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 110 lenders originated 1,395 FHA loans during 2023. The total origination value was $384,535,000, with an average FHA loan value of $275,652.

Springfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Springfield averaged 6.38% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Springfield's average FHA mortgage closing costs are $8,341.

The average rate for the prior week (2024-05-10) was 6.62% and one month ago for the week of 2024-04-12, the average rate was 6.68%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.21%.

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
QUICKEN LOANS, LLC 128 6.09% $12,053
UNITED WHOLESALE MORTGAGE, LLC 124 6.54% $13,136
MOVEMENT MORTGAGE, LLC 117 6.88% $12,808
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 84 6.89% $12,970
ACADEMY MORTGAGE CORPORATION 47 6.84% $11,261
NORWICH COMMERCIAL GROUP, INC. 47 6.40% $11,687
CROSSCOUNTRY MORTGAGE, LLC 43 6.86% $11,375
Paramount Residential Mortgage Group, Inc. 41 6.54% $11,816
NORTHPOINT MORTGAGE, INC. 36 6.70% $12,147
LEADERONE FINANCIAL CORPORATION 35 6.50% $13,213
Semper Home Loans, Inc. 34 7.07% $13,844
TOTAL MORTGAGE SERVICES, LLC 29 6.84% $13,080
FREEDOM MORTGAGE CORPORATION 24 6.70% $14,016
GUARANTEED RATE, INC. 23 6.61% $12,416
PENNYMAC LOAN SERVICES, LLC 23 6.19% $14,119
LOANDEPOT.COM, LLC 22 6.39% $13,426
NEWREZ LLC 21 6.49% $11,637
HARBORONE MORTGAGE, LLC 19 6.52% $12,121
Citizens Bank 19 6.35% $10,365
RADIUS FINANCIAL GROUP INC. 18 6.71% $12,092
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 6.35% $14,106
GUILD MORTGAGE COMPANY 18 6.69% $12,837
HOMESPIRE MORTGAGE CORPORATION 17 6.42% $11,155
Keystone Funding, Inc. 15 6.42% $15,657
Evolve Bank & Trust 15 6.63% $9,594
GENEVA FINANCIAL, LLC 13 7.10% $15,697
Mr. Cooper ( Nationstar Mortgage ) 13 6.07% $14,672
AMERISAVE MORTGAGE CORPORATION 12 6.05% $16,047
HOMESTEAD FUNDING CORP. 11 6.70% $8,705
GUARANTEED RATE AFFINITY, LLC 11 6.69% $13,325
MUTUAL OF OMAHA MORTGAGE, INC. 9 6.44% $16,483
CARDINAL FINANCIAL 8 5.91% $10,167
MORTGAGE EQUITY PARTNERS LLC 8 6.78% $15,738
Equity Prime Mortgage LLC 8 7.20% $14,372
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.14% $10,956
PLAZA HOME MORTGAGE, INC. 8 6.83% $14,871
CMG MORTGAGE, INC. 7 6.82% $12,219
CIBM Bank 7 6.82% $11,125
NORTHERN MORTGAGE SERVICES, LLC 7 6.61% $8,980
MEMBER ADVANTAGE MORTGAGE, LLC 6 6.46% $12,655
Bank of England 6 7.00% $9,747
M&T Bank 6 6.81% $9,655
SALEM FIVE MORTGAGE COMPANY, LLC 6 6.73% $10,354
Nations Lending Corporation 5 6.85% $10,949
BROKER SOLUTIONS, INC. 5 6.17% $14,508
Mortgage Research Center, LLC 5 6.67% $7,042
