Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, IL

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 52 lenders originated 319 FHA loans during 2024. The total origination value was $61,625,000, with an average FHA loan value of $193,182.

Springfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Springfield averaged 6.42% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Springfield's average FHA mortgage closing costs are $5,363.

The average rate for the prior week (2025-03-28) was 6.72% and one month ago for the week of 2025-02-28, the average rate was 6.7%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2025-04-04, the average rate was 5.93%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 45 6.44% $8,150
AFFORDABLE MORTGAGE ADVISORS, LLC. 37 7.01% $6,848
INB 23 6.41% $6,069
GUARANTEED RATE, INC. 16 6.58% $6,528
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 15 7.09% $5,867
BROKER SOLUTIONS, INC. 15 6.91% $6,340
LEADERONE FINANCIAL CORPORATION 13 7.31% $6,983
PNC Bank 12 6.63% $6,730
FLAT BRANCH MORTGAGE, INC. 12 7.03% $7,380
Heartland Bank and Trust Company 6 6.48% $5,685
Bank of Springfield 5 6.15% $7,911
Flanagan State Bank 5 6.78% $8,230
Plains Commerce Bank 4 6.94% $5,767
LOANDEPOT.COM, LLC 4 6.65% $8,367
Carrollton Bank 4 6.56% $5,648
AMERISAVE MORTGAGE CORPORATION 4 6.59% $8,376
PENNYMAC LOAN SERVICES, LLC 4 5.84% $9,406
Mortgage Research Center, LLC 3 6.58% $4,562
FIRST STATE MORTGAGE SERVICES, LLC 3 7.04% $5,587
MLD MORTGAGE INC. 3 6.79% $6,586
CROSSCOUNTRY MORTGAGE, LLC 3 6.96% $8,242
Carrington Mortgage Services, LLC 3 6.46% $12,968
UNITED WHOLESALE MORTGAGE, LLC 3 7.08% $11,057
GENEVA FINANCIAL, LLC 3 7.29% $9,854
GUILD MORTGAGE COMPANY 3 6.92% $9,531
DAS Acquisition Company, LLC 2 7.63% $4,222
AmeriHome Mortgage Company, LLC 2 6.88% $4,516
COMPASS MORTGAGE, INC. 2 7.13% $7,015
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.81% $6,629
FREEDOM MORTGAGE CORPORATION 2 6.50% $14,413
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $9,154
NEWREZ LLC 2 7.06% $6,656
SUN WEST MORTGAGE COMPANY, INC. 2 5.06% $16,688
VILLAGE CAPITAL MORTGAGE 2 6.81% $5,495
M&T Bank 1 6.13% $5,874
Barrington Bank & Trust Company, N.A. 1 6.63% $7,138
U.S. Bank 1 6.63% $5,115
Fifth Third Bank 1 6.63% $5,341
ENDEAVOR CAPITAL, LLC. 1 6.25% $9,672
PLANET HOME LENDING, LLC 1 5.75% $5,269
Citizens Bank 1 6.25% $9,050
CALCON MUTUAL MORTGAGE LLC 1 6.99% $8,541
Regions Bank 1 6.13% $6,127
S1L, Inc. 1 6.25% $10,189
ZILLOW HOME LOANS, LLC 1 7.13% $7,325
The Federal Savings Bank 1 6.88% $6,444
TJC Mortgage, Inc. 1 5.75% $11,522
United Community Bank 1 6.50% $8,587
JPMorgan Chase Bank 1 7.25% $4,806
MEMBER FIRST MORTGAGE, LLC 1 6.50% $5,174
Flagstar Bank, FSB 1 5.75% $5,983
First State Bank of St. Charles, Missouri 1 6.50% $5,242

The top Springfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $8,150, which is $1,302 higher than the next largest lender, AFFORDABLE MORTGAGE ADVISORS, LLC..

The lowest fee Springfield FHA lenders (with over 10 loans originated) are DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($5,867), INB ($6,069), BROKER SOLUTIONS, INC. ($6,340), GUARANTEED RATE, INC. ($6,528) and PNC Bank ($6,730).

The lowest rate Springfield FHA lenders (with over 10 loans originated) are INB (6.41%), QUICKEN LOANS, LLC (6.44%), GUARANTEED RATE, INC. (6.58%), PNC Bank (6.63%) and BROKER SOLUTIONS, INC. (6.91%).

