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 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 6.49% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.48% and one month ago for the week of 2024-03-15, the average rate was 6.35%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.02%.

    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
    Springfield's median listing price for 2024-03-01 was $350,000, a difference of $4,275 (1.2%) versus the prior year and $0 versus the prior month.

    Springfield's median listing price comes in at 82% of the national average.

    Springfield's average listing price for 2024-03-01 was $505,335, a difference of $39,071 (8.4%) versus the prior year and $16,453 versus the prior month.

    For the 2024-03-01 period, Springfield had 382 MLS listings, a difference of -7 listings (-2%) versus the prior month and -44 listings (-10%) 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
    Springfield's median listing age (time on market) for 2024-03-01 was 27 days. This is -24% shorter than the same period one year ago.

    Springfield's median square footage for active listings during the 2024-03-01 period was 1,610 sqft. One year prior, the average listing was 1,689 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).