Springfield FHA Loans

SPRINGFIELD, IL

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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.

    Springfield's 74 lenders originated 723 FHA loans during 2021. The total origination value was $107,685,000, with an average FHA loan value of $148,942.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 5.21% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.8%.

    The average rate one year ago was 3.21%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.79%.

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

    Springfield FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FLAT BRANCH MORTGAGE, INC. 94 3.10% $4,783
    QUICKEN LOANS, LLC 85 2.82% $4,842
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 78 3.36% $5,281
    Town & Country Banc Mortgage Services, Inc. 32 3.19% $4,231
    LEADERONE FINANCIAL CORPORATION 31 3.24% $5,308
    CALIBER HOME LOANS, INC. 23 2.69% $4,526
    Bank of Springfield 23 2.74% $4,533
    Marine Bank 21 2.49% $4,805
    PENNYMAC LOAN SERVICES, LLC 20 3.23% $3,254
    INB 17 2.74% $5,023
    PNC Bank 16 2.73% $3,668
    FREEDOM MORTGAGE CORPORATION 12 3.01% $3,491
    United Community Bank 10 2.73% $5,245
    Mr. Cooper ( Nationstar Mortgage ) 10 3.23% $2,193
    Plains Commerce Bank 10 3.23% $4,793
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 3.00% $6,213
    VILLAGE CAPITAL & INVESTMENT LLC 6 3.06% $2,355
    U.S. Bank 6 3.25% $4,388
    LAKEVIEW LOAN SERVICING, LLC 6 3.08% $4,342
    LOANDEPOT.COM, LLC 5 3.75% $6,768
    Carrollton Bank 5 2.80% $5,312
    Carrington Mortgage Services, LLC 4 3.25% $4,837
    Regions Bank 4 2.81% $5,368
    OCEANSIDE MORTGAGE COMPANY 4 2.97% $2,058
    Neighborhood Loans, Inc. 3 3.46% $7,673
    BROKER SOLUTIONS, INC. 3 3.42% $6,686
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.82% $4,792
    AMERISAVE MORTGAGE CORPORATION 3 3.04% $9,305
    First Guaranty Mortgage Corporation 3 2.79% $6,471
    Paramount Residential Mortgage Group, Inc. 3 3.67% $8,285
    AmeriHome Mortgage Company, LLC 2 3.38% $3,934
    INLAND BANK & TRUST 2 3.31% $9,321
    Mortgage Research Center, LLC 2 3.19% $3,562
    JPMorgan Chase Bank 2 3.00% $2,699
    DAS Acquisition Company, LLC 2 3.25% $5,567
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $4,637
    FIRST STATE MORTGAGE SERVICES, LLC 2 3.13% $4,193
    NEWREZ LLC 2 3.00% $4,582
    GERSHMAN INVESTMENT CORP. 2 3.69% $3,728
    Ameris Bank 2 3.06% $6,230
    PLANET HOME LENDING, LLC 2 2.75% $1,909
    Wells Fargo Bank 1 4.00% $3,236
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $5,713
    Barrington Bank & Trust Company, N.A. 1 3.00% $4,642
    CapStar Bank 1 2.25% $4,935
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.63% $5,818
    CELEBRITY HOME LOANS, LLC 1 3.50% $6,410
    CIBM Bank 1 3.50% $6,171
    CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $4,550
    DATA MORTGAGE, INC. 1 3.25% $7,012
    Equity Prime Mortgage LLC 1 3.00% $3,582
    EVANSVILLE TEACHERS 1 3.13% $5,822
    First Federal Bank 1 2.88% $11,023
    First Option Mortgage, LLC 1 3.88% $6,861
    FRONTIER FINANCIAL, INC. 1 3.25% $5,288
    Heartland Bank and Trust Company 1 3.50% $3,901
    HOMESIDE FINANCIAL, LLC 1 2.75% $4,740
    InterContinental Capital Group, Inc 1 2.75% $7,658
    Key Mortgage Services, Inc. 1 2.88% $4,650
    Low VA Rates, LLC 1 3.00% $4,209
    MOVEMENT MORTGAGE, LLC 1 3.75% $3,610
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $2,970
    Nations Lending Corporation 1 3.13% $8,797
    NATIONS RELIABLE LENDING, LLC 1 4.25% $10,811
    Peoples National Bank , N.A. 1 3.25% $4,906
    PLAZA HOME MORTGAGE, INC. 1 4.63% $3,284
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $4,565
    Shamrock Home Loans, Inc. 1 3.13% $6,056
    SIRVA MORTGAGE, INC. 1 3.38% $6,093
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $9,522
    The Home Loan Expert LLC 1 3.88% $7,763
    UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $12,913
    Waterstone Mortgage Corporation 1 4.38% $6,725
    AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $9,150

