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 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
0.12%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Springfield's average FHA mortgage closing costs are $5,160.
The average rate for the prior week (2024-11-22) was
6.61% and
one month ago for the week of 2024-10-25, the
average rate was 6.39%.
The average rate one year ago was 7.08%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.22%.
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.
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. LouisDate | 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 |
2024-04-01 | $198,675 (10.4%) | $260,212 (3.7%) | 0.46 | 199 |
2024-05-01 | $216,225 (18.4%) | $283,367 (6.5%) | 0.49 | 208 |
2024-06-01 | $207,250 (11.2%) | $278,733 (0.6%) | 0.47 | 217 |
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 |
Springfield's median listing price comes in at 47% of the national average.
Springfield's average listing price for 2024-10-01 was $283,385, a difference of $22,640 (8.7%) versus the prior year and $3,640 versus the prior month.
For the 2024-10-01 period, Springfield had 248 MLS listings, a difference of -11 listings (-4%) versus the prior month and 36 listings (17%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | 32 days | 1,733 sqft |
2024-05-01 | 23 days | 1,808 sqft |
2024-06-01 | 33 days | 1,792 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 | 1,857 sqft |
Springfield's median square footage for active listings during the 2024-10-01 period was 1,857 sqft. One year prior, the average listing was 1,844 sqft.