Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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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 119 lenders originated 3,141 FHA loans during 2021. The total origination value was $719,245,000, with an average FHA loan value of $228,986.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.45% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Springfield's average FHA mortgage closing costs are $7,228.

    The average rate for the prior week (2023-03-10) was 6.29% and one month ago for the week of 2023-02-10, the average rate was 6.01%.

    The average rate one year ago was 4.19%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.42%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 257 3.33% $8,294
    QUICKEN LOANS, LLC 239 2.78% $6,426
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 145 3.08% $8,745
    FREEDOM MORTGAGE CORPORATION 126 2.83% $6,070
    UNITED WHOLESALE MORTGAGE, LLC 122 2.77% $7,874
    Mortgage Network, Inc. 110 3.08% $8,819
    ACADEMY MORTGAGE CORPORATION 109 3.31% $8,443
    NEWREZ LLC 103 2.87% $6,518
    LAKEVIEW LOAN SERVICING, LLC 103 3.03% $4,473
    CROSSCOUNTRY MORTGAGE, LLC 103 3.13% $8,816
    INLAND BANK & TRUST 99 3.47% $10,696
    HARBORONE MORTGAGE, LLC 90 2.89% $8,127
    PENNYMAC LOAN SERVICES, LLC 83 3.02% $5,254
    Mr. Cooper ( Nationstar Mortgage ) 69 3.33% $4,531
    NORWICH COMMERCIAL GROUP, INC. 63 3.13% $9,157
    FINANCE OF AMERICA MORTGAGE LLC 61 2.83% $7,633
    GUARANTEED RATE, INC. 48 3.07% $8,538
    HOMEBRIDGE FINANCIAL SERVICES, INC. 46 2.78% $7,267
    LOANDEPOT.COM, LLC 44 3.09% $8,385
    CALIBER HOME LOANS, INC. 44 2.70% $6,873
    Citizens Bank 41 2.68% $7,733
    NORTHPOINT MORTGAGE, INC. 40 2.95% $8,942
    RESIDENTIAL MORTGAGE SERVICES, INC. 33 2.91% $8,758
    EMBRACE HOME LOANS, INC. 26 3.25% $8,010
    TOTAL MORTGAGE SERVICES, LLC 25 3.35% $9,987
    Nations Lending Corporation 24 3.55% $7,980
    Evolve Bank & Trust 23 2.99% $7,252
    AMERISAVE MORTGAGE CORPORATION 22 2.85% $9,045
    RADIUS FINANCIAL GROUP INC. 20 2.73% $8,513
    ENVOY MORTGAGE, LTD 20 3.32% $8,919
    VILLAGE CAPITAL MORTGAGE 18 2.87% $2,034
    GUARANTEED RATE AFFINITY, LLC 18 2.83% $9,971
    HOME POINT FINANCIAL CORPORATION 17 2.58% $6,812
    BAY EQUITY LLC 16 3.10% $8,758
    First Guaranty Mortgage Corporation 15 2.89% $7,233
    EMM LOANS LLC 15 3.37% $8,368
    Bank of America 15 2.83% $5,184
    LEADERONE FINANCIAL CORPORATION 15 3.42% $9,011
    FIRST WORLD MORTGAGE CORPORATION 14 3.07% $9,768
    BROKER SOLUTIONS, INC. 10 3.03% $8,939
    Equity Prime Mortgage LLC 10 3.60% $8,941
    AMERICAN FINANCIAL NETWORK, INC. 10 2.78% $10,802
    NORTHERN MORTGAGE SERVICES, LLC 10 2.97% $6,203
    HOMESIDE FINANCIAL, LLC 10 3.05% $8,535
    Shamrock Home Loans, Inc. 8 3.03% $8,075
    OCMBC, INC. 7 2.95% $9,129
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 3.57% $10,127
    Envision Bank 6 2.77% $7,474
    TD Bank 6 2.85% $5,529
    Berkshire Bank 6 2.71% $6,671
    Bank of England 6 3.60% $9,530
    OCEANSIDE MORTGAGE COMPANY 6 2.81% $3,481
