Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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 106 lenders originated 1,900 FHA loans during 2022. The total origination value was $485,280,000, with an average FHA loan value of $255,411.

Springfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Springfield averaged -0.57% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Springfield's average FHA mortgage closing costs are $7,812.

The average rate for the prior week (2023-11-17) was 6.42% and one month ago for the week of 2023-10-20, the average rate was 6.93%.

The average rate one year ago was 5.75%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.73%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
MOVEMENT MORTGAGE, LLC 187 5.13% $11,481
QUICKEN LOANS, LLC 128 4.55% $10,585
UNITED WHOLESALE MORTGAGE, LLC 92 5.22% $10,316
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 90 5.02% $10,851
Mortgage Network, Inc. 82 4.79% $10,186
FINANCE OF AMERICA MORTGAGE LLC 81 4.44% $10,078
ACADEMY MORTGAGE CORPORATION 80 5.10% $10,555
CROSSCOUNTRY MORTGAGE, LLC 72 5.02% $10,794
NORWICH COMMERCIAL GROUP, INC. 68 4.81% $10,329
FREEDOM MORTGAGE CORPORATION 52 5.05% $10,562
LOANDEPOT.COM, LLC 47 4.68% $10,541
Citizens Bank 46 4.51% $8,776
CALIBER HOME LOANS, INC. 43 4.15% $10,048
PENNYMAC LOAN SERVICES, LLC 42 4.07% $9,784
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 39 4.86% $11,244
INLAND BANK & TRUST 36 5.03% $12,954
GUARANTEED RATE, INC. 34 4.74% $10,390
NORTHPOINT MORTGAGE, INC. 31 5.45% $10,446
Mr. Cooper ( Nationstar Mortgage ) 29 4.57% $11,996
RADIUS FINANCIAL GROUP INC. 28 5.12% $10,884
AMERISAVE MORTGAGE CORPORATION 25 4.64% $10,101
LAKEVIEW LOAN SERVICING, LLC 23 3.93% $7,267
GUILD MORTGAGE COMPANY 22 5.03% $10,137
NEWREZ LLC 21 4.53% $9,784
TOTAL MORTGAGE SERVICES, LLC 20 5.50% $11,157
ENVOY MORTGAGE, LTD 20 4.75% $10,863
HOMEBRIDGE FINANCIAL SERVICES, INC. 18 4.77% $11,243
Evolve Bank & Trust 18 5.26% $8,983
Nations Lending Corporation 18 5.47% $7,615
HARBORONE MORTGAGE, LLC 15 5.17% $12,364
BROKER SOLUTIONS, INC. 14 4.94% $13,046
HOME POINT FINANCIAL CORPORATION 14 4.61% $12,188
NORTHERN MORTGAGE SERVICES, LLC 12 5.95% $8,699
EMBRACE HOME LOANS, INC. 12 5.06% $10,805
GUARANTEED RATE AFFINITY, LLC 11 5.06% $11,248
EMM LOANS LLC 11 4.70% $11,365
LEADERONE FINANCIAL CORPORATION 10 5.86% $10,704
Semper Home Loans, Inc. 10 6.65% $15,017
Flagstar Bank, FSB 9 4.54% $11,222
RELIANCE FIRST CAPITAL, LLC 9 4.82% $12,033
The Federal Savings Bank 7 4.45% $13,149
TD Bank 7 4.46% $7,063
Mortgage Research Center, LLC 6 5.06% $8,094
OCMBC, INC. 6 4.56% $14,218
