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%.

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
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 for 2024-10-01 was $199,125, a difference of $26,650 (15.5%) versus the prior year and $-9,950 versus the prior month.

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. 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
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 listing age (time on market) for 2024-10-01 was 38 days. This is -4% shorter than the same period one year ago.

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.

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).