Connecticut FHA Loan Rates, Closing Costs & Stats

Connecticut

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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.

    Connecticut FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Connecticut averaged 6.35% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Connecticut's average FHA mortgage closing costs are $8,146.

    The average rate for the prior week (2023-03-10) was 6.49% and one month ago for the week of 2023-02-10, the average rate was 6.11%.

    The average rate one year ago was 4.29%.

    For refis of the same type during the week of 2023-03-17, the average rate was 5.99%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 1,334 2.73% $7,057
    FIRST WORLD MORTGAGE CORPORATION 848 3.03% $8,917
    TOTAL MORTGAGE SERVICES, LLC 796 3.25% $10,678
    FREEDOM MORTGAGE CORPORATION 600 2.91% $6,372
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 539 3.15% $9,011
    UNITED WHOLESALE MORTGAGE, LLC 536 2.67% $9,354
    CALIBER HOME LOANS, INC. 528 2.77% $8,516
    LOANDEPOT.COM, LLC 496 2.95% $9,841
    HOMEBRIDGE FINANCIAL SERVICES, INC. 455 2.93% $9,426
    NORWICH COMMERCIAL GROUP, INC. 435 3.22% $9,076
    LAKEVIEW LOAN SERVICING, LLC 378 3.00% $5,436
    MOVEMENT MORTGAGE, LLC 370 3.07% $8,265
    CROSSCOUNTRY MORTGAGE, LLC 357 3.13% $10,094
    NEWREZ LLC 356 2.86% $7,473
    GUARANTEED RATE, INC. 334 2.89% $8,973
    Mr. Cooper ( Nationstar Mortgage ) 317 3.20% $4,915
    HOME POINT FINANCIAL CORPORATION 278 2.73% $8,825
    Carrington Mortgage Services, LLC 265 3.40% $8,686
    Citizens Bank 258 2.79% $8,173
    PENNYMAC LOAN SERVICES, LLC 230 3.05% $5,982
    PLAZA HOME MORTGAGE, INC. 228 3.00% $9,498
    GUARANTEED RATE AFFINITY, LLC 192 3.04% $10,082
    PRIMARY RESIDENTIAL MORTGAGE, INC. 181 3.43% $9,413
    Prosperity Home Mortgage, LLC 181 3.10% $8,678
    PRIMELENDING, A PLAINSCAPITAL COMPANY 161 3.37% $9,616
    Paramount Residential Mortgage Group, Inc. 150 3.03% $8,575
    ENVOY MORTGAGE, LTD 148 3.25% $10,501
    Lakeview Community Capital, LLC 127 2.99% $5,262
    HOMESTEAD FUNDING CORP. 122 2.90% $7,053
    WILLIAM RAVEIS MORTGAGE, LLC 109 2.65% $9,143
    Bank of England 107 3.21% $10,701
    FINANCE OF AMERICA MORTGAGE LLC 103 2.83% $8,505
    First Guaranty Mortgage Corporation 101 2.92% $9,306
    VILLAGE CAPITAL MORTGAGE 98 2.84% $2,276
    BROKER SOLUTIONS, INC. 98 2.95% $8,594
    Flagstar Bank, FSB 94 2.79% $9,070
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 92 2.97% $10,578
    AMERICAN FINANCIAL NETWORK, INC. 89 3.07% $16,436
    AmeriHome Mortgage Company, LLC 83 2.89% $5,073
    AMERISAVE MORTGAGE CORPORATION 80 3.00% $9,184
    EMBRACE HOME LOANS, INC. 74 2.85% $7,759
    Equity Prime Mortgage LLC 69 3.24% $9,319
    BAY EQUITY LLC 69 3.01% $8,982
    PANORAMA MORTGAGE GROUP, LLC 67 3.42% $10,207
    RESIDENTIAL MORTGAGE SERVICES, INC. 64 2.87% $8,338
    ALLIED MORTGAGE GROUP, INC. 62 3.15% $8,353
