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 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).