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
SPRINGFIELD, IL MENARD 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, IL SANGAMON 2023 $472,030 $604,400 $730,525 $907,900

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 $136,950 (1.9%) $182,107 (0.5%) 0.51 829
2018-02-01 $137,500 (1.9%) $184,524 (0.7%) 0.50 831
2018-03-01 $139,900 (-0.7%) $189,588 (-3.4%) 0.49 875
2018-04-01 $144,900 (-3.3%) $192,321 (-4.1%) 0.49 886
2018-05-01 $144,650 (-7.8%) $192,476 (-8.4%) 0.48 940
2018-06-01 $143,900 (-10.0%) $195,637 (-7.6%) 0.48 1,027
2018-07-01 $140,900 (-9.1%) $192,657 (-5.1%) 0.47 1,065
2018-08-01 $144,900 (-4.9%) $191,130 (-4.6%) 0.49 1,055
2018-09-01 $149,900 (0.0%) $190,452 (-4.5%) 0.50 1,041
2018-10-01 $149,900 (0.8%) $193,627 (-0.1%) 0.51 997
2018-11-01 $149,700 (7.0%) $194,421 (4.8%) 0.51 951
2018-12-01 $139,900 (0.0%) $183,840 (2.1%) 0.48 867
2019-01-01 $136,700 (-0.2%) $181,331 (-0.4%) 0.47 838
2019-02-01 $139,000 (1.1%) $182,529 (-1.1%) 0.47 830
2019-03-01 $142,279 (1.7%) $185,428 (-2.2%) 0.47 808
2019-04-01 $147,475 (1.8%) $193,701 (0.7%) 0.47 782
2019-05-01 $149,900 (3.6%) $198,127 (2.9%) 0.47 790
2019-06-01 $154,250 (7.2%) $198,332 (1.4%) 0.48 858
2019-07-01 $153,900 (9.2%) $196,938 (2.2%) 0.48 921
2019-08-01 $152,155 (5.0%) $195,804 (2.5%) 0.48 906
2019-09-01 $149,536 (-0.2%) $191,708 (0.7%) 0.48 867
2019-10-01 $147,500 (-1.6%) $189,173 (-2.3%) 0.48 843
2019-11-01 $139,900 (-6.6%) $181,698 (-6.5%) 0.46 816
2019-12-01 $131,250 (-6.2%) $174,479 (-5.1%) 0.44 732
2020-01-01 $131,150 (-4.1%) $177,224 (-2.3%) 0.44 671
2020-02-01 $132,950 (-4.4%) $182,344 (-0.1%) 0.44 650
2020-03-01 $147,950 (4.0%) $197,148 (6.3%) 0.46 617
2020-04-01 $149,950 (1.7%) $201,211 (3.9%) 0.47 613
2020-05-01 $144,900 (-3.3%) $200,964 (1.4%) 0.44 543
2020-06-01 $150,425 (-2.5%) $207,978 (4.9%) 0.44 540
2020-07-01 $152,400 (-1.0%) $206,062 (4.6%) 0.44 527
2020-08-01 $139,900 (-8.1%) $194,492 (-0.7%) 0.40 494
2020-09-01 $134,900 (-9.8%) $193,896 (1.1%) 0.39 453
2020-10-01 $124,700 (-15.5%) $179,027 (-5.4%) 0.36 440
2020-11-01 $113,300 (-19.0%) $167,143 (-8.0%) 0.33 437
2020-12-01 $102,400 (-22.0%) $155,419 (-10.9%) 0.30 401
2021-01-01 $99,900 (-23.8%) $156,968 (-11.4%) 0.30 335
2021-02-01 $98,200 (-26.1%) $156,389 (-14.2%) 0.29 285
2021-03-01 $99,900 (-32.5%) $168,588 (-14.5%) 0.28 237
2021-04-01 $99,825 (-33.4%) $179,571 (-10.8%) 0.27 220
2021-05-01 $110,000 (-24.1%) $194,730 (-3.1%) 0.29 218
2021-06-01 $124,400 (-17.3%) $202,841 (-2.5%) 0.33 264
2021-07-01 $129,900 (-14.8%) $211,187 (2.5%) 0.34 259
