2024 FHA Loan Limits in Connecticut
Loans backed by the Federal Housing Administration (FHA) can be easier to qualify for thanks to a low down payment requirement, but you can only borrow up to the FHA limit in your county. FHA limits for single-family homes in Connecticut range from $498,257 to $718,750. We’ll cover how to qualify for an FHA loan in Connecticut, the borrowing limits in your county and lenders that offer FHA loans locally.
Connecticut FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale price |
|---|---|---|---|---|---|
| FAIRFIELD | $718,750 | $920,150 | $1,112,250 | $1,382,250 | $625,000 |
| HARTFORD | $498,257 | $637,950 | $771,125 | $958,350 | $360,000 |
| LITCHFIELD | $498,257 | $637,950 | $771,125 | $958,350 | $331,000 |
| MIDDLESEX | $498,257 | $637,950 | $771,125 | $958,350 | $360,000 |
| NEW HAVEN | $498,257 | $637,950 | $771,125 | $958,350 | $325,000 |
| NEW LONDON | $498,257 | $637,950 | $771,125 | $958,350 | $325,000 |
| TOLLAND | $498,257 | $637,950 | $771,125 | $958,350 | $360,000 |
| WINDHAM | $498,257 | $637,950 | $771,125 | $958,350 | $420,000 |
How are FHA loan limits determined?
The National Housing Act (NHA) requires the FHA to cap mortgage amounts for single-family homes at 115% of the median home price in each jurisdiction, and work in accordance with a floor and ceiling amount. These national floor and ceiling limits are based on the conforming loan limit for conventional mortgages established by the Federal Housing Finance Agency (FHFA) and are updated annually.
FHA loan limit floor is set at 65% of the conforming limit, and the ceiling is set at 150% of the national conforming loan limit for single-family properties. That means FHA limits for each area fall between $498,257 and $1,149,825, with a few exceptions outside of Connecticut. For multi-family homes, the FHA applies a fixed multiplier to these numbers based on the number of units.
For example, HUD set the median home price in New Haven County at an estimated $325,000 for 2024. When determining single-family loan limits for the area, the FHA calculates that 115% of that estimate, or $373,750, is less than the national floor. Therefore, the FHA loan limit for New Haven County is equivalent to the floor, which is $498,257.
On the other hand, homes in Fairfield County sell for a median of $625,000. The calculated single-family FHA loan limit for Fairfield County is $718,750, which falls between the national floor and ceiling.
How to qualify for an FHA loan in Connecticut
The FHA doesn’t lend money to homebuyers directly. Instead, the government agency insures loans offered by FHA-approved private lenders. Because there’s less risk in offering a loan that is backed by a federal agency, FHA lenders can approve borrowers with lower credit scores than conventional lenders. But you’ll still need to meet certain qualification requirements to get an FHA loan. Bear in mind, individual FHA lenders can set additional criteria, but at a minimum, you must:
→ Have a valid Social Security number. To get an FHA loan, you must be either a U.S. citizen or a lawful permanent resident alien with a valid SSN.
→ Intend to live in the home. Typically, at least one borrower will be required to occupy the home that secures your FHA mortgage, and that borrower will need to live in the property for at least a year. That means you can’t use an FHA loan to buy an investment property, unless you live in one of the units and rent out the others.
→ Have a credit score of at least 500. You can qualify for an FHA loan with a credit score as low as 500. However, you’ll need to make at least a 10% down payment if your score is less than 580.
→ Make a down payment of at least 3.5%. You’ll need to put down at least 3.5% of the appraised value or sale price of the home, whichever is less. You can use the money in your checking, savings or investment accounts, and you’re also permitted to use funds from gifts or down payment assistance programs. You’ll need additional money to cover your closing costs as well.
→ Have a debt-to-income ratio of no more than 43%. Generally speaking, your monthly debt payments must be less than 43% of your gross monthly income, unless you can compensate with sufficient cash reserves.
→ Apply for a loan amount within the local FHA limits If you’re applying for a mortgage for a home in Fairfield County, you can borrow up to $718,750. For all other counties, you can only borrow up to $498,257. You can use an FHA loan to buy a more expensive home, but you’ll need to cover the difference by making a larger down payment.
→ Prove consistent income. While there are no minimum income requirements for FHA loans, the lender will ask for documents showing your income and employment history for the past two years.
Buying a multifamily property with an FHA loan
You can use an FHA loan to purchase a multifamily home with two to four units, as long as you live in one of the units as your primary residence. You’ll still only be required to make a 3.5% down payment, and you can rent out the other units to help with your housing costs. You can even use the projected rental income to qualify for an FHA mortgage. This is known as house hacking.
In addition to the requirements noted in the section above, you’ll need cash reserves equal to at least one mortgage payment to buy a two- to four-unit building. Your mortgage loan also can’t exceed the FHA loan limits below, unless you’re buying a property in Fairfield County.
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Connecticut
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 Flagstar Bank | 580 | ||
 Guaranteed Rate | Not disclosed | ||
 PennyMac | 580 | ||
 Rocket Mortgage | 580 | ||
 BMO Harris | 580 |
