Connecticut FHA Loan Rates, Closing Costs & Stats

Connecticut

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.

Connecticut FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Connecticut averaged -0.36% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Connecticut's average FHA mortgage closing costs are $8,661.

The average rate for the prior week (2024-02-16) was 5.98% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.58%.

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

Connecticut 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 Connecticut level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 751 4.53% $11,252
UNITED WHOLESALE MORTGAGE, LLC 550 4.89% $11,097
FIRST WORLD MORTGAGE CORPORATION 546 4.86% $10,157
TOTAL MORTGAGE SERVICES, LLC 521 5.05% $12,296
LOANDEPOT.COM, LLC 425 4.59% $12,244
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 344 5.19% $11,500
CALIBER HOME LOANS, INC. 301 4.65% $11,419
NORWICH COMMERCIAL GROUP, INC. 273 4.91% $10,263
MOVEMENT MORTGAGE, LLC 263 4.90% $10,801
HOMEBRIDGE FINANCIAL SERVICES, INC. 254 5.00% $13,191
GUARANTEED RATE, INC. 250 4.90% $11,025
CROSSCOUNTRY MORTGAGE, LLC 249 5.15% $13,191
FREEDOM MORTGAGE CORPORATION 188 4.66% $10,246
HOME POINT FINANCIAL CORPORATION 182 4.18% $11,348
Citizens Bank 181 4.33% $9,549
PLAZA HOME MORTGAGE, INC. 165 4.98% $11,915
GUARANTEED RATE AFFINITY, LLC 142 4.90% $11,854
Carrington Mortgage Services, LLC 126 4.89% $11,770
AMERISAVE MORTGAGE CORPORATION 119 4.41% $12,038
Paramount Residential Mortgage Group, Inc. 105 4.94% $11,750
Prosperity Home Mortgage, LLC 103 4.71% $10,227
NEWREZ LLC 101 4.76% $10,042
Mr. Cooper ( Nationstar Mortgage ) 101 4.29% $12,181
PENNYMAC LOAN SERVICES, LLC 91 4.49% $10,576
Flagstar Bank, FSB 90 4.52% $10,321
CARDINAL FINANCIAL 90 4.83% $14,552
HOMESTEAD FUNDING CORP. 89 4.78% $8,726
PRIMELENDING, A PLAINSCAPITAL COMPANY 87 5.16% $12,523
BROKER SOLUTIONS, INC. 84 4.73% $11,132
EVERETT FINANCIAL, INC. 74 5.39% $7,675
ENVOY MORTGAGE, LTD 72 4.96% $12,569
LAKEVIEW LOAN SERVICING, LLC 69 3.66% $6,747
BAY EQUITY LLC 61 4.70% $10,078
WILLIAM RAVEIS MORTGAGE, LLC 56 4.40% $9,853
GUILD MORTGAGE COMPANY 56 4.91% $9,689
Equity Prime Mortgage LLC 54 5.18% $11,574
PRIMARY RESIDENTIAL MORTGAGE, INC. 46 5.18% $12,602
ARK-LA-TEX FINANCIAL SERVICES, LLC. 45 5.15% $12,205
FINANCE OF AMERICA MORTGAGE LLC 45 4.50% $11,916
Bank of England 40 4.89% $12,279
MUTUAL OF OMAHA MORTGAGE, INC. 39 5.18% $14,980
Bank of America 38 3.73% $6,502
PANORAMA MORTGAGE GROUP, LLC 36 5.40% $13,698
ALLIED MORTGAGE GROUP, INC. 36 4.56% $10,655
Mortgage Network, Inc. 36 4.98% $11,114
PROVINCE MORTGAGE ASSOCIATES, INC. 35 5.26% $10,398
M&T Bank 35 4.30% $9,634
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 35 5.38% $11,210
Evolve Bank & Trust 35 4.80% $11,665
NATIONWIDE MORTGAGE BANKERS, INC. 34 5.32% $16,917
AMERICAN PACIFIC MORTGAGE CORPORATION 33 5.42% $16,062
LEADERONE FINANCIAL CORPORATION 32 5.10% $10,082
RELIANCE FIRST CAPITAL, LLC 32 5.17% $12,020
Lakeview Community Capital, LLC 32 3.92% $7,607
EMBRACE HOME LOANS, INC. 31 4.46% $10,007