    PROVINCE MORTGAGE ASSOCIATES, INC. 60 3.03% $9,115
    Evolve Bank & Trust 60 2.93% $8,553
    PRYSMA LENDING GROUP, LLC 57 2.94% $11,052
    CMG MORTGAGE, INC. 56 2.87% $10,795
    Bank of America 55 2.74% $5,938
    NATIONWIDE MORTGAGE BANKERS, INC. 48 3.11% $13,291
    InterContinental Capital Group, Inc 48 3.02% $9,981
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 47 3.23% $8,198
    EQUITY RESOURCES, INC. 42 2.95% $9,337
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 41 3.23% $8,839
    Nations Lending Corporation 37 3.43% $7,710
    LEADERONE FINANCIAL CORPORATION 37 2.98% $7,732
    HOMESIDE FINANCIAL, LLC 36 3.05% $9,342
    M&T Bank 36 2.84% $10,350
    NORTHPOINT MORTGAGE, INC. 35 2.92% $8,337
    UNITED MORTGAGE CORP. 34 3.10% $11,290
    Atlantic Home Loans, Inc. 34 3.07% $8,061
    ARC HOME LLC 34 2.78% $9,878
    EVERETT FINANCIAL, INC. 33 3.63% $6,098
    CONTOUR MORTGAGE CORPORATION 32 2.81% $9,170
    SUN WEST MORTGAGE COMPANY, INC. 31 3.02% $11,401
    Liberty Bank 31 2.65% $8,127
    Thomaston Savings Bank 31 2.91% $7,443
    PLANET HOME LENDING, LLC 29 2.78% $5,404
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 28 2.96% $12,798
    MUTUAL OF OMAHA MORTGAGE, INC. 28 2.94% $9,281
    Mortgage Research Center, LLC 28 3.06% $6,374
    Northpointe Bank 27 3.02% $9,229
    Mortgage Network, Inc. 27 3.07% $9,752
    JPMorgan Chase Bank 26 3.03% $5,876
    People's United Bank 26 2.76% $8,363
    NFM, INC. 26 3.20% $8,885
    The Federal Savings Bank 25 2.73% $10,319
    RELIANCE FIRST CAPITAL, LLC 24 2.98% $10,300
    KeyBank 24 2.82% $9,371
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 24 2.96% $15,989
    INLAND BANK & TRUST 22 3.34% $11,008
    Shamrock Home Loans, Inc. 22 3.36% $9,257
    OCMBC, INC. 21 3.19% $9,258
    Magnolia Bank 20 2.79% $12,758
    Hometown Equity Mortgage, LLC 20 4.02% $10,876
    First Federal Bank 20 2.83% $10,154
    Mortgage Unlimited, L.L.C. 20 2.89% $9,817
    ACADEMY MORTGAGE CORPORATION 19 3.46% $7,886
    Savings Bank of Danbury 17 2.82% $9,840
    PHH Mortgage Corporation 17 3.22% $5,628
    Berkshire Bank 17 2.79% $7,088
    JET DIRECT FUNDING CORP 16 3.10% $16,034
    Webster Bank 15 2.77% $8,612
    OCEANSIDE MORTGAGE COMPANY 14 2.62% $4,465
    EMM LOANS LLC 14 3.15% $11,366
    INTERSTATE HOME LOAN CENTER, INC. 14 3.30% $10,015
    STEARNS LENDING, LLC 13 2.82% $8,917
    U.S. Bank 13 2.79% $8,519
    ZILLOW HOME LOANS, LLC 13 2.63% $8,483
    Newtown Savings Bank 13 2.72% $9,852
    TD Bank 13 2.78% $7,867
    Plains Commerce Bank 10 2.69% $11,989
    Wells Fargo Bank 10 3.06% $8,201
    Santander Bank, N.A. 10 2.64% $8,326
    Sierra Pacific Mortgage Company, Inc. 9 2.82% $10,280
    BETTER MORTGAGE CORPORATION 9 2.82% $8,478
    RESIDENTIAL HOME FUNDING CORP. 9 3.32% $12,165
    SOVEREIGN LENDING GROUP INCORPORATED 9 2.81% $11,443
    East Coast Capital Corp. 8 3.22% $14,595
    AMERICAN FINANCING CORPORATION 8 2.75% $8,602