M&T Bank 6 4.52% $8,607
EVERETT FINANCIAL, INC. 6 5.40% $7,440
Shamrock Home Loans, Inc. 5 4.20% $9,096
FIRST WORLD MORTGAGE CORPORATION 5 4.93% $10,796
Northpointe Bank 5 4.58% $9,427
Equity Prime Mortgage LLC 5 6.25% $12,813
Bank of America 5 3.90% $4,990
NEW FED MORTGAGE, CORP. 4 4.88% $8,280
AMERICAN FINANCING CORPORATION 4 4.06% $11,941
BAY EQUITY LLC 4 5.63% $15,814
CMG MORTGAGE, INC. 4 4.41% $8,832
Envision Bank 4 4.25% $9,381
GENEVA FINANCIAL, LLC 4 6.34% $13,297
MUTUAL OF OMAHA MORTGAGE, INC. 4 4.91% $10,846
NATIONWIDE MORTGAGE BANKERS, INC. 4 5.44% $12,803
TOP FLITE FINANCIAL, INC. 4 5.53% $14,163
DREW MORTGAGE ASSOCIATES, INC. 3 5.33% $12,328
ALLIED MORTGAGE GROUP, INC. 3 5.04% $10,290
CARDINAL FINANCIAL 3 6.54% $10,073
VILLAGE CAPITAL MORTGAGE 3 4.46% $7,692
Rockland Trust Company 3 4.96% $8,621
MEMBER ADVANTAGE MORTGAGE, LLC 3 4.54% $8,322
WILLIAM RAVEIS MORTGAGE, LLC 2 4.19% $10,037
HOMESIDE FINANCIAL, LLC 2 5.69% $10,178
Paramount Residential Mortgage Group, Inc. 2 5.88% $11,722
PLANET HOME LENDING, LLC 2 4.81% $11,007
PLAZA HOME MORTGAGE, INC. 2 5.13% $11,587
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.19% $8,259
Prosperity Home Mortgage, LLC 2 6.19% $12,120
CONTOUR MORTGAGE CORPORATION 2 4.25% $13,632
Ross Mortgage Company, Inc. 2 4.44% $11,883
Bank of England 2 4.81% $11,302
ZILLOW HOME LOANS, LLC 2 4.63% $10,429
Fall River Five Cents Savings Bank 1 4.75% $18,389
The Huntington National Bank 1 4.50% $14,882
The Washington Trust Company, of Westerly 1 2.88% $11,374
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.00% $14,189
MEMBERS MORTGAGE COMPANY, INC. 1 5.25% $6,997
Princeton Mortgage Corporation 1 5.13% $15,809
AMERICAN BANCSHARES MORTGAGE 1 4.25% $8,824
PROVINCE MORTGAGE ASSOCIATES, INC. 1 5.13% $12,179
Easthampton Savings Bank 1 7.00% $11,743
Hometown Lenders, Inc. 1 5.63% $16,019
Magnolia Bank 1 3.63% $7,274
RESIDENTIAL BANCORP 1 6.75% $10,028
Ixonia Bank 1 4.75% $12,306
MORTGAGE EQUITY PARTNERS LLC 1 3.50% $13,292
SALEM FIVE MORTGAGE COMPANY, LLC 1 3.25% $9,348
KeyBank 1 2.88% $6,429
Berkshire Bank 1 4.75% $8,349
Sierra Pacific Mortgage Company, Inc. 1 4.88% $10,171
SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.63% $16,082
MID-ISLAND MORTGAGE CORP. 1 7.00% $7,147
NFM, INC. 1 4.88% $13,582
North American Savings Bank, F.S.B. 1 5.50% $6,327
Home Loan Investment Bank, F.S.B. 1 5.25% $8,785
First Savings Bank 1 2.75% $9,121
First Internet Bank of Indiana 1 5.75% $9,242
FIRST HOME MORTGAGE CORPORATION 1 6.25% $10,597
First Federal Bank 1 4.88% $11,294
Paramount Bank 1 4.13% $14,198
American Mortgage & Equity Consultants, Inc. 1 5.25% $9,060

