Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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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 100 lenders originated 1,449 FHA loans during 2022. The total origination value was $276,495,000, with an average FHA loan value of $190,818.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.01% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Springfield's average FHA mortgage closing costs are $5,581.

    The average rate for the prior week (2023-05-19) was 6.28% and one month ago for the week of 2023-04-21, the average rate was 5.93%.

    The average rate one year ago was 5.14%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.31%.

    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
    FLAT BRANCH MORTGAGE, INC. 167 5.15% $6,548
    QUICKEN LOANS, LLC 155 4.46% $7,851
    DAS Acquisition Company, LLC 128 5.35% $7,976
    GERSHMAN INVESTMENT CORP. 107 5.18% $6,890
    UNITED WHOLESALE MORTGAGE, LLC 57 5.10% $8,004
    BROKER SOLUTIONS, INC. 48 5.13% $8,820
    The Central Trust Bank 41 4.99% $7,312
    Mortgage Research Center, LLC 40 5.51% $5,227
    Springfield First Community Bank 39 4.35% $6,590
    LOANDEPOT.COM, LLC 34 5.00% $9,106
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 4.87% $8,026
    FREEDOM MORTGAGE CORPORATION 28 5.04% $7,814
    AMERISAVE MORTGAGE CORPORATION 27 4.68% $9,091
    PENNYMAC LOAN SERVICES, LLC 26 4.57% $8,557
    Oakstar Bank 23 5.02% $6,595
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 4.66% $6,299
    MORTGAGE FINANCIAL SERVICES, LLC 20 5.22% $6,929
    Mr. Cooper ( Nationstar Mortgage ) 20 4.84% $10,356
    Equity Prime Mortgage LLC 18 5.76% $8,422
    LAKEVIEW LOAN SERVICING, LLC 16 4.35% $6,902
    NEWREZ LLC 15 4.96% $7,571
    Arvest Bank 14 4.79% $6,113
    CARDINAL FINANCIAL 13 4.29% $7,647
    Great Southern Bank 12 4.68% $5,883
    LOANPAL, LLC 11 5.11% $12,134
    GUARANTEED RATE, INC. 11 5.39% $8,274
    VILLAGE CAPITAL MORTGAGE 11 3.43% $3,304
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 10 4.74% $8,006
    Commerce Bank 10 4.96% $5,444
    Carrington Mortgage Services, LLC 9 5.47% $7,637
    Servion, Inc. 9 4.46% $5,923
    Hawthorn Bank 8 5.27% $7,164
    GENEVA FINANCIAL, LLC 8 5.38% $9,681
    MOVEMENT MORTGAGE, LLC 7 4.95% $8,719
    CALIBER HOME LOANS, INC. 7 4.60% $9,488
    BancorpSouth Bank 7 4.70% $6,312
    U.S. Bank 7 4.55% $6,616
    Members Mortgage Services, L.L.C. 6 5.46% $6,722
    Midwest Mortgage Associates Corporation 5 4.98% $5,990
    MUTUAL OF OMAHA MORTGAGE, INC. 4 4.41% $9,745
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.81% $9,259
    HOME POINT FINANCIAL CORPORATION 4 4.69% $7,203
    Nations Lending Corporation 4 6.00% $10,852
    AMERICAN FINANCING CORPORATION 4 5.41% $7,204
    ASSEMBLIES OF GOD Credit Union 4 4.47% $7,389
    GUILD MORTGAGE COMPANY 4 4.78% $12,235
    ENDEAVOR CAPITAL, LLC. 3 5.54% $9,047
    Bank of England 3 5.38% $8,500
    First Guaranty Mortgage Corporation 3 3.17% $7,563
    Hometown Lenders, Inc. 3 5.17% $10,293
    M&T Bank 3 4.42% $6,907
    Paramount Residential Mortgage Group, Inc. 3 4.92% $6,514
    Plains Commerce Bank 3 6.75% $10,508
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 5.17% $8,393
    Prosperity Home Mortgage, LLC 3 4.33% $8,845
    Regions Bank 3 5.25% $6,355
    Simmons Bank 3 6.29% $6,803
    ZILLOW HOME LOANS, LLC 2 5.75% $9,147
    DELMAR FINANCIAL COMPANY 2 6.38% $7,268
    Bank of America 2 4.81% $6,167
    NBKC BANK 2 4.38% $8,024
    Peoples Bank 2 5.50% $10,554
    EVERETT FINANCIAL, INC. 2 6.69% $5,509
    PLANET HOME LENDING, LLC 2 3.75% $9,068
    TOP FLITE FINANCIAL, INC. 2 5.94% $15,520
    NP, Inc. 2 5.44% $5,810
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.81% $5,637
    CROSSCOUNTRY MORTGAGE, LLC 2 5.88% $6,912
    Wells Fargo Bank 2 5.69% $7,457
    American Bank of Oklahoma 2 3.44% $6,143
    ON Q FINANCIAL, INC. 2 6.50% $8,789
    AmeriHome Mortgage Company, LLC 2 5.56% $8,836
    CMG MORTGAGE, INC. 2 4.88% $5,654
    Flagstar Bank, FSB 2 5.62% $6,968
    THOMPSON KANE & COMPANY, LLC 1 4.13% $4,265
    TruHome Solutions, LLC 1 5.13% $7,520
    UNION HOME MORTGAGE CORP. 1 5.38% $9,177
    Magnolia Bank 1 6.13% $11,093
    MID AMERICA MORTGAGE, INC. 1 5.25% $2,587
    Mid-Continent Funding, Inc. 1 4.00% $9,277
    LEADERONE FINANCIAL CORPORATION 1 6.25% $8,460
    JLB CORPORATION 1 6.25% $6,592
    HOMESIDE FINANCIAL, LLC 1 5.62% $6,223
    Gateway First Bank 1 5.75% $6,641
    ARC HOME LLC 1 3.88% $5,268
    FINANCE OF AMERICA MORTGAGE LLC 1 4.75% $7,791
    NEW DAY FINANCIAL, LLC 1 5.75% $7,528
    North American Savings Bank, F.S.B. 1 5.63% $5,727
    Northpointe Bank 1 5.25% $7,121
    ENCORE BANK 1 4.88% $3,030
    PENTAGON FEDERAL CREDIT UNION 1 5.00% $5,847
    Victorian Finance, LLC 1 5.50% $7,921
    PNC Bank 1 5.63% $4,370
    COMMUNITY MORTGAGE, LLC 1 7.00% $9,761
    Wyndham Capital Mortgage, Inc. 1 7.13% $8,275
    ROYAL UNITED MORTGAGE LLC 1 5.25% $10,403
    SIRVA MORTGAGE, INC. 1 3.50% $4,036
    T2 FINANCIAL LLC 1 3.88% $14,846
    Armed Forces Bank 1 3.99% $4,348
    The Union Bank Company 1 3.50% $9,655