    The top Springfield FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 94 FHA loans originated. Their average total fees are $4,783, which is $59 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,193), PENNYMAC LOAN SERVICES, LLC ($3,254), FREEDOM MORTGAGE CORPORATION ($3,491), PNC Bank ($3,668) and Town & Country Banc Mortgage Services, Inc. ($4,231).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are Marine Bank (2.49%), CALIBER HOME LOANS, INC. (2.69%), United Community Bank (2.73%), PNC Bank (2.73%) and INB (2.74%).

    Springfield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SPRINGFIELD, IL MENARD 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, IL SANGAMON 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $137,400 (1.9%) $182,849 (0.6%) 0.51 826
    2018-02-01 $138,000 (2.3%) $185,208 (1.4%) 0.50 828
    2018-03-01 $142,500 (1.2%) $189,762 (-3.3%) 0.49 873
    2018-04-01 $146,200 (-2.5%) $193,047 (-3.9%) 0.49 881
    2018-05-01 $144,900 (-7.9%) $192,834 (-8.4%) 0.48 937
    2018-06-01 $144,900 (-9.4%) $196,551 (-7.5%) 0.48 1,029
    2018-07-01 $142,400 (-8.1%) $193,744 (-4.7%) 0.47 1,067
    2018-08-01 $144,900 (-4.9%) $191,541 (-4.7%) 0.48 1,052
    2018-09-01 $149,900 (0.0%) $191,153 (-4.2%) 0.50 1,046
    2018-10-01 $149,900 (0.8%) $193,690 (-0.1%) 0.50 1,002
    2018-11-01 $149,900 (7.2%) $194,533 (4.8%) 0.50 955
    2018-12-01 $139,900 (0.0%) $183,545 (1.5%) 0.48 870
    2019-01-01 $136,250 (-0.8%) $180,737 (-1.2%) 0.47 842
    2019-02-01 $139,000 (0.7%) $181,845 (-1.8%) 0.47 835
    2019-03-01 $142,729 (0.2%) $184,866 (-2.6%) 0.47 814
    2019-04-01 $147,750 (1.1%) $193,523 (0.3%) 0.47 785
    2019-05-01 $149,400 (3.1%) $198,130 (2.8%) 0.46 797
    2019-06-01 $153,900 (6.2%) $198,428 (1.0%) 0.47 882
    2019-07-01 $154,900 (8.8%) $199,405 (2.9%) 0.48 919
    2019-08-01 $152,779 (5.4%) $198,217 (3.5%) 0.48 901
    2019-09-01 $149,925 (0.0%) $195,675 (2.4%) 0.48 863
    2019-10-01 $149,000 (-0.6%) $191,976 (-0.9%) 0.48 836
    2019-11-01 $139,900 (-6.7%) $183,648 (-5.6%) 0.45 819
    2019-12-01 $132,450 (-5.3%) $176,776 (-3.7%) 0.44 731
    2020-01-01 $131,400 (-3.6%) $179,924 (-0.5%) 0.44 680
    2020-02-01 $134,900 (-3.0%) $184,620 (1.5%) 0.44 659
    2020-03-01 $146,950 (3.0%) $198,878 (7.6%) 0.46 621
    2020-04-01 $149,950 (1.5%) $202,807 (4.8%) 0.47 617
    2020-05-01 $144,900 (-3.0%) $200,901 (1.4%) 0.44 562
    2020-06-01 $152,400 (-1.0%) $210,323 (6.0%) 0.45 541
    2020-07-01 $152,950 (-1.3%) $208,826 (4.7%) 0.44 527
    2020-08-01 $139,900 (-8.4%) $198,838 (0.3%) 0.40 490
    2020-09-01 $134,900 (-10.0%) $197,263 (0.8%) 0.39 454
    2020-10-01 $124,900 (-16.2%) $182,127 (-5.1%) 0.36 444
    2020-11-01 $115,900 (-17.2%) $170,342 (-7.3%) 0.33 440
    2020-12-01 $103,350 (-22.0%) $157,540 (-10.9%) 0.30 401
    2021-01-01 $99,900 (-24.0%) $159,448 (-11.4%) 0.29 335
    2021-02-01 $99,900 (-26.0%) $158,704 (-14.0%) 0.29 285
    2021-03-01 $99,900 (-32.0%) $172,426 (-13.3%) 0.28 232
    2021-04-01 $99,900 (-33.4%) $183,748 (-9.4%) 0.27 219
    2021-05-01 $112,000 (-22.7%) $197,373 (-1.8%) 0.29 215
    2021-06-01 $124,900 (-18.0%) $206,049 (-2.0%) 0.32 265
    2021-07-01 $124,950 (-18.3%) $213,552 (2.3%) 0.32 258
    2021-08-01 $127,450 (-8.9%) $214,771 (8.0%) 0.34 275
    2021-09-01 $124,900 (-7.4%) $199,302 (1.0%) 0.33 267
    2021-10-01 $117,460 (-6.0%) $184,394 (1.2%) 0.31 263
    2021-11-01 $107,450 (-7.3%) $174,070 (2.2%) 0.28 237
    2021-12-01 $115,450 (11.7%) $174,802 (11.0%) 0.31 207
    2022-01-01 $105,000 (5.1%) $176,129 (10.5%) 0.28 182
    2022-02-01 $100,500 (0.6%) $177,720 (12.0%) 0.26 143
    2022-03-01 $120,700 (20.8%) $209,906 (21.7%) 0.30 135
    2022-04-01 $140,000 (40.1%) $225,035 (22.5%) 0.33 145
    Springfield's median listing price for 2022-04-01 was $140,000, a difference of $40,100 (40.1%) versus the prior year and $19,300 versus the prior month.

