Torrington FHA Loan Rates, Closing Costs & Stats

Torrington, 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.

Torrington's 87 lenders originated 606 FHA loans during 2022. The total origination value was $149,090,000, with an average FHA loan value of $246,023.

Torrington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Torrington averaged -0.65% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Torrington's average FHA mortgage closing costs are $8,102.

The average rate for the prior week (2024-02-16) was 6.39% and one month ago for the week of 2024-01-19, the average rate was 5.94%.

The average rate one year ago was 5.7%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.43%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 59 4.49% $10,310
FIRST WORLD MORTGAGE CORPORATION 55 4.67% $9,283
TOTAL MORTGAGE SERVICES, LLC 54 5.09% $11,288
NORWICH COMMERCIAL GROUP, INC. 34 4.96% $8,853
LOANDEPOT.COM, LLC 27 4.66% $10,751
GUARANTEED RATE, INC. 17 4.42% $9,848
UNITED WHOLESALE MORTGAGE, LLC 17 5.16% $9,984
CALIBER HOME LOANS, INC. 16 5.06% $11,701
HOMEBRIDGE FINANCIAL SERVICES, INC. 15 5.07% $11,641
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 5.66% $10,348
HOME POINT FINANCIAL CORPORATION 13 4.11% $10,060
Carrington Mortgage Services, LLC 13 4.82% $12,192
CROSSCOUNTRY MORTGAGE, LLC 10 5.03% $13,500
Prosperity Home Mortgage, LLC 10 5.31% $12,469
GUARANTEED RATE AFFINITY, LLC 10 4.93% $11,416
Paramount Residential Mortgage Group, Inc. 9 4.99% $12,713
AMERISAVE MORTGAGE CORPORATION 9 4.65% $10,150
NEWREZ LLC 8 4.63% $8,919
Flagstar Bank, FSB 8 4.85% $10,003
BAY EQUITY LLC 7 5.13% $10,601
MOVEMENT MORTGAGE, LLC 7 4.84% $8,671
CARDINAL FINANCIAL 7 5.20% $9,653
FREEDOM MORTGAGE CORPORATION 7 4.75% $9,777
BROKER SOLUTIONS, INC. 6 5.33% $10,683
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.25% $12,321
HOMESTEAD FUNDING CORP. 5 5.20% $10,245
PLAZA HOME MORTGAGE, INC. 5 5.53% $10,718
Mr. Cooper ( Nationstar Mortgage ) 5 3.65% $11,782
Bank of America 5 4.15% $7,036
AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.66% $13,202
WILLIAM RAVEIS MORTGAGE, LLC 4 4.34% $9,900
GUILD MORTGAGE COMPANY 4 4.50% $8,758
ENVOY MORTGAGE, LTD 4 5.25% $12,142
MUTUAL OF OMAHA MORTGAGE, INC. 4 5.75% $12,900
EVERETT FINANCIAL, INC. 3 5.79% $7,870
Thomaston Savings Bank 3 4.46% $10,501
UNITED MORTGAGE CORP 3 5.54% $16,767
EMBRACE HOME LOANS, INC. 3 4.25% $6,649
Union Savings Bank 3 3.54% $6,907
Evolve Bank & Trust 3 5.21% $8,324
Webster Bank 3 4.67% $7,455
LAKEVIEW LOAN SERVICING, LLC 3 3.33% $5,362
ALLIED MORTGAGE GROUP, INC. 2 3.56% $11,691
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.50% $12,653
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.38% $15,370
Citizens Bank 2 4.69% $7,153
CMG MORTGAGE, INC. 2 4.75% $11,156
First Guaranty Mortgage Corporation 2 4.00% $7,516
Lakeview Community Capital, LLC 2 2.99% $4,696
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 2 5.50% $18,362
Mortgage Network, Inc. 2 5.00% $9,901
Mortgage Research Center, LLC 2 3.25% $9,028
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.63% $10,349
RELIANCE FIRST CAPITAL, LLC 2 5.00% $13,348
VILLAGE CAPITAL MORTGAGE 2 4.75% $3,609
Waterstone Mortgage Corporation 2 6.06% $9,657
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $7,123
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $11,705
First Home Bank 1 3.25% $12,587
NFM, INC. 1 5.25% $10,094
NJ LENDERS CORP. 1 3.75% $15,198
Northpointe Bank 1 3.75% $8,830
FINANCE OF AMERICA MORTGAGE LLC 1 4.50% $15,200
Notre Dame Federal Credit Union Corporation 1 2.75% $10,426
EQUITY RESOURCES, INC. 1 4.75% $12,147
PENNYMAC LOAN SERVICES, LLC 1 5.13% $10,641
PHH Mortgage Corporation 1 6.13% $16,071
Equity Prime Mortgage LLC 1 5.38% $8,424
ARC HOME LLC 1 3.13% $9,930
EMM LOANS LLC 1 4.75% $12,909
East Coast Capital Corp. 1 4.75% $11,669
PROVINCE MORTGAGE ASSOCIATES, INC. 1 3.63% $10,969
PRYSMA LENDING GROUP, LLC 1 5.63% $21,436
CONTOUR MORTGAGE CORPORATION 1 6.63% $11,870
AMERICAN FINANCING CORPORATION 1 4.25% $13,478
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $6,529
TD Bank 1 5.50% $10,195
CONTINENTAL MORTGAGE BANKERS, INC. 1 5.25% $14,670
Century Mortgage Company DBA Century Lending Company 1 2.75% $8,244
UNION HOME MORTGAGE CORP. 1 6.50% $6,708
BECKAM FUNDING CORP. 1 5.75% $11,725
Barrington Bank & Trust Company, N.A. 1 5.75% $9,536
ASSOCIATED MORTGAGE BANKERS, INC. 1 3.25% $15,627
LEADERONE FINANCIAL CORPORATION 1 2.99% $8,137
Leader Bank 1 5.63% $7,692
M&T Bank 1 4.13% $10,902
First Savings Bank 1 6.25% $19,761