    Charter Oak Federal Credit Union 8 2.61% $6,178
    CLIFFCO, INC. 8 3.13% $11,223
    HARTFORD FUNDING, LTD. 8 2.94% $12,226
    LENDING CAPITAL GROUP Inc 8 3.13% $10,099
    MID AMERICA MORTGAGE, INC. 8 3.13% $4,622
    NATIONS DIRECT MORTGAGE, LLC 8 3.55% $12,881
    KELLER MORTGAGE, LLC 7 2.71% $8,346
    HARBORONE MORTGAGE, LLC 7 2.88% $8,101
    US MORTGAGE CORPORATION 7 3.11% $16,087
    GUILD MORTGAGE COMPANY 7 3.07% $7,319
    Barrington Bank & Trust Company, N.A. 7 3.00% $8,563
    NJ LENDERS CORP. 7 2.89% $11,445
    FAMILY FIRST FUNDING LLC 7 3.30% $13,115
    Leader Bank 6 2.46% $9,351
    PARKSIDE LENDING, LLC 6 2.52% $9,379
    Chelsea Groton Bank 6 2.73% $7,586
    AMERICAN FINANCIAL RESOURCES, INC. 6 3.40% $7,185
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 3.00% $10,501
    FM Home Loans, LLC 6 2.77% $11,876
    First Home Bank 5 3.05% $10,191
    AmRes Corporation 5 2.78% $7,908
    RADIUS FINANCIAL GROUP INC. 5 2.67% $8,741
    Low VA Rates, LLC 5 2.85% $4,274
    First Savings Bank 5 3.10% $17,075
    Residential Mortgage Solutions, Inc. 5 3.05% $9,132
    BAYCOAST MORTGAGE COMPANY, LLC 4 2.75% $7,218
    MID-ISLAND MORTGAGE CORP. 4 2.72% $12,358
    NEW FED MORTGAGE, CORP. 4 2.66% $8,646
    GENEVA FINANCIAL, LLC 4 3.16% $11,035
    TOWNE MORTGAGE COMPANY 4 2.87% $8,101
    FIRST HOME MORTGAGE CORPORATION 4 3.28% $8,112
    Union Savings Bank 4 2.75% $10,291
    TBI MORTGAGE COMPANY 4 2.75% $14,017
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 4.29% $12,600
    Ixonia Bank 3 3.54% $10,504
    HOMESPIRE MORTGAGE CORPORATION 3 3.42% $9,070
    SUCCESS MORTGAGE PARTNERS, INC. 3 2.96% $7,404
    The Washington Trust Company, of Westerly 3 2.75% $8,250
    ASSOCIATED MORTGAGE BANKERS, INC. 3 3.13% $15,236
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 3 3.00% $10,689
    ABSOLUTE HOME MORTGAGE CORPORATION 3 3.28% $10,971
    DREW MORTGAGE ASSOCIATES, INC. 3 3.38% $10,343
    GUARANTY HOME MORTGAGE CORPORATION 3 3.21% $8,493
    DAS Acquisition Company, LLC 3 3.04% $7,666
    Prime Choice Funding Inc. 3 2.67% $9,331
    Citibank 3 3.13% $8,050
    Quontic Bank 3 2.67% $10,272
    BAYSHORE MORTGAGE FUNDING, LLC 2 2.75% $14,239
    FBC MORTGAGE, LLC 2 2.75% $6,246
    Advisors Mortgage Group, L.L.C. 2 2.75% $10,308
    Wyndham Capital Mortgage, Inc. 2 2.94% $8,675
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 2.50% $9,486
    North American Savings Bank, F.S.B. 2 2.94% $5,764
    Capital Bank 2 2.44% $7,038
    NBKC BANK 2 2.94% $9,977
    A&D Mortgage LLC 2 3.06% $15,805
    RESIDENTIAL BANCORP. 2 2.50% $6,878
    CHURCHILL MORTGAGE CORPORATION 2 3.38% $8,119
    FirstBank 2 2.94% $10,182
    ANGEL OAK HOME LOANS LLC 2 3.19% $8,070
    UNION HOME MORTGAGE CORP. 2 2.69% $7,802
    Valley National Bank 2 2.88% $11,204
    Network Funding, L.P. 2 3.00% $7,466
    WALL STREET MORTGAGE BANKERS, LTD. 2 2.94% $12,057
    MLB RESIDENTIAL LENDING, LLC 2 3.25% $12,047
