FHA Loan Calculator for Connecticut

FHA Loans in Connecticut

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Connecticut's median home of $370,000, that's a minimum down payment of $13,000.

FHA Loan Limits in Connecticut

FHA loan limits vary by county and are tied to conforming limits. In most Connecticut counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. Fairfield County qualifies for high-cost limits; most other Connecticut counties are at the standard conforming limit.

FHA vs Conventional in Connecticut

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Connecticut's median home at $370,000, buyers who can put down $74,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Connecticut closing costs average $4,200. Connecticut charges a Conveyance Tax of 0.75% on the first $800,000 of sale price and 1.25% above that, making it one of the higher transfer tax states. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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