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
6.19%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Springfield's average FHA mortgage closing costs are $8,341.
The average rate for the prior week (2024-10-18) was
5.98% and
one month ago for the week of 2024-09-20, the
average rate was 5.9%.
The average rate one year ago was 7.24%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.32%.
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 |
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).