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 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).