The top Springfield FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 187 FHA loans originated. Their average total fees are $11,481, which is $896 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Springfield FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,267), Nations Lending Corporation ($7,615), NORTHERN MORTGAGE SERVICES, LLC ($8,699), Citizens Bank ($8,776) and Evolve Bank & Trust ($8,983).

The lowest rate Springfield FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.93%), PENNYMAC LOAN SERVICES, LLC (4.07%), CALIBER HOME LOANS, INC. (4.15%), FINANCE OF AMERICA MORTGAGE LLC (4.44%) and Citizens Bank (4.51%).

Springfield FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SPRINGFIELD, MA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, MA HAMPDEN 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, MA HAMPSHIRE 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, MA FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, MA HAMPDEN 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, MA HAMPSHIRE 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 $244,900 (8.9%) $300,694 (12.9%) 0.91 1,387
2018-02-01 $249,900 (11.1%) $304,182 (11.8%) 0.91 1,325
2018-03-01 $264,900 (10.4%) $315,824 (10.0%) 0.93 1,357
2018-04-01 $277,450 (11.0%) $328,050 (11.3%) 0.94 1,417
2018-05-01 $279,900 (7.9%) $329,059 (9.0%) 0.93 1,641
2018-06-01 $279,000 (7.4%) $328,173 (7.2%) 0.93 1,797
2018-07-01 $277,450 (6.8%) $328,610 (6.4%) 0.93 1,881
2018-08-01 $267,900 (2.3%) $322,990 (4.3%) 0.90 1,917
2018-09-01 $259,900 (0.0%) $319,000 (3.9%) 0.87 1,983
2018-10-01 $259,900 (2.7%) $318,728 (4.6%) 0.88 1,989
2018-11-01 $259,900 (4.0%) $318,556 (4.4%) 0.88 1,835
2018-12-01 $249,900 (0.0%) $309,985 (2.6%) 0.86 1,633
2019-01-01 $249,900 (2.0%) $305,196 (1.5%) 0.86 1,394
2019-02-01 $245,950 (-1.6%) $307,953 (1.2%) 0.83 1,316
2019-03-01 $258,371 (-2.5%) $322,308 (2.1%) 0.84 1,305
2019-04-01 $277,450 (0.0%) $341,453 (4.1%) 0.88 1,313
2019-05-01 $288,150 (3.0%) $347,168 (5.5%) 0.90 1,461
2019-06-01 $299,000 (7.2%) $352,443 (7.4%) 0.93 1,564
2019-07-01 $295,000 (6.3%) $350,796 (6.8%) 0.92 1,614
2019-08-01 $285,823 (6.7%) $344,091 (6.5%) 0.91 1,649
2019-09-01 $279,707 (7.6%) $335,654 (5.2%) 0.90 1,681
2019-10-01 $274,975 (5.8%) $328,933 (3.2%) 0.89 1,707
2019-11-01 $269,225 (3.6%) $328,210 (3.0%) 0.88 1,535
2019-12-01 $272,175 (8.9%) $331,038 (6.8%) 0.91 1,292
2020-01-01 $271,450 (8.6%) $331,611 (8.7%) 0.91 1,125
2020-02-01 $272,400 (10.8%) $331,979 (7.8%) 0.89 1,074
2020-03-01 $299,900 (16.1%) $357,402 (10.9%) 0.94 1,087
2020-04-01 $299,900 (8.1%) $362,913 (6.3%) 0.94 1,054
2020-05-01 $324,900 (12.8%) $378,411 (9.0%) 0.99 1,020
2020-06-01 $338,450 (13.2%) $394,299 (11.9%) 1.00 965
2020-07-01 $343,850 (16.6%) $398,071 (13.5%) 1.00 879
2020-08-01 $349,000 (22.1%) $410,330 (19.3%) 1.00 848
2020-09-01 $346,950 (24.0%) $413,333 (23.1%) 0.99 871
2020-10-01 $324,950 (18.2%) $396,118 (20.4%) 0.93 898
2020-11-01 $304,725 (13.2%) $388,663 (18.4%) 0.89 796
2020-12-01 $288,975 (6.2%) $373,835 (12.9%) 0.86 718
2021-01-01 $299,000 (10.2%) $389,655 (17.5%) 0.89 583
2021-02-01 $327,450 (20.2%) $406,478 (22.4%) 0.95 483
2021-03-01 $344,825 (15.0%) $422,690 (18.3%) 0.98 448
2021-04-01 $363,625 (21.3%) $439,802 (21.2%) 0.98 467
2021-05-01 $350,000 (7.7%) $427,173 (12.9%) 0.93 534
2021-06-01 $339,725 (0.4%) $426,378 (8.1%) 0.89 618
2021-07-01 $346,500 (0.8%) $425,902 (7.0%) 0.91 648
2021-08-01 $339,950 (-2.6%) $414,764 (1.1%) 0.91 724
2021-09-01 $309,450 (-10.8%) $404,946 (-2.0%) 0.83 701
2021-10-01 $300,000 (-7.7%) $399,008 (0.7%) 0.80 663
2021-11-01 $304,500 (-0.1%) $415,806 (7.0%) 0.81 607
2021-12-01 $303,900 (5.2%) $412,733 (10.4%) 0.82 507
2022-01-01 $325,000 (8.7%) $414,897 (6.5%) 0.88 394
2022-02-01 $315,000 (-3.8%) $407,652 (0.3%) 0.82 357
2022-03-01 $326,950 (-5.2%) $409,968 (-3.0%) 0.82 342
2022-04-01 $355,450 (-2.3%) $430,013 (-2.2%) 0.85 391
2022-05-01 $353,500 (1.0%) $421,351 (-1.4%) 0.81 503
2022-06-01 $350,000 (3.0%) $431,448 (1.2%) 0.78 647
2022-07-01 $349,263 (0.8%) $420,420 (-1.3%) 0.79 765
2022-08-01 $344,900 (1.5%) $416,251 (0.4%) 0.80 770
2022-09-01 $350,000 (13.1%) $422,939 (4.4%) 0.82 761
2022-10-01 $349,900 (16.6%) $426,954 (7.0%) 0.82 721
2022-11-01 $344,500 (13.1%) $418,506 (0.7%) 0.83 689
2022-12-01 $340,000 (11.9%) $416,000 (0.8%) 0.84 595
2023-01-01 $327,450 (0.8%) $427,648 (3.1%) 0.81 537
2023-02-01 $322,450 (2.4%) $446,635 (9.6%) 0.78 455
2023-03-01 $345,725 (5.7%) $466,264 (13.7%) 0.82 426
2023-04-01 $369,000 (3.8%) $485,736 (13.0%) 0.86 437
2023-05-01 $383,250 (8.4%) $492,285 (16.8%) 0.87 474
2023-06-01 $386,950 (10.6%) $511,045 (18.5%) 0.87 477
2023-07-01 $377,450 (8.1%) $503,902 (19.9%) 0.86 521
2023-08-01 $373,675 (8.3%) $494,165 (18.7%) 0.86 555
2023-09-01 $379,263 (8.4%) $497,378 (17.6%) 0.88 572
2023-10-01 $368,675 (5.4%) $479,805 (12.4%) 0.87 643
Springfield's median listing price for 2023-10-01 was $368,675, a difference of $18,775 (5.4%) versus the prior year and $-10,588 versus the prior month.