    Springfield's median listing price comes in at 33% of the national average.

    Springfield's average listing price for 2022-04-01 was $225,035, a difference of $41,287 (22.5%) versus the prior year and $15,129 versus the prior month.

    For the 2022-04-01 period, Springfield had 145 MLS listings, a difference of 10 listings (7%) versus the prior month and -74 listings (-34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 1,733 sqft
    2018-02-01 94 days 1,771 sqft
    2018-03-01 72 days 1,800 sqft
    2018-04-01 60 days 1,804 sqft
    2018-05-01 60 days 1,801 sqft
    2018-06-01 57 days 1,843 sqft
    2018-07-01 59 days 1,821 sqft
    2018-08-01 65 days 1,804 sqft
    2018-09-01 71 days 1,811 sqft
    2018-10-01 77 days 1,832 sqft
    2018-11-01 79 days 1,829 sqft
    2018-12-01 85 days 1,735 sqft
    2019-01-01 93 days 1,700 sqft
    2019-02-01 95 days 1,700 sqft
    2019-03-01 66 days 1,748 sqft
    2019-04-01 54 days 1,815 sqft
    2019-05-01 53 days 1,847 sqft
    2019-06-01 17 days 1,845 sqft
    2019-07-01 35 days 1,896 sqft
    2019-08-01 59 days 1,909 sqft
    2019-09-01 67 days 1,900 sqft
    2019-10-01 69 days 1,886 sqft
    2019-11-01 70 days 1,825 sqft
    2019-12-01 74 days 1,784 sqft
    2020-01-01 84 days 1,759 sqft
    2020-02-01 86 days 1,748 sqft
    2020-03-01 70 days 1,800 sqft
    2020-04-01 72 days 1,800 sqft
    2020-05-01 69 days 1,774 sqft
    2020-06-01 56 days 1,863 sqft
    2020-07-01 52 days 1,834 sqft
    2020-08-01 53 days 1,716 sqft
    2020-09-01 53 days 1,745 sqft
    2020-10-01 51 days 1,695 sqft
    2020-11-01 53 days 1,595 sqft
    2020-12-01 59 days 1,537 sqft
    2021-01-01 68 days 1,500 sqft
    2021-02-01 77 days 1,455 sqft
    2021-03-01 65 days 1,431 sqft
    2021-04-01 47 days 1,438 sqft
    2021-05-01 36 days 1,518 sqft
    2021-06-01 34 days 1,570 sqft
    2021-07-01 41 days 1,709 sqft
    2021-08-01 31 days 1,675 sqft
    2021-09-01 39 days 1,615 sqft
    2021-10-01 43 days 1,600 sqft
    2021-11-01 47 days 1,578 sqft
    2021-12-01 51 days 1,620 sqft
    2022-01-01 63 days 1,516 sqft
    2022-02-01 51 days 1,547 sqft
    2022-03-01 40 days 1,532 sqft
    2022-04-01 32 days 1,600 sqft
    Springfield's median listing age (time on market) for 2022-04-01 was 32 days. This is -32% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2022-04-01 period was 1,600 sqft. One year prior, the average listing was 1,438 sqft.

    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).