    MORTGAGE EQUITY PARTNERS LLC 2 3.13% $8,026
    Wilmington Savings Fund Society, FSB 1 2.88% $5,781
    LOANPAL, LLC 1 2.50% $10,147
    Luxury Mortgage Corp. 1 2.75% $18,288
    INTELLILOAN, INC. 1 3.00% $3,843
    Hometown Lenders, Inc. 1 4.25% $16,621
    MORTGAGE ACCESS CORP. 1 2.75% $11,938
    Homestar Mortgage, Inc. 1 3.00% $2,871
    Home Mortgage Alliance Corp 1 2.88% $12,982
    Home Loan Investment Bank, F.S.B. 1 2.63% $12,815
    GuardHill Financial Corp. 1 3.75% $15,740
    GREENWAY MORTGAGE FUNDING CORP. 1 3.25% $11,688
    NEW DAY FINANCIAL, LLC 1 2.75% $9,303
    GREENTREE MORTGAGE COMPANY, L.P. 1 2.88% $9,490
    Goldwater Bank, N.A. 1 3.75% $10,538
    NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $5,052
    Florida Capital Bank 1 2.63% $9,792
    NP, Inc. 1 1.88% $14,991
    First Internet Bank of Indiana 1 2.99% $8,023
    Old Second National Bank 1 2.63% $7,872
    Fidelity Bank 1 2.88% $6,763
    PNC Bank 1 3.63% $4,915
    POLARIS HOME FUNDING CORP. 1 2.63% $5,443
    CRESCENT MORTGAGE COMPANY 1 2.50% $11,381
    Colonial Savings, F.A. 1 3.13% $8,618
    CHAMPIONS MORTGAGE LLC 1 2.25% $7,644
    Century Mortgage Company DBA Century Lending Company 1 3.00% $10,097
    Centreville Bank 1 2.38% $8,175
    S1L, Inc. 1 3.25% $8,962
    CELEBRITY HOME LOANS, LLC 1 3.50% $11,957
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.25% $10,443
    Servion, Inc. 1 2.88% $8,042
    BOND STREET MORTGAGE, LLC 1 2.88% $9,988
    BNC National Bank 1 2.75% $9,532
    Blue Ridge Bank 1 3.25% $11,566
    Bethpage Federal Credit Union 1 2.75% $4,425
    Strong Home Mortgage, LLC 1 2.25% $14,078
    Texana Bank 1 2.88% $6,301
    The Camden National Bank 1 2.88% $9,802
    BANKSOUTH MORTGAGE COMPANY, LLC 1 3.63% $10,530
    TIAA, FSB 1 2.75% $4,450
    Assurance Financial Group, L.L.C. 1 2.63% $8,181
    UNITED SECURITY FINANCIAL CORP 1 2.88% $9,493
    Ameris Bank 1 2.88% $10,889
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $9,909
    Watermark Capital, Inc. 1 2.38% $6,964
    Willamette Valley Bank 1 3.25% $13,482
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 3.50% $12,803

    The top Connecticut FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,334 FHA loans originated. Their average total fees are $7,057, which is $1,860 lower than the next largest lender, FIRST WORLD MORTGAGE CORPORATION.

    The lowest fee Connecticut FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,276), OCEANSIDE MORTGAGE COMPANY ($4,465), Mr. Cooper ( Nationstar Mortgage ) ($4,915), AmeriHome Mortgage Company, LLC ($5,073) and Lakeview Community Capital, LLC ($5,262).

    The lowest rate Connecticut FHA lenders (with over 10 loans originated) are OCEANSIDE MORTGAGE COMPANY (2.62%), ZILLOW HOME LOANS, LLC (2.63%), Santander Bank, N.A. (2.64%), Liberty Bank (2.65%) and WILLIAM RAVEIS MORTGAGE, LLC (2.65%).

    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

    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).