The top Torrington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 59 FHA loans originated. Their average total fees are $10,310, which is $1,026 higher than the next largest lender, FIRST WORLD MORTGAGE CORPORATION.

The lowest fee Torrington FHA lenders (with over 10 loans originated) are NORWICH COMMERCIAL GROUP, INC. ($8,853), FIRST WORLD MORTGAGE CORPORATION ($9,283), GUARANTEED RATE, INC. ($9,848), UNITED WHOLESALE MORTGAGE, LLC ($9,984) and HOME POINT FINANCIAL CORPORATION ($10,060).

The lowest rate Torrington FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.11%), GUARANTEED RATE, INC. (4.42%), QUICKEN LOANS, LLC (4.49%), LOANDEPOT.COM, LLC (4.66%) and FIRST WORLD MORTGAGE CORPORATION (4.67%).

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
Torrington's median listing price for 2023-12-01 was $629,500, a difference of $79,501 (14.5%) versus the prior year and $-20,450 versus the prior month.

Torrington's median listing price comes in at 154% of the national average.

Torrington's average listing price for 2023-12-01 was $1,033,071, a difference of $-145,445 (-12.3%) versus the prior year and $-25,231 versus the prior month.

For the 2023-12-01 period, Torrington had 368 MLS listings, a difference of -43 listings (-10%) versus the prior month and -19 listings (-5%) 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 2,079 sqft
2018-02-01 128 days 2,114 sqft
2018-03-01 109 days 2,115 sqft
2018-04-01 70 days 2,131 sqft
2018-05-01 65 days 2,104 sqft
2018-06-01 68 days 2,115 sqft
2018-07-01 75 days 2,133 sqft
2018-08-01 86 days 2,127 sqft
2018-09-01 92 days 2,089 sqft
2018-10-01 98 days 2,056 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
Torrington's median listing age (time on market) for 2023-12-01 was 72 days. This is -12% shorter than the same period one year ago.

Torrington's median square footage for active listings during the 2023-12-01 period was 2,337 sqft. One year prior, the average listing was 2,322 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).