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.12% $12,162
    WILLIAM RAVEIS MORTGAGE, LLC 5 2.53% $7,965
    MUTUAL OF OMAHA MORTGAGE, INC. 5 3.20% $8,111
    Sierra Pacific Mortgage Company, Inc. 5 2.73% $8,413
    M&T Bank 4 3.19% $7,818
    RELIANCE FIRST CAPITAL, LLC 4 2.94% $9,705
    PLAZA HOME MORTGAGE, INC. 4 3.78% $9,373
    Flagstar Bank, FSB 4 3.22% $9,574
    ARC HOME LLC 4 2.64% $10,501
    Mortgage Research Center, LLC 3 3.08% $7,232
    ALLIED MORTGAGE GROUP, INC. 3 3.25% $8,258
    EVERETT FINANCIAL, INC. 3 3.00% $5,724
    GUILD MORTGAGE COMPANY 3 3.04% $7,253
    MEMBER ADVANTAGE MORTGAGE, LLC 3 3.25% $8,682
    NEW FED MORTGAGE, CORP. 3 3.00% $8,856
    Paramount Residential Mortgage Group, Inc. 3 3.08% $8,656
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.08% $9,021
    STEARNS LENDING, LLC 3 2.54% $8,650
    The Federal Savings Bank 3 2.58% $9,396
    ZILLOW HOME LOANS, LLC 3 2.92% $7,592
    BNC National Bank 2 2.44% $9,653
    Home Loan Investment Bank, F.S.B. 2 2.56% $7,128
    Hometown Equity Mortgage, LLC 2 3.44% $6,423
    TOP FLITE FINANCIAL, INC. 2 3.25% $10,608
    Barrington Bank & Trust Company, N.A. 2 2.69% $11,608
    DREW MORTGAGE ASSOCIATES, INC. 2 3.13% $8,182
    POLARIS HOME FUNDING CORP. 2 3.38% $12,883
    First Federal Bank 2 3.38% $10,118
    KELLER MORTGAGE, LLC 2 2.75% $5,792
    Ross Mortgage Company, Inc. 2 3.44% $7,543
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.00% $8,297
    FAMILY FIRST FUNDING LLC 2 3.25% $9,372
    MID-ISLAND MORTGAGE CORP. 2 3.31% $5,624
    PARKSIDE LENDING, LLC 1 3.00% $4,905
    EQUITY RESOURCES, INC. 1 2.38% $7,650
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.13% $8,685
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 3.50% $7,182
    CONWAY FINANCIAL SERVICES, LLC 1 3.50% $7,594
    Quontic Bank 1 3.13% $8,866
    Colonial Savings, F.A. 1 3.63% $4,306
    CMG MORTGAGE, INC. 1 2.75% $8,917
    Carrington Mortgage Services, LLC 1 5.13% $9,419
    Residential Mortgage Solutions, Inc. 1 3.63% $10,009
    SALEM FIVE MORTGAGE COMPANY, LLC 1 3.00% $8,867
    Santander Bank, N.A. 1 2.75% $9,499
    BAYCOAST MORTGAGE COMPANY, LLC 1 2.75% $9,430
    Ameris Bank 1 2.63% $7,737
    SUCCESS MORTGAGE PARTNERS, INC. 1 2.75% $7,635
    AMERICAN FINANCING CORPORATION 1 3.50% $5,026
    Leader Bank 1 2.25% $9,099
    JPMorgan Chase Bank 1 3.13% $7,817
    The Washington Trust Company, of Westerly 1 2.25% $6,099
    METRO 1 2.38% $8,169
    MID AMERICA MORTGAGE, INC. 1 3.13% $5,034
    KeyBank 1 2.75% $7,948
    Ixonia Bank 1 3.63% $7,177
    InterContinental Capital Group, Inc 1 2.88% $13,956
    HUNT MORTGAGE CORPORATION 1 3.75% $7,827
    HOMESPIRE MORTGAGE CORPORATION 1 3.00% $12,917
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.88% $8,574
    GENEVA FINANCIAL, LLC 1 3.25% $8,841
    NFM, INC. 1 2.75% $10,709
    First Option Mortgage, LLC 1 3.38% $9,892
    Northpointe Bank 1 2.88% $9,713
    FIRST HOME MORTGAGE CORPORATION 1 3.00% $9,410
    First Home Bank 1 3.00% $7,279
    Atlantic Home Loans, Inc. 1 3.13% $12,540

