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 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).