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 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 6.27% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

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

    The average rate for the prior week (2023-05-19) was 5.94% and one month ago for the week of 2023-04-21, the average rate was 6.08%.

    The average rate one year ago was 5%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.99%.

    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%) $641,343 (-0.4%) 1.30 1,364
    2018-02-01 $354,500 (6.0%) $653,188 (-0.2%) 1.29 1,345
    2018-03-01 $357,700 (3.9%) $638,650 (-6.9%) 1.26 1,392
    2018-04-01 $359,000 (2.6%) $640,199 (-6.7%) 1.22 1,455
    2018-05-01 $349,900 (-2.7%) $636,073 (-5.7%) 1.17 1,587
    2018-06-01 $349,900 (-2.5%) $645,760 (-3.9%) 1.17 1,712
    2018-07-01 $350,000 (-2.8%) $651,608 (-3.5%) 1.17 1,764
    2018-08-01 $353,725 (1.2%) $656,358 (0.4%) 1.19 1,760
    2018-09-01 $349,000 (-0.3%) $659,014 (0.6%) 1.17 1,755
    2018-10-01 $344,350 (-1.6%) $660,543 (3.0%) 1.17 1,710
    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 (-0.3%) $708,797 (8.5%) 1.19 1,316
    2019-03-01 $374,900 (4.8%) $715,745 (12.1%) 1.25 1,274
    2019-04-01 $378,929 (5.6%) $708,064 (10.6%) 1.20 1,335
    2019-05-01 $369,000 (5.5%) $690,930 (8.6%) 1.15 1,457
    2019-06-01 $369,000 (5.5%) $678,316 (5.0%) 1.15 1,585
    2019-07-01 $369,450 (5.6%) $668,004 (2.5%) 1.16 1,614
    2019-08-01 $369,900 (4.6%) $665,853 (1.5%) 1.16 1,608
    2019-09-01 $379,900 (8.9%) $674,391 (2.3%) 1.20 1,554
    2019-10-01 $375,000 (8.9%) $659,038 (-0.2%) 1.21 1,575
    2019-11-01 $387,250 (10.7%) $677,361 (0.2%) 1.27 1,428
    2019-12-01 $388,575 (11.3%) $695,654 (2.1%) 1.30 1,268
    2020-01-01 $395,000 (12.9%) $706,639 (0.7%) 1.32 1,155
    2020-02-01 $395,000 (11.8%) $704,069 (-0.7%) 1.29 1,103
    2020-03-01 $399,000 (6.4%) $713,117 (-0.4%) 1.25 1,064
    2020-04-01 $398,950 (5.3%) $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 (16.4%) 1.23 864
    2020-07-01 $444,900 (20.4%) $826,047 (23.7%) 1.29 874
    2020-08-01 $439,900 (18.9%) $814,641 (22.4%) 1.26 869
    2020-09-01 $466,200 (22.7%) $823,199 (22.1%) 1.34 878
    2020-10-01 $479,000 (27.7%) $848,641 (28.8%) 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 (66.0%) 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%) $1,143,627 (9.4%) 1.27 435
    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%) 1.51 298
    2023-04-01 $675,000 (23.0%) $1,336,434 (12.7%) 1.57 308
    Torrington's median listing price for 2023-04-01 was $675,000, a difference of $126,000 (23.0%) versus the prior year and $32,575 versus the prior month.

    Torrington's median listing price comes in at 157% of the national average.

    Torrington's average listing price for 2023-04-01 was $1,336,434, a difference of $150,519 (12.7%) versus the prior year and $30,594 versus the prior month.

    For the 2023-04-01 period, Torrington had 308 MLS listings, a difference of 10 listings (3%) versus the prior month and -39 listings (-11%) 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
    2018-01-01 141 days 2,075 sqft
    2018-02-01 148 days 2,104 sqft
    2018-03-01 144 days 2,089 sqft
    2018-04-01 97 days 2,121 sqft
    2018-05-01 81 days 2,102 sqft
    2018-06-01 81 days 2,113 sqft
    2018-07-01 87 days 2,131 sqft
    2018-08-01 101 days 2,127 sqft
    2018-09-01 107 days 2,089 sqft
    2018-10-01 118 days 2,055 sqft
    2018-11-01 126 days 2,057 sqft
    2018-12-01 131 days 2,031 sqft
    2019-01-01 140 days 2,027 sqft
    2019-02-01 147 days 2,050 sqft
    2019-03-01 140 days 2,119 sqft
    2019-04-01 95 days 2,137 sqft
    2019-05-01 78 days 2,218 sqft
    2019-06-01 78 days 2,284 sqft
    2019-07-01 85 days 2,271 sqft
    2019-08-01 95 days 2,304 sqft
    2019-09-01 106 days 2,335 sqft
    2019-10-01 105 days 2,298 sqft
    2019-11-01 113 days 2,283 sqft
    2019-12-01 133 days 2,258 sqft
    2020-01-01 139 days 2,277 sqft
    2020-02-01 145 days 2,282 sqft
    2020-03-01 143 days 2,305 sqft
    2020-04-01 137 days 2,301 sqft
    2020-05-01 106 days 2,277 sqft
    2020-06-01 94 days 2,374 sqft
    2020-07-01 61 days 2,422 sqft
    2020-08-01 59 days 2,400 sqft
    2020-09-01 59 days 2,439 sqft
    2020-10-01 57 days 2,424 sqft
    2020-11-01 72 days 2,461 sqft
    2020-12-01 88 days 2,471 sqft
    2021-01-01 107 days 2,476 sqft
    2021-02-01 128 days 2,444 sqft
    2021-03-01 120 days 2,426 sqft
    2021-04-01 57 days 2,409 sqft
    2021-05-01 47 days 2,400 sqft
    2021-06-01 45 days 2,329 sqft
    2021-07-01 47 days 2,233 sqft
    2021-08-01 52 days 2,116 sqft
    2021-09-01 63 days 2,129 sqft
    2021-10-01 75 days 2,120 sqft
    2021-11-01 86 days 2,136 sqft
    2021-12-01 89 days 2,144 sqft
    2022-01-01 103 days 2,249 sqft
    2022-02-01 106 days 2,276 sqft
    2022-03-01 59 days 2,218 sqft
    2022-04-01 48 days 2,150 sqft
    2022-05-01 36 days 2,114 sqft
    2022-06-01 37 days 2,222 sqft
    2022-07-01 42 days 2,175 sqft
    2022-08-01 50 days 2,361 sqft
    2022-09-01 58 days 2,330 sqft
    2022-10-01 71 days 2,268 sqft
    2022-11-01 75 days 2,294 sqft
    2022-12-01 89 days 2,322 sqft
    2023-01-01 101 days 2,319 sqft
    2023-02-01 111 days 2,466 sqft
    2023-03-01 71 days 2,469 sqft
    2023-04-01 57 days 2,466 sqft
    Torrington's median listing age (time on market) for 2023-04-01 was 57 days. This is 19% longer than the same period one year ago.

    Torrington's median square footage for active listings during the 2023-04-01 period was 2,466 sqft. One year prior, the average listing was 2,150 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).