2021-08-01 $127,450 (-8.9%) $212,737 (9.4%) 0.34 274
2021-09-01 $124,900 (-7.4%) $197,930 (2.1%) 0.33 267
2021-10-01 $118,000 (-5.4%) $184,105 (2.8%) 0.31 267
2021-11-01 $108,075 (-4.6%) $172,594 (3.3%) 0.29 237
2021-12-01 $117,450 (14.7%) $173,805 (11.8%) 0.32 208
2022-01-01 $107,500 (7.6%) $175,743 (12.0%) 0.29 180
2022-02-01 $104,200 (6.1%) $179,084 (14.5%) 0.27 144
2022-03-01 $120,750 (20.9%) $210,377 (24.8%) 0.30 138
2022-04-01 $139,900 (40.2%) $226,506 (26.1%) 0.33 145
2022-05-01 $146,750 (33.4%) $257,527 (32.3%) 0.34 142
2022-06-01 $166,050 (33.5%) $249,691 (23.1%) 0.37 186
2022-07-01 $165,000 (27.0%) $256,210 (21.3%) 0.37 221
2022-08-01 $175,000 (37.3%) $256,117 (20.4%) 0.40 216
2022-09-01 $193,950 (55.3%) $271,496 (37.2%) 0.45 199
2022-10-01 $186,500 (58.1%) $250,575 (36.1%) 0.44 219
2022-11-01 $169,425 (56.8%) $229,425 (32.9%) 0.41 231
2022-12-01 $165,000 (40.5%) $232,606 (33.8%) 0.41 221
2023-01-01 $157,475 (46.5%) $232,968 (32.6%) 0.39 188
2023-02-01 $154,950 (48.7%) $236,733 (32.2%) 0.37 146
2023-03-01 $149,475 (23.8%) $236,979 (12.7%) 0.35 149
2023-04-01 $179,900 (28.6%) $251,032 (10.8%) 0.42 137
2023-05-01 $182,573 (24.4%) $266,066 (3.3%) 0.41 136
2023-06-01 $186,345 (12.2%) $277,081 (11.0%) 0.42 144
2023-07-01 $179,900 (9.0%) $267,720 (4.5%) 0.41 169
2023-08-01 $194,575 (11.2%) $276,310 (7.9%) 0.45 189
2023-09-01 $177,450 (-8.5%) $271,466 (0.0%) 0.41 194
2023-10-01 $172,475 (-7.5%) $260,745 (4.1%) 0.41 212
2023-11-01 $179,950 (6.2%) $259,775 (13.2%) 0.43 217
2023-12-01 $168,950 (2.4%) $246,610 (6.0%) 0.41 193
2024-01-01 $169,100 (7.4%) $251,057 (7.8%) 0.41 172
2024-02-01 $174,925 (12.9%) $253,375 (7.0%) 0.42 166
2024-03-01 $180,000 (20.4%) $255,181 (7.7%) 0.42 183
2024-04-01 $198,675 (10.4%) $260,212 (3.7%) 0.46 199
2024-05-01 $214,975 (17.8%) $280,545 (5.4%) 0.49 208
2024-06-01 $207,500 (11.4%) $273,722 (-1.2%) 0.47 214
2024-07-01 $211,200 (17.4%) $278,215 (3.9%) 0.48 221
2024-08-01 $209,900 (7.9%) $273,936 (-0.9%) 0.49 240
2024-09-01 $209,075 (17.8%) $279,745 (3.1%) 0.49 259
2024-10-01 $199,125 (15.5%) $283,385 (8.7%) 0.47 248
2024-11-01 $189,950 (5.6%) $261,488 (0.7%) 0.46 269
2024-12-01 $164,950 (-2.4%) $242,993 (-1.5%) 0.41 256
2025-01-01 $173,425 (2.6%) $243,011 (-3.2%) 0.43 233
2025-02-01 $162,450 (-7.1%) $244,273 (-3.6%) 0.39 198
2025-03-01 $175,000 (-2.8%) $244,916 (-4.0%) 0.00 175
Springfield's median listing price for 2025-03-01 was $175,000, a difference of $-5,000 (-2.8%) versus the prior year and $12,550 versus the prior month.

