221 (-2.7%) 1.46 368
    2023-09-01 $619,999 (12.0%) $1,088,865 (-5.7%) 1.44 398
    2023-10-01 $649,950 (19.3%) $1,086,473 (-3.4%) 1.53 423
    2023-11-01 $649,950 (23.3%) $1,058,302 (-7.6%) 1.55 411
    2023-12-01 $629,500 (14.5%) $1,033,071 (-12.3%) 1.54 368
    2024-01-01 $617,125 (9.0%) $1,013,449 (-18.1%) 1.51 302
    2024-02-01 $599,975 (0.3%) $962,782 (-23.3%) 1.44 284
    2024-03-01 $599,900 (-6.6%) $1,024,594 (-21.5%) 1.41 280
    Torrington's median listing price for 2024-03-01 was $599,900, a difference of $-42,525 (-6.6%) versus the prior year and $-75 versus the prior month.

    Torrington's median listing price comes in at 141% of the national average.

    Torrington's average listing price for 2024-03-01 was $1,024,594, a difference of $-281,246 (-21.5%) versus the prior year and $61,812 versus the prior month.

    For the 2024-03-01 period, Torrington had 280 MLS listings, a difference of -4 listings (-1%) versus the prior month and -18 listings (-6%) 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 2,080 sqft
    2018-02-01 128 days 2,114 sqft
    2018-03-01 109 days 2,116 sqft
    2018-04-01 70 days 2,132 sqft
    2018-05-01 65 days 2,105 sqft
    2018-06-01 68 days 2,116 sqft
    2018-07-01 75 days 2,134 sqft
    2018-08-01 86 days 2,127 sqft
    2018-09-01 92 days 2,089 sqft
    2018-10-01 98 days 2,055 sqft
    2018-11-01 102 days 2,058 sqft
    2018-12-01 108 days 2,036 sqft
    2019-01-01 120 days 2,030 sqft
    2019-02-01 124 days 2,050 sqft
    2019-03-01 104 days 2,102 sqft
    2019-04-01 76 days 2,133 sqft
    2019-05-01 65 days 2,218 sqft
    2019-06-01 66 days 2,284 sqft
    2019-07-01 74 days 2,268 sqft
    2019-08-01 80 days 2,287 sqft
    2019-09-01 85 days 2,292 sqft
    2019-10-01 90 days 2,294 sqft
    2019-11-01 101 days 2,282 sqft
    2019-12-01 116 days 2,256 sqft
    2020-01-01 126 days 2,275 sqft
    2020-02-01 128 days 2,282 sqft
    2020-03-01 109 days 2,305 sqft
    2020-04-01 91 days 2,301 sqft
    2020-05-01 86 days 2,277 sqft
    2020-06-01 68 days 2,374 sqft
    2020-07-01 49 days 2,422 sqft
    2020-08-01 51 days 2,400 sqft
    2020-09-01 51 days 2,439 sqft
    2020-10-01 50 days 2,424 sqft
    2020-11-01 64 days 2,461 sqft
    2020-12-01 83 days 2,471 sqft
    2021-01-01 100 days 2,468 sqft
    2021-02-01 114 days 2,444 sqft
    2021-03-01 97 days 2,426 sqft
    2021-04-01 46 days 2,409 sqft
    2021-05-01 41 days 2,400 sqft
    2021-06-01 40 days 2,329 sqft
    2021-07-01 43 days 2,233 sqft
    2021-08-01 46 days 2,116 sqft
    2021-09-01 57 days 2,129 sqft
    2021-10-01 67 days 2,120 sqft
    2021-11-01 74 days 2,136 sqft
    2021-12-01 78 days 2,144 sqft
    2022-01-01 88 days 2,249 sqft
    2022-02-01 89 days 2,276 sqft
    2022-03-01 48 days 2,218 sqft
    2022-04-01 38 days 2,150 sqft
    2022-05-01 30 days 2,114 sqft
    2022-06-01 32 days 2,222 sqft
    2022-07-01 38 days 2,175 sqft
    2022-08-01 45 days 2,361 sqft
    2022-09-01 54 days 2,330 sqft
    2022-10-01 64 days 2,268 sqft
    2022-11-01 70 days 2,295 sqft
    2022-12-01 82 days 2,322 sqft
    2023-01-01 93 days 2,319 sqft
    2023-02-01 97 days 2,466 sqft
    2023-03-01 56 days 2,469 sqft
    2023-04-01 51 days 2,466 sqft
    2023-05-01 38 days 2,452 sqft
    2023-06-01 34 days 2,347 sqft
    2023-07-01 45 days 2,306 sqft
    2023-08-01 51 days 2,252 sqft
    2023-09-01 50 days 2,300 sqft
    2023-10-01 48 days 2,410 sqft
    2023-11-01 60 days 2,439 sqft
    2023-12-01 72 days 2,337 sqft
    2024-01-01 81 days 2,291 sqft
    2024-02-01 73 days 2,262 sqft
    2024-03-01 55 days 2,182 sqft
    Torrington's median listing age (time on market) for 2024-03-01 was 55 days. This is -2% shorter than the same period one year ago.

    Torrington's median square footage for active listings during the 2024-03-01 period was 2,182 sqft. One year prior, the average listing was 2,469 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).