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.68% $13,785
EMM LOANS LLC 5 6.03% $15,118
EVERETT FINANCIAL, INC. 5 6.93% $10,840
FIRST WORLD MORTGAGE CORPORATION 4 6.16% $15,821
NEW FED MORTGAGE, CORP. 4 6.75% $13,638
NBKC BANK 4 6.09% $7,743
The Federal Savings Bank 4 6.44% $15,986
LAKEVIEW LOAN SERVICING, LLC 4 6.19% $13,042
T2 FINANCIAL LLC 4 6.38% $15,631
RELIANCE FIRST CAPITAL, LLC 4 7.38% $9,743
OCMBC, INC. 4 6.75% $11,708
Sierra Pacific Mortgage Company, Inc. 3 7.67% $12,060
Plains Commerce Bank 3 6.50% $11,100
Flagstar Bank, FSB 3 5.96% $16,293
ZILLOW HOME LOANS, LLC 3 6.71% $10,231
FIRST MORTGAGE COMPANY, INC. 3 6.71% $14,422
AMERICAN FINANCIAL NETWORK, INC. 2 6.38% $12,262
JMAC LENDING, INC. 2 6.25% $14,347
KeyBank 2 6.31% $8,665
Easthampton Savings Bank 2 6.44% $8,836
Berkshire Bank 2 6.88% $9,303
BAY EQUITY LLC 2 6.75% $9,971
PLANET HOME LENDING, LLC 2 6.69% $10,553
Barrington Bank & Trust Company, N.A. 2 6.50% $9,145
Republic State Mortgage Co. 2 6.69% $15,173
TOP FLITE FINANCIAL, INC. 2 6.75% $13,417
UMASSFIVE COLLEGE Federal Credit Union 2 6.00% $13,578
Wells Fargo Bank 2 6.63% $9,525
Eastern Bank 1 7.13% $10,459
Northpointe Bank 1 7.13% $11,203
BETTER MORTGAGE CORPORATION 1 5.63% $9,236
First Federal Bank 1 6.00% $11,878
EMBRACE HOME LOANS, INC. 1 7.38% $7,952
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.00% $17,723
BAYCOAST MORTGAGE COMPANY, LLC 1 6.00% $8,260
PHH Mortgage Corporation 1 5.88% $12,388
MILEND, INC. 1 6.13% $9,221
ALLIED MORTGAGE GROUP, INC. 1 8.11% $3,499
Victorian Finance, LLC 1 6.25% $14,007
PLUS RELOCATION MORTGAGE, LLC 1 6.75% $15,909
PNC Bank 1 6.63% $11,510
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $14,246
Prosperity Home Mortgage, LLC 1 5.99% $12,745
Bank of America 1 7.63% $8,239
MID-ISLAND MORTGAGE CORP. 1 6.62% $6,661
MID AMERICA MORTGAGE, INC. 1 7.63% $6,262
Waterstone Mortgage Corporation 1 7.13% $13,402
Residential Mortgage Solutions, Inc. 1 6.63% $14,626
LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $20,360
AMERICAN FINANCING CORPORATION 1 6.75% $6,910
Fall River Five Cents Savings Bank 1 6.50% $7,240
LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $14,306
The Camden National Bank 1 6.25% $10,334
LADERA LENDING, INC. 1 7.13% $9,965
FIRST HOME MORTGAGE CORPORATION 1 6.25% $16,451
FIRST COMMUNITY MORTGAGE, INC. 1 7.75% $11,020
NATIONS DIRECT MORTGAGE, LLC 1 7.75% $14,384
NATIONS RELIABLE LENDING, LLC 1 6.63% $13,046
DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $10,301
Network Funding, L.P. 1 6.50% $12,436
WILLIAM RAVEIS MORTGAGE, LLC 1 6.13% $13,467
CONTOUR MORTGAGE CORPORATION 1 6.63% $10,504
NFM, INC. 1 6.75% $12,071
NJ LENDERS CORP. 1 5.75% $10,084