Springfield's median listing price comes in at 0% of the national average.

Springfield's average listing price for 2025-03-01 was $244,916, a difference of $-10,265 (-4.0%) versus the prior year and $643 versus the prior month.

For the 2025-03-01 period, Springfield had 175 MLS listings, a difference of -23 listings (-12%) versus the prior month and -8 listings (-4%) 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 89 days 1,730 sqft
2018-02-01 90 days 1,763 sqft
2018-03-01 68 days 1,800 sqft
2018-04-01 59 days 1,802 sqft
2018-05-01 58 days 1,800 sqft
2018-06-01 53 days 1,841 sqft
2018-07-01 57 days 1,815 sqft
2018-08-01 63 days 1,806 sqft
2018-09-01 69 days 1,810 sqft
2018-10-01 74 days 1,831 sqft
2018-11-01 76 days 1,827 sqft
2018-12-01 81 days 1,736 sqft
2019-01-01 89 days 1,700 sqft
2019-02-01 93 days 1,700 sqft
2019-03-01 69 days 1,747 sqft
2019-04-01 51 days 1,816 sqft
2019-05-01 51 days 1,854 sqft
2019-06-01 53 days 1,864 sqft
2019-07-01 56 days 1,893 sqft
2019-08-01 61 days 1,890 sqft
2019-09-01 65 days 1,874 sqft
2019-10-01 67 days 1,873 sqft
2019-11-01 70 days 1,820 sqft
2019-12-01 75 days 1,771 sqft
2020-01-01 83 days 1,748 sqft
2020-02-01 82 days 1,740 sqft
2020-03-01 67 days 1,794 sqft
2020-04-01 67 days 1,800 sqft
2020-05-01 65 days 1,770 sqft
2020-06-01 52 days 1,862 sqft
2020-07-01 50 days 1,821 sqft
2020-08-01 52 days 1,714 sqft
2020-09-01 52 days 1,742 sqft
2020-10-01 51 days 1,688 sqft
2020-11-01 51 days 1,570 sqft
2020-12-01 58 days 1,526 sqft
2021-01-01 68 days 1,482 sqft
2021-02-01 74 days 1,445 sqft
2021-03-01 63 days 1,437 sqft
2021-04-01 39 days 1,421 sqft
2021-05-01 30 days 1,500 sqft
2021-06-01 31 days 1,559 sqft
2021-07-01 38 days 1,685 sqft
2021-08-01 31 days 1,676 sqft
2021-09-01 39 days 1,622 sqft
2021-10-01 39 days 1,602 sqft
2021-11-01 45 days 1,578 sqft
2021-12-01 50 days 1,631 sqft
2022-01-01 64 days 1,543 sqft
2022-02-01 46 days 1,562 sqft
2022-03-01 34 days 1,533 sqft
2022-04-01 26 days 1,607 sqft
2022-05-01 27 days 1,685 sqft
2022-06-01 36 days 1,721 sqft
2022-07-01 35 days 1,685 sqft
2022-08-01 42 days 1,749 sqft
2022-09-01 42 days 1,778 sqft
2022-10-01 39 days 1,786 sqft
2022-11-01 39 days 1,740 sqft
2022-12-01 45 days 1,710 sqft
2023-01-01 56 days 1,658 sqft
2023-02-01 54 days 1,677 sqft
2023-03-01 46 days 1,692 sqft
2023-04-01 39 days 1,700 sqft
2023-05-01 37 days 1,733 sqft
2023-06-01 37 days 1,787 sqft
2023-07-01 36 days 1,808 sqft
2023-08-01 33 days 1,882 sqft
2023-09-01 38 days 1,859 sqft
2023-10-01 40 days 1,844 sqft
2023-11-01 40 days 1,794 sqft
2023-12-01 49 days 1,741 sqft
2024-01-01 52 days 1,745 sqft
2024-02-01 43 days 1,759 sqft
2024-03-01 35 days 1,685 sqft
2024-04-01 32 days 1,733 sqft
2024-05-01 27 days 1,779 sqft
2024-06-01 38 days 1,825 sqft
2024-07-01 32 days 1,821 sqft
2024-08-01 36 days 1,863 sqft
2024-09-01 37 days 1,852 sqft
2024-10-01 38 days 1,855 sqft
2024-11-01 39 days 1,777 sqft
2024-12-01 46 days 1,649 sqft
2025-01-01 59 days 1,642 sqft
2025-02-01 60 days 1,641 sqft
2025-03-01 0 days 1,683 sqft
Springfield's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2025-03-01 period was 1,683 sqft. One year prior, the average listing was 1,685 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).