HOMESIDE FINANCIAL, LLC 30 4.68% $12,559
NORTHPOINT MORTGAGE, INC. 29 4.86% $10,068
PRYSMA LENDING GROUP, LLC 27 4.64% $14,084
First Home Bank 26 5.11% $13,660
The Federal Savings Bank 24 4.93% $14,666
EQUITY RESOURCES, INC. 24 4.94% $10,677
Semper Home Loans, Inc. 24 5.42% $12,110
PLANET HOME LENDING, LLC 23 5.17% $10,584
UNITED NORTHERN MORTGAGE BANKERS LIMITED 22 4.74% $16,886
Mortgage Research Center, LLC 21 4.51% $8,558
NFM, INC. 21 4.61% $10,230
Northpointe Bank 20 4.98% $11,481
INTERSTATE HOME LOAN CENTER, INC. 20 4.57% $12,459
East Coast Capital Corp. 18 5.38% $15,956
VILLAGE CAPITAL MORTGAGE 17 3.69% $4,932
CMG MORTGAGE, INC. 17 4.87% $11,459
CONTOUR MORTGAGE CORPORATION 17 5.22% $13,580
UNITED MORTGAGE CORP 16 4.86% $16,187
Nations Lending Corporation 16 5.38% $9,584
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 15 5.30% $16,947
Magnolia Bank 15 4.58% $18,566
JPMorgan Chase Bank 15 5.17% $10,554
EMM LOANS LLC 13 5.18% $12,606
SUN WEST MORTGAGE COMPANY, INC. 13 4.74% $12,107
ACADEMY MORTGAGE CORPORATION 13 4.87% $12,461
Wells Fargo Bank 12 4.73% $9,247
Shamrock Home Loans, Inc. 12 5.17% $11,521
First Guaranty Mortgage Corporation 12 3.66% $11,729
KeyBank 11 3.82% $10,154
AMERICAN FINANCING CORPORATION 10 4.58% $9,623
MLB RESIDENTIAL LENDING, LLC 10 5.50% $17,004
JET DIRECT FUNDING CORP 10 4.74% $19,978
ARC HOME LLC 10 4.12% $11,632
First Federal Bank 10 5.19% $13,496
OCMBC, INC. 9 4.79% $9,879
Plains Commerce Bank 9 6.32% $13,996
CONTINENTAL MORTGAGE BANKERS, INC. 9 4.82% $17,209
Hometown Equity Mortgage, LLC 9 4.56% $11,963
INLAND BANK & TRUST 9 4.94% $12,387
Liberty Bank 9 4.78% $6,849
MORTGAGE EQUITY PARTNERS LLC 9 5.33% $11,345
ABSOLUTE HOME MORTGAGE CORPORATION 8 5.73% $15,775
FIRST ALLIANCE HOME MORTGAGE, LLC 8 5.50% $14,485
Barrington Bank & Trust Company, N.A. 8 5.44% $12,149
Wyndham Capital Mortgage, Inc. 7 5.20% $9,727
RESIDENTIAL HOME FUNDING CORP. 7 4.52% $18,148
ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 4.35% $11,426
Waterstone Mortgage Corporation 6 5.94% $12,679
Webster Bank 6 4.44% $7,234
U.S. Bank 6 4.85% $10,077
AMERICAN EAGLE FINANCIAL CREDIT UNION 6 4.92% $9,166
Thomaston Savings Bank 6 4.81% $9,252
PHH Mortgage Corporation 6 5.00% $15,603
AmRes Corporation 5 4.93% $11,435
UNION HOME MORTGAGE CORP. 5 5.48% $10,213
FM Home Loans, LLC 5 4.23% $10,253
First Savings Bank 5 4.65% $14,969
NATIONS DIRECT MORTGAGE, LLC 5 6.65% $11,360
NBKC BANK 5 3.90% $9,680
TD Bank 5 4.10% $8,913
RADIUS FINANCIAL GROUP INC. 4 4.84% $10,426
Charter Oak Federal Credit Union 4 4.00% $7,722
Union Savings Bank 4 3.84% $8,984
HOMESPIRE MORTGAGE CORPORATION 4 4.47% $12,399
People's United Bank 4 2.84% $8,774
ZILLOW HOME LOANS, LLC 4 3.81% $11,510
AmeriHome Mortgage Company, LLC 4 4.34% $9,907
NORTHERN MORTGAGE SERVICES, LLC 4 6.13% $10,094
MID AMERICA MORTGAGE, INC. 4 5.50% $6,624
BETTER MORTGAGE CORPORATION 3 4.83% $12,838
LOANPAL, LLC 3 5.17% $14,430
RESIDENTIAL BANCORP 3 4.33% $10,465
US MORTGAGE CORPORATION 3 5.46% $11,517
Princeton Mortgage Corporation 3 5.25% $10,440
LENDING CAPITAL GROUP Inc 3 4.38% $8,609
POLARIS HOME FUNDING CORP. 3 6.21% $19,143
