Top 5 FHA Lenders in Connecticut 2019
If you’re looking for home financing options in the state of Connecticut, you have quite a few option to choose from. Right now, the Constitution State has nearly 3.6 million residents, putting it right behind Oklahoma as the country’s 29th most populous state. Currently, mortgage rates are still low, and that means this could be a great time to purchase a home in Connecticut. Home values in Connecticut increased by 2.4% percent between December 2017 and December 2018, and are predicted to increase by another 3.7% by December 2019.
With the Connecticut housing market so hot, smart home buyers are doing whatever they can obtain low-cost home financing. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Connecticut and how they can help guide you on your quest to home ownership.
2019 Connecticut FHA Lender Best Picks
Best for First Time Home Buyers: Guaranteed Rate.
Best Online Experience: Quicken Loans
Best Local Lender: Norcom Mortgage
Best Face-to-Face Experience: Welcome Home Mortgage
Best Overall Performance: Ditech Home Loans
#1 Connecticut FHA Lender: Norcom Mortgage
Norcom Mortgage, based in Avon, Connecticut, is one of the fastest growing local lenders in the state. In the past three decades, the company has actually expanded all across the country, with 36 locations and 260 employees. Their dedication to customer service is evidenced by their great reviews, and even more so by their motto “we make homes happen”.
Like many FHA-approved lenders, the company is also approved to issue VA loans, USDA loans, and conventional loans, so even if you decide that an FHA loan isn’t the right choice for you, Norcom Mortgage can still help you achieve home financing. In addition, like a lot of other Connecticut lenders, Norcom also offers loans through the CHFA (Connecticut Home Finance Authority), which provides ultra-low rates and a streamlined application process for home buyers in Connecticut.
#2 Connecticut FHA Lender: Guaranteed Rate
Guaranteed Rate keeps popping up on our lists of best FHA lenders in each state-- and we promise we’re not just copying and pasting. Guaranteed Rate has over 315 offices across the U.S. (including 5 in Connecticut). Plus, the company makes it super easy to apply for a mortgage online.
That combination of in-person and streamlined online service puts it ahead of traditional banks, who are often slower on the digital side. However, for certain borrowers, the addition of so many physical locations is also a huge plus. Even in today’s fast-paced world, people still like to talk to a real person, especially when they’re making a huge financial choice-- and Guaranteed Rate can definitely provide that experience.
#3 Connecticut FHA Lender: Welcome Home Mortgage
If you’re looking for a small, intimate mortgage experience, with brokers that will personally talk to you and attend to your every need, Welcome Home Mortgage, located in Wethersfield, Connecticut, could be a great choice. Since 2003, the company has provided personalized home finance services to Connecticut residents, and, according to the company, the three owners have a combined 74 years of mortgage lending experience.
Of course, like the other lenders on this list, they have a big business brokering FHA loans-- but they also offer VA, USDA, and CHFA loans (loans insured by the Connecticut Housing Finance Authority). In addition, unlike a lot of FHA lenders, Welcome Home Mortgage offers FHA 203(k) loans for home purchase/refinance and renovation, which definitely makes it stand out.
#4 Connecticut FHA Lender: Ditech Home Loans
Ditech is a large national mortgage lender, with nearly 5,000 employees. For the last 5-10 years, Ditech has been regrowing its staff (and re-furbishing its image) after a variety of questionable management decisions involving subprime loans lead to the company to all but shut down in the mid-2000s. About 12 years ago, the company was sold, re-branded, and restructured, and has enjoyed an increasing reputation in the lending industry, which could be why it’s consistently ranked as one of the best lenders in Connecticut.
Today, Ditech has a big focus on FHA loans, and, while it doesn’t quite have the brand power that Quicken Loans does, a lot of older Americans still remember its funny TV commercials from the late 90s and early 2000s, where an upset mortgage broker would angrily say "Lost another loan to Ditech!"
#5 Connecticut FHA Lender: Quicken Loans
Much like Guaranteed Rate, Quicken Loans is on almost all of our FHA lenders list-- and its not by accident. In today’s world, Quicken Loans is probably your best option if you want to go online and get approved for a loan as quickly and easily as possible. However, borrowers should know that Quicken Loans isn’t big on in-person interactions. In fact, they like to keep everything online-- so, while you can definitely talk to someone on the phone, your chances of getting a cup of coffee with your mortgage broker are slim to none. So, if you do want that kind of in-person interaction, you’d probably be better off with a different lender (hint: Guaranteed Rate has 5 offices throughout the state of Connecticut, which could make it a better choice).
Shop Around Before You Get a Connecticut FHA Loan
Though we definitely think you should check out our top picks for the best FHA lenders in Connecticut, you should still do your own homework and look for lenders on your own. Every borrowers financial circumstances are somewhat different, and sometimes the best mortgages can be found in the most unique places. So, whether this is your first home or your sixth, your best call is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and rates that best suit your individual needs.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!