Springfield FHA Loan Rates, Closing Costs & Stats

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 51 lenders originated 333 FHA loans during 2023. The total origination value was $51,215,000, with an average FHA loan value of $153,799.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Springfield's average FHA mortgage closing costs are $5,160.

    The average rate for the prior week (2024-04-12) was 6.97% and one month ago for the week of 2024-03-15, the average rate was 6.63%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.07%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 58 6.63% $5,991
    QUICKEN LOANS, LLC 44 6.43% $7,985
    INB 30 6.53% $5,485
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 24 6.98% $7,599
    Heartland Bank and Trust Company 23 6.40% $5,200
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 14 6.65% $8,061
    PNC Bank 13 6.82% $5,056
    GUARANTEED RATE, INC. 10 6.95% $8,075
    Plains Commerce Bank 8 6.81% $6,576
    LEADERONE FINANCIAL CORPORATION 7 7.37% $7,277
    FIRST STATE MORTGAGE SERVICES, LLC 5 6.98% $6,142
    United Community Bank 5 6.78% $5,810
    Regions Bank 5 6.65% $6,639
    PENNYMAC LOAN SERVICES, LLC 5 6.42% $8,971
    U.S. Bank 4 6.34% $4,914
    LOANDEPOT.COM, LLC 4 6.52% $7,715
    BROKER SOLUTIONS, INC. 4 6.47% $8,462
    Bank of Springfield 4 5.91% $4,492
    Carrollton Bank 3 6.92% $4,993
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.33% $5,217
    CALIBER HOME LOANS, INC. 3 6.04% $5,717
    FREEDOM MORTGAGE CORPORATION 3 6.58% $10,656
    DAS Acquisition Company, LLC 3 7.17% $7,510
    ZILLOW HOME LOANS, LLC 2 6.81% $7,216
    ENDEAVOR CAPITAL, LLC. 2 6.37% $7,508
    Mr. Cooper ( Nationstar Mortgage ) 2 5.75% $14,231
    Paramount Residential Mortgage Group, Inc. 2 7.38% $7,622
    Servion, Inc. 2 7.13% $6,170
    MEMBER FIRST MORTGAGE, LLC 1 7.63% $10,976
    Midland States Bank 1 6.00% $8,113
    Mortgage Research Center, LLC 1 7.63% $7,248
    Carrington Mortgage Services, LLC 1 6.63% $3,750
    M&T Bank 1 7.50% $3,545
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,378
    MYCUMORTGAGE, LLC 1 6.13% $3,573
    NEWREZ LLC 1 6.75% $14,058
    OCMBC, INC. 1 7.63% $8,706
    VILLAGE CAPITAL MORTGAGE 1 5.25% $12,712
    FRONTIER FINANCIAL, INC. 1 6.75% $6,774
    Flanagan State Bank 1 7.13% $5,466
    Flagstar Bank, FSB 1 6.18% $5,241
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $10,486
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $5,924
    Citibank 1 7.25% $5,741
    CARDINAL FINANCIAL 1 5.75% $6,742
    SUN WEST MORTGAGE COMPANY, INC. 1 7.50% $10,169
    CIBM Bank 1 6.38% $5,704
    UNITED WHOLESALE MORTGAGE, LLC 1 5.50% $10,350
    GUILD MORTGAGE COMPANY 1 6.13% $3,803
    GSF Mortgage Corporation 1 6.13% $4,893
    Marine Bank 1 7.25% $3,381

    The top Springfield FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 58 FHA loans originated. Their average total fees are $5,991, which is $1,994 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are PNC Bank ($5,056), Heartland Bank and Trust Company ($5,200), INB ($5,485), FLAT BRANCH MORTGAGE, INC. ($5,991) and AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($7,599).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are Heartland Bank and Trust Company (6.40%), QUICKEN LOANS, LLC (6.43%), INB (6.53%), FLAT BRANCH MORTGAGE, INC. (6.63%) and DIAMOND RESIDENTIAL MORTGAGE CORPORATION (6.65%).

    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 $136,950 (0.0%) $181,503 (-0.3%) 0.47 839
    2019-02-01 $139,225 (1.3%) $182,700 (-1.0%) 0.47 831
    2019-03-01 $142,471 (1.8%) $185,598 (-2.1%) 0.47 809
    2019-04-01 $147,800 (2.0%) $193,868 (0.8%) 0.47 783
    2019-05-01 $149,900 (3.6%) $198,267 (3.0%) 0.47 791
    2019-06-01 $154,250 (7.2%) $198,332 (1.4%) 0.48 859
    2019-07-01 $153,925 (9.2%) $197,056 (2.3%) 0.48 922
    2019-08-01 $152,191 (5.0%) $195,923 (2.5%) 0.48 907
    2019-09-01 $149,552 (-0.2%) $191,832 (0.7%) 0.48 868
    2019-10-01 $147,500 (-1.6%) $189,301 (-2.2%) 0.48 844
    2019-11-01 $139,900 (-6.6%) $181,831 (-6.5%) 0.46 817
    2019-12-01 $131,375 (-6.1%) $174,626 (-5.0%) 0.44 733
    2020-01-01 $131,200 (-4.2%) $177,365 (-2.3%) 0.44 672
    2020-02-01 $133,000 (-4.5%) $182,486 (-0.1%) 0.44 651
    2020-03-01 $147,975 (3.9%) $197,148 (6.2%) 0.46 617
    2020-04-01 $149,950 (1.5%) $201,211 (3.8%) 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 (-8.1%) 0.33 437
    2020-12-01 $102,400 (-22.1%) $155,419 (-11.0%) 0.30 401
    2021-01-01 $99,900 (-23.9%) $156,968 (-11.5%) 0.30 335
    2021-02-01 $98,200 (-26.2%) $156,389 (-14.3%) 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
    Springfield's median listing price for 2024-03-01 was $180,000, a difference of $30,525 (20.4%) versus the prior year and $5,075 versus the prior month.

    Springfield's median listing price comes in at 42% of the national average.

    Springfield's average listing price for 2024-03-01 was $255,181, a difference of $18,202 (7.7%) versus the prior year and $1,806 versus the prior month.

    For the 2024-03-01 period, Springfield had 183 MLS listings, a difference of 17 listings (10%) versus the prior month and 34 listings (23%) 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 92 days 1,700 sqft
    2019-03-01 69 days 1,748 sqft
    2019-04-01 51 days 1,820 sqft
    2019-05-01 51 days 1,855 sqft
    2019-06-01 53 days 1,866 sqft
    2019-07-01 56 days 1,893 sqft
    2019-08-01 61 days 1,891 sqft
    2019-09-01 65 days 1,875 sqft
    2019-10-01 67 days 1,874 sqft
    2019-11-01 70 days 1,824 sqft
    2019-12-01 75 days 1,773 sqft
    2020-01-01 84 days 1,750 sqft
    2020-02-01 83 days 1,744 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 1,784 sqft
    2022-11-01 39 days 1,740 sqft
    2022-12-01 45 days 1,710 sqft
    2023-01-01 56 days 1,649 sqft
    2023-02-01 54 days 1,662 sqft
    2023-03-01 46 days 1,689 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
    Springfield's median listing age (time on market) for 2024-03-01 was 35 days. This is -24% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2024-03-01 period was 1,685 sqft. One year prior, the average listing was 1,689 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).