CHERRY CREEK MORTGAGE, LLC 3 4.63% $6,931
Chelsea Groton Bank 3 5.71% $7,851
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.71% $14,278
NJ LENDERS CORP. 3 4.54% $13,052
Century Mortgage Company DBA Century Lending Company 3 3.50% $7,814
AMERICAN FINANCIAL RESOURCES, INC. 3 3.92% $11,314
Eastern Bank 3 5.13% $10,644
Savings Bank of Danbury 3 4.54% $10,992
HARBORONE MORTGAGE, LLC 3 4.54% $9,064
Strong Home Mortgage, LLC 2 4.44% $10,888
AMCAP MORTGAGE, LTD. 2 4.13% $11,313
ASSOCIATED MORTGAGE BANKERS, INC. 2 4.00% $17,517
BAYCOAST MORTGAGE COMPANY, LLC 2 5.25% $7,509
BEST CAPITAL FUNDING 2 5.00% $12,848
CASTLE & COOKE MORTGAGE, LLC 2 4.00% $10,534
CHURCHILL MORTGAGE CORPORATION 2 4.75% $8,901
DRAPER AND KRAMER MORTGAGE CORP. 2 4.94% $12,352
FIRST HOME MORTGAGE CORPORATION 2 4.69% $10,631
First Internet Bank of Indiana 2 3.88% $15,788
GENEVA FINANCIAL, LLC 2 5.75% $16,112
GSF Mortgage Corporation 2 5.06% $9,277
Hometown Lenders, Inc. 2 6.19% $18,014
Ixonia Bank 2 5.94% $14,715
Leader Bank 2 4.19% $7,419
Luxury Mortgage Corp. 2 3.50% $21,911
Newtown Savings Bank 2 4.81% $11,261
PNC Bank 2 5.63% $8,903
PREMIA MORTGAGE, LLC 2 5.19% $13,771
Quontic Bank 2 3.94% $14,895
Residential Mortgage Solutions, Inc. 2 4.81% $11,009
Santander Bank, N.A. 2 3.25% $7,439
Sierra Pacific Mortgage Company, Inc. 2 4.56% $8,763
SOVEREIGN LENDING GROUP INCORPORATED 2 4.19% $5,369
T2 FINANCIAL LLC 2 5.94% $14,669
TBI MORTGAGE COMPANY 2 4.38% $21,078
TOWNE MORTGAGE COMPANY 2 5.69% $10,816
RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.75% $20,239
WALL STREET MORTGAGE BANKERS, LTD. 1 4.63% $17,239
Ross Mortgage Company, Inc. 1 5.25% $9,920
NBH Bank 1 5.62% $10,273
BNC National Bank 1 4.75% $10,966
MY MORTGAGE, INC. 1 6.88% $14,142
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $7,989
MEMBERS MORTGAGE COMPANY, INC. 1 5.00% $9,036
Servion, Inc. 1 4.63% $13,592
LIBERTY HOME MORTGAGE CORPORATION 1 5.13% $16,332
Bethpage Federal Credit Union 1 5.13% $4,144
Berkshire Bank 1 2.75% $7,894
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 5.75% $12,559
Kwik Mortgage Corporation 1 5.13% $8,096
BECKAM FUNDING CORP. 1 5.75% $11,725
BAYSHORE MORTGAGE FUNDING, LLC 1 4.75% $16,426
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 5.13% $8,970
HOMEXPRESS MORTGAGE CORP. 1 3.88% $12,323
The Union Bank Company 1 4.75% $11,319
The Washington Trust Company, of Westerly 1 3.25% $8,776
HOMESTAR FINANCIAL CORPORATION 1 4.75% $8,910
HARTFORD FUNDING, LTD. 1 4.75% $29,967
Advisors Mortgage Group, L.L.C. 1 6.00% $16,158
GREENWAY MORTGAGE FUNDING CORP. 1 3.25% $12,357
FIRST MORTGAGE COMPANY, INC. 1 6.75% $9,016
First Horizon Bank 1 3.88% $16,933
EQUITY NOW INC. 1 6.13% $12,084
DREW MORTGAGE ASSOCIATES, INC. 1 5.63% $16,254
CLIFFCO, INC. 1 2.38% $14,921
Citibank 1 3.25% $6,879
Peoples Bank 1 5.13% $15,157
PENTAGON FEDERAL CREDIT UNION 1 5.25% $10,940
Paramount Bank 1 5.25% $10,624
Centreville Bank 1 5.13% $8,110
OCEANSIDE MORTGAGE COMPANY 1 3.88% $8,274
Notre Dame Federal Credit Union Corporation 1 2.75% $10,426
North American Savings Bank, F.S.B. 1 4.50% $12,633
NEW DAY FINANCIAL, LLC 1 3.38% $14,648