    The top Springfield FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 167 FHA loans originated. Their average total fees are $6,548, which is $1,303 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,304), Mortgage Research Center, LLC ($5,227), Commerce Bank ($5,444), Great Southern Bank ($5,883) and Arvest Bank ($6,113).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.43%), CARDINAL FINANCIAL (4.29%), Springfield First Community Bank (4.35%), LAKEVIEW LOAN SERVICING, LLC (4.35%) and QUICKEN LOANS, LLC (4.46%).

    Springfield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SPRINGFIELD, MO CHRISTIAN 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO DALLAS 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO GREENE 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO POLK 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO WEBSTER 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO CHRISTIAN 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO DALLAS 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO GREENE 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO POLK 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO WEBSTER 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 $176,900 (14.0%) $239,476 (13.2%) 0.66 1,628
    2018-02-01 $183,925 (15.0%) $240,957 (12.3%) 0.67 1,570
    2018-03-01 $189,900 (11.8%) $244,326 (8.0%) 0.67 1,527
    2018-04-01 $199,925 (11.1%) $255,802 (6.2%) 0.68 1,510
    2018-05-01 $207,950 (15.6%) $263,607 (8.4%) 0.69 1,517
    2018-06-01 $217,000 (19.7%) $269,986 (10.1%) 0.72 1,663
    2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
    2018-08-01 $189,900 (4.8%) $250,567 (2.4%) 0.64 1,944
    2018-09-01 $189,500 (5.3%) $246,948 (2.6%) 0.64 1,956
    2018-10-01 $186,950 (3.9%) $243,010 (0.9%) 0.63 1,955
    2018-11-01 $183,250 (2.1%) $241,238 (0.6%) 0.62 1,928
    2018-12-01 $182,900 (3.4%) $238,283 (-0.7%) 0.63 1,815
    2019-01-01 $189,900 (7.4%) $241,336 (0.8%) 0.66 1,629
    2019-02-01 $192,175 (4.5%) $242,498 (0.6%) 0.65 1,569
    2019-03-01 $219,900 (15.8%) $260,912 (6.8%) 0.73 1,414
    2019-04-01 $222,500 (11.3%) $266,045 (4.0%) 0.71 1,371
    2019-05-01 $237,400 (14.2%) $277,884 (5.4%) 0.74 1,364
    2019-06-01 $231,450 (6.7%) $280,621 (3.9%) 0.72 1,522
    2019-07-01 $227,400 (10.9%) $275,991 (3.6%) 0.71 1,565
    2019-08-01 $229,000 (20.6%) $276,058 (10.2%) 0.72 1,580
    2019-09-01 $227,000 (19.8%) $276,954 (12.2%) 0.72 1,467
    2019-10-01 $220,725 (18.1%) $266,502 (9.7%) 0.71 1,683
    2019-11-01 $217,500 (18.7%) $261,791 (8.5%) 0.71 1,700
    2019-12-01 $214,900 (17.5%) $261,209 (9.6%) 0.72 1,577
    2020-01-01 $217,450 (14.5%) $265,065 (9.8%) 0.73 1,455
    2020-02-01 $219,900 (14.4%) $273,009 (12.6%) 0.72 1,343