Springfield's median listing price comes in at 87% of the national average.

Springfield's average listing price for 2023-10-01 was $479,805, a difference of $52,851 (12.4%) versus the prior year and $-17,573 versus the prior month.

For the 2023-10-01 period, Springfield had 643 MLS listings, a difference of 71 listings (12%) versus the prior month and -78 listings (-11%) 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 87 days 1,641 sqft
2018-02-01 84 days 1,654 sqft
2018-03-01 58 days 1,714 sqft
2018-04-01 46 days 1,792 sqft
2018-05-01 39 days 1,800 sqft
2018-06-01 39 days 1,800 sqft
2018-07-01 47 days 1,795 sqft
2018-08-01 53 days 1,761 sqft
2018-09-01 60 days 1,734 sqft
2018-10-01 61 days 1,736 sqft
2018-11-01 65 days 1,746 sqft
2018-12-01 72 days 1,723 sqft
2019-01-01 80 days 1,701 sqft
2019-02-01 75 days 1,710 sqft
2019-03-01 61 days 1,762 sqft
2019-04-01 44 days 1,821 sqft
2019-05-01 39 days 1,831 sqft
2019-06-01 40 days 1,857 sqft
2019-07-01 47 days 1,839 sqft
2019-08-01 53 days 1,813 sqft
2019-09-01 56 days 1,789 sqft
2019-10-01 56 days 1,772 sqft
2019-11-01 61 days 1,748 sqft
2019-12-01 73 days 1,737 sqft
2020-01-01 78 days 1,741 sqft
2020-02-01 66 days 1,735 sqft
2020-03-01 49 days 1,800 sqft
2020-04-01 56 days 1,792 sqft
2020-05-01 64 days 1,801 sqft
2020-06-01 49 days 1,867 sqft
2020-07-01 46 days 1,840 sqft
2020-08-01 43 days 1,873 sqft
2020-09-01 38 days 1,843 sqft
2020-10-01 36 days 1,780 sqft
2020-11-01 46 days 1,737 sqft
2020-12-01 55 days 1,691 sqft
2021-01-01 58 days 1,700 sqft
2021-02-01 52 days 1,750 sqft
2021-03-01 33 days 1,743 sqft
2021-04-01 19 days 1,791 sqft
2021-05-01 18 days 1,770 sqft
2021-06-01 18 days 1,715 sqft
2021-07-01 26 days 1,732 sqft
2021-08-01 25 days 1,725 sqft
2021-09-01 29 days 1,656 sqft
2021-10-01 30 days 1,612 sqft
2021-11-01 31 days 1,640 sqft
2021-12-01 42 days 1,644 sqft
2022-01-01 46 days 1,638 sqft
2022-02-01 23 days 1,636 sqft
2022-03-01 21 days 1,616 sqft
2022-04-01 17 days 1,722 sqft
2022-05-01 16 days 1,734 sqft
2022-06-01 18 days 1,742 sqft
2022-07-01 25 days 1,728 sqft
2022-08-01 33 days 1,694 sqft
2022-09-01 35 days 1,708 sqft
2022-10-01 38 days 1,700 sqft
2022-11-01 39 days 1,684 sqft
2022-12-01 47 days 1,698 sqft
2023-01-01 54 days 1,688 sqft
2023-02-01 38 days 1,623 sqft
2023-03-01 35 days 1,689 sqft
2023-04-01 20 days 1,708 sqft
2023-05-01 19 days 1,691 sqft
2023-06-01 19 days 1,747 sqft
2023-07-01 23 days 1,750 sqft
2023-08-01 25 days 1,745 sqft
2023-09-01 30 days 1,759 sqft
2023-10-01 30 days 1,736 sqft
Springfield's median listing age (time on market) for 2023-10-01 was 30 days. This is -20% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2023-10-01 period was 1,736 sqft. One year prior, the average listing was 1,700 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).