Springfield FHA Loans

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 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).