The top Connecticut FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 751 FHA loans originated. Their average total fees are $11,252, which is $155 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Connecticut FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($4,932), Bank of America ($6,502), LAKEVIEW LOAN SERVICING, LLC ($6,747), Lakeview Community Capital, LLC ($7,607) and EVERETT FINANCIAL, INC. ($7,675).

The lowest rate Connecticut FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.66%), First Guaranty Mortgage Corporation (3.66%), VILLAGE CAPITAL MORTGAGE (3.69%), Bank of America (3.73%) and KeyBank (3.82%).

Connecticut FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BRIDGEPORT-STAMFORD-NORWALK, CT FAIRFIELD 2022 $695,750 $890,700 $1,076,650 $1,338,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2022 $420,680 $538,650 $651,050 $809,150
TORRINGTON, CT LITCHFIELD 2022 $420,680 $538,650 $651,050 $809,150
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2022 $420,680 $538,650 $651,050 $809,150
NEW HAVEN-MILFORD, CT NEW HAVEN 2022 $420,680 $538,650 $651,050 $809,150
NORWICH-NEW LONDON, CT NEW LONDON 2022 $420,680 $538,650 $651,050 $809,150
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2022 $420,680 $538,650 $651,050 $809,150
WORCESTER, MA-CT WINDHAM 2022 $420,680 $538,650 $651,050 $809,150
BRIDGEPORT-STAMFORD-NORWALK, CT FAIRFIELD 2023 $707,250 $905,400 $1,094,450 $1,360,100
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2023 $472,030 $604,400 $730,525 $907,900
TORRINGTON, CT LITCHFIELD 2023 $472,030 $604,400 $730,525 $907,900
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2023 $472,030 $604,400 $730,525 $907,900
NEW HAVEN-MILFORD, CT NEW HAVEN 2023 $472,030 $604,400 $730,525 $907,900
NORWICH-NEW LONDON, CT NEW LONDON 2023 $472,030 $604,400 $730,525 $907,900
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2023 $472,030 $604,400 $730,525 $907,900
WORCESTER, MA-CT WINDHAM 2023 $472,030 $604,400 $730,525 $907,900

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).