    The top Springfield FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 257 FHA loans originated. Their average total fees are $8,294, which is $1,868 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,034), LAKEVIEW LOAN SERVICING, LLC ($4,473), Mr. Cooper ( Nationstar Mortgage ) ($4,531), Bank of America ($5,184) and PENNYMAC LOAN SERVICES, LLC ($5,254).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.58%), Citizens Bank (2.68%), CALIBER HOME LOANS, INC. (2.70%), RADIUS FINANCIAL GROUP INC. (2.73%) and UNITED WHOLESALE MORTGAGE, LLC (2.77%).

    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

    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%) $341,483 (4.1%) 0.88 1,314
    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%) 0.90 1,649
    2019-09-01 $279,707 (7.6%) $335,654 (5.2%) 0.89 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%) 0.92 534
    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%) 0.90 724
    2021-09-01 $309,450 (-10.8%) $404,946 (-2.0%) 0.82 701
    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%) 0.79 770
    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
    Springfield's median listing price for 2023-02-01 was $322,450, a difference of $7,450 (2.4%) versus the prior year and $-5,000 versus the prior month.

    Springfield's median listing price comes in at 78% of the national average.

    Springfield's average listing price for 2023-02-01 was $446,635, a difference of $38,983 (9.6%) versus the prior year and $18,987 versus the prior month.

    For the 2023-02-01 period, Springfield had 455 MLS listings, a difference of -82 listings (-15%) versus the prior month and 98 listings (27%) 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 93 days 1,641 sqft
    2018-02-01 95 days 1,654 sqft
    2018-03-01 66 days 1,714 sqft
    2018-04-01 51 days 1,792 sqft
    2018-05-01 44 days 1,800 sqft
    2018-06-01 43 days 1,800 sqft
    2018-07-01 51 days 1,795 sqft
    2018-08-01 58 days 1,761 sqft
    2018-09-01 65 days 1,734 sqft
    2018-10-01 67 days 1,736 sqft
    2018-11-01 72 days 1,746 sqft
    2018-12-01 77 days 1,723 sqft
    2019-01-01 85 days 1,701 sqft
    2019-02-01 82 days 1,710 sqft
    2019-03-01 66 days 1,762 sqft
    2019-04-01 49 days 1,821 sqft
    2019-05-01 42 days 1,831 sqft
    2019-06-01 45 days 1,857 sqft
    2019-07-01 51 days 1,839 sqft
    2019-08-01 55 days 1,813 sqft
    2019-09-01 58 days 1,789 sqft
    2019-10-01 60 days 1,772 sqft
    2019-11-01 65 days 1,748 sqft
    2019-12-01 77 days 1,737 sqft
    2020-01-01 83 days 1,741 sqft
    2020-02-01 73 days 1,735 sqft
    2020-03-01 54 days 1,800 sqft
    2020-04-01 62 days 1,792 sqft
    2020-05-01 71 days 1,801 sqft
    2020-06-01 57 days 1,867 sqft
    2020-07-01 51 days 1,840 sqft
    2020-08-01 50 days 1,873 sqft
    2020-09-01 44 days 1,843 sqft
    2020-10-01 41 days 1,780 sqft
    2020-11-01 49 days 1,737 sqft
    2020-12-01 59 days 1,691 sqft
    2021-01-01 61 days 1,700 sqft
    2021-02-01 60 days 1,750 sqft
    2021-03-01 41 days 1,743 sqft
    2021-04-01 22 days 1,791 sqft
    2021-05-01 19 days 1,770 sqft
    2021-06-01 19 days 1,715 sqft
    2021-07-01 27 days 1,732 sqft
    2021-08-01 27 days 1,725 sqft
    2021-09-01 30 days 1,656 sqft
    2021-10-01 31 days 1,612 sqft
    2021-11-01 33 days 1,640 sqft
    2021-12-01 45 days 1,644 sqft
    2022-01-01 51 days 1,638 sqft
    2022-02-01 24 days 1,636 sqft
    2022-03-01 25 days 1,616 sqft
    2022-04-01 17 days 1,722 sqft
    2022-05-01 16 days 1,734 sqft
    2022-06-01 19 days 1,742 sqft
    2022-07-01 26 days 1,728 sqft
    2022-08-01 35 days 1,694 sqft
    2022-09-01 36 days 1,708 sqft
    2022-10-01 38 days 1,700 sqft
    2022-11-01 41 days 1,684 sqft
    2022-12-01 50 days 1,698 sqft
    2023-01-01 56 days 1,688 sqft
    2023-02-01 40 days 1,623 sqft
    Springfield's median listing age (time on market) for 2023-02-01 was 40 days. This is 67% longer than the same period one year ago.

    Springfield's median square footage for active listings during the 2023-02-01 period was 1,623 sqft. One year prior, the average listing was 1,636 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).