The top Springfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 128 FHA loans originated. Their average total fees are $12,053, which is $1,083 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Springfield FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,705), Evolve Bank & Trust ($9,594), Citizens Bank ($10,365), HOMESPIRE MORTGAGE CORPORATION ($11,155) and ACADEMY MORTGAGE CORPORATION ($11,261).

The lowest rate Springfield FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (6.05%), Mr. Cooper ( Nationstar Mortgage ) (6.07%), QUICKEN LOANS, LLC (6.09%), PENNYMAC LOAN SERVICES, LLC (6.19%) and Citizens Bank (6.35%).

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 $264,450 (10.2%) $315,743 (10.0%) 0.93 1,358
2018-04-01 $277,450 (11.0%) $328,050 (11.3%) 0.94 1,417
2018-05-01 $279,900 (7.9%) $329,061 (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 (2.4%) $322,990 (4.4%) 0.90 1,917
2018-09-01 $259,900 (0.0%) $319,000 (3.9%) 0.87 1,983
2018-10-01 $259,900 (2.9%) $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 (-2.3%) $322,308 (2.1%) 0.84 1,305
2019-04-01 $277,450 (0.0%) $341,470 (4.1%) 0.88 1,313
2019-05-01 $288,400 (3.0%) $347,196 (5.5%) 0.90 1,462
2019-06-01 $299,000 (7.2%) $352,466 (7.4%) 0.93 1,565
2019-07-01 $295,000 (6.3%) $350,600 (6.7%) 0.92 1,614
2019-08-01 $285,823 (6.7%) $344,156 (6.6%) 0.91 1,649
2019-09-01 $279,707 (7.6%) $335,682 (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 (12.7%) $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%) $398,264 (13.6%) 1.00 878
2020-08-01 $349,000 (22.1%) $411,168 (19.5%) 1.00 849
2020-09-01 $346,950 (24.0%) $413,393 (23.2%) 0.99 871
2020-10-01 $325,000 (18.2%) $396,248 (20.5%) 0.93 898
2020-11-01 $306,175 (13.7%) $389,205 (18.6%) 0.90 796
2020-12-01 $289,455 (6.4%) $374,207 (13.0%) 0.86 717
2021-01-01 $299,000 (10.2%) $390,192 (17.7%) 0.89 582
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 (6.9%) 0.91 648
2021-08-01 $339,950 (-2.6%) $414,764 (0.9%) 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 (-0.6%) $415,806 (6.8%) 0.81 607
2021-12-01 $303,900 (5.0%) $412,733 (10.3%) 0.82 507
2022-01-01 $325,000 (8.7%) $414,897 (6.3%) 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 $355,900 (-2.1%) $431,126 (-2.0%) 0.85 392
2022-05-01 $355,500 (1.6%) $422,312 (-1.1%) 0.81 504
2022-06-01 $352,125 (3.7%) $432,145 (1.4%) 0.78 648
2022-07-01 $349,525 (0.9%) $421,054 (-1.1%) 0.79 766
2022-08-01 $344,925 (1.5%) $416,833 (0.5%) 0.80 771
2022-09-01 $350,000 (13.1%) $423,518 (4.6%) 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 (3.7%) $485,736 (12.7%) 0.86 437
2023-05-01 $383,250 (7.8%) $492,285 (16.6%) 0.87 474
2023-06-01 $386,950 (9.9%) $511,045 (18.3%) 0.87 477
2023-07-01 $377,450 (8.0%) $503,902 (19.7%) 0.86 521
2023-08-01 $373,675 (8.3%) $494,165 (18.6%) 0.86 555
2023-09-01 $379,263 (8.4%) $497,378 (17.4%) 0.88 572
2023-10-01 $368,675 (5.4%) $479,805 (12.4%) 0.87 643
2023-11-01 $350,000 (1.6%) $468,391 (11.9%) 0.83 623
2023-12-01 $349,900 (2.9%) $476,796 (14.6%) 0.85 522
2024-01-01 $349,900 (6.9%) $480,035 (12.3%) 0.85 446
2024-02-01 $350,000 (8.5%) $488,882 (9.5%) 0.84 389
2024-03-01 $350,000 (1.2%) $505,335 (8.4%) 0.82 382
2024-04-01 $389,450 (5.5%) $516,957 (6.4%) 0.91 421
Springfield's median listing price for 2024-04-01 was $389,450, a difference of $20,450 (5.5%) versus the prior year and $39,450 versus the prior month.

Springfield's median listing price comes in at 91% of the national average.

Springfield's average listing price for 2024-04-01 was $516,957, a difference of $31,221 (6.4%) versus the prior year and $11,622 versus the prior month.

For the 2024-04-01 period, Springfield had 421 MLS listings, a difference of 39 listings (10%) versus the prior month and -16 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 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 1,822 sqft
2019-05-01 39 days 1,832 sqft
2019-06-01 40 days 1,858 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 1,872 sqft
2020-09-01 38 days 1,843 sqft
2020-10-01 36 days 1,784 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 1,727 sqft
2022-05-01 16 days 1,738 sqft
2022-06-01 18 days 1,742 sqft
2022-07-01 25 days 1,729 sqft
2022-08-01 33 days 1,695 sqft
2022-09-01 35 days 1,709 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 1,749 sqft
2023-08-01 25 days 1,742 sqft
2023-09-01 30 days 1,759 sqft
2023-10-01 30 days 1,736 sqft
2023-11-01 34 days 1,682 sqft
2023-12-01 45 days 1,646 sqft
2024-01-01 47 days 1,595 sqft
2024-02-01 38 days 1,600 sqft
2024-03-01 27 days 1,610 sqft
2024-04-01 20 days 1,666 sqft
Springfield's median listing age (time on market) for 2024-04-01 was 20 days. This is -3% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2024-04-01 period was 1,666 sqft. One year prior, the average listing was 1,708 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).