    2020-03-01 $228,750 (4.0%) $287,344 (10.1%) 0.72 1,290
    2020-04-01 $229,900 (3.3%) $283,465 (6.6%) 0.72 1,350
    2020-05-01 $243,900 (2.7%) $300,018 (8.0%) 0.74 1,202
    2020-06-01 $256,023 (10.6%) $316,962 (13.0%) 0.75 1,068
    2020-07-01 $248,550 (9.3%) $317,831 (15.2%) 0.72 1,031
    2020-08-01 $249,900 (9.1%) $319,539 (15.8%) 0.72 986
    2020-09-01 $249,950 (10.1%) $317,385 (14.6%) 0.72 989
    2020-10-01 $237,900 (7.8%) $311,976 (17.1%) 0.68 1,017
    2020-11-01 $242,450 (11.5%) $312,002 (19.2%) 0.71 916
    2020-12-01 $242,625 (12.9%) $314,952 (20.6%) 0.72 814
    2021-01-01 $250,000 (15.0%) $331,455 (25.1%) 0.75 689
    2021-02-01 $263,975 (20.0%) $365,284 (33.8%) 0.77 509
    2021-03-01 $284,400 (24.3%) $386,983 (34.7%) 0.81 410
    2021-04-01 $272,500 (18.5%) $387,313 (36.6%) 0.74 397
    2021-05-01 $269,225 (10.4%) $396,489 (32.2%) 0.71 459
    2021-06-01 $272,050 (6.3%) $394,780 (24.6%) 0.72 505
    2021-07-01 $277,450 (11.6%) $383,617 (20.7%) 0.73 599
    2021-08-01 $270,200 (8.1%) $364,639 (14.1%) 0.72 661
    2021-09-01 $272,425 (9.0%) $362,113 (14.1%) 0.73 675
    2021-10-01 $279,950 (17.7%) $378,716 (21.4%) 0.75 660
    2021-11-01 $299,900 (23.7%) $402,516 (29.0%) 0.80 575
    2021-12-01 $297,225 (22.5%) $387,938 (23.2%) 0.81 521
    2022-01-01 $314,500 (25.8%) $427,302 (28.9%) 0.85 448
    2022-02-01 $327,425 (24.0%) $437,726 (19.8%) 0.85 378
    2022-03-01 $326,125 (14.7%) $434,662 (12.3%) 0.82 382
    2022-04-01 $319,950 (17.4%) $416,888 (7.6%) 0.76 430
    2022-05-01 $345,613 (28.4%) $429,755 (8.4%) 0.79 552
    2022-06-01 $349,900 (28.6%) $432,661 (9.6%) 0.78 687
    2022-07-01 $345,000 (24.4%) $425,482 (10.9%) 0.78 913
    2022-08-01 $339,225 (25.6%) $415,812 (14.0%) 0.78 893
    2022-09-01 $338,119 (24.1%) $412,872 (14.0%) 0.79 887
    2022-10-01 $320,000 (14.3%) $413,574 (9.2%) 0.75 969
    2022-11-01 $319,900 (6.7%) $412,983 (2.6%) 0.77 1,019
    2022-12-01 $315,000 (6.0%) $402,231 (3.7%) 0.78 1,021
    2023-01-01 $312,475 (-0.6%) $393,994 (-7.8%) 0.77 888
    2023-02-01 $324,950 (-0.8%) $415,882 (-5.0%) 0.78 788
    2023-03-01 $342,500 (5.0%) $453,731 (4.4%) 0.81 712
    2023-04-01 $347,500 (8.6%) $453,719 (8.8%) 0.81 685
    Springfield's median listing price for 2023-04-01 was $347,500, a difference of $27,550 (8.6%) versus the prior year and $5,000 versus the prior month.

    Springfield's median listing price comes in at 81% of the national average.

    Springfield's average listing price for 2023-04-01 was $453,719, a difference of $36,831 (8.8%) versus the prior year and $-12 versus the prior month.

    For the 2023-04-01 period, Springfield had 685 MLS listings, a difference of -27 listings (-4%) versus the prior month and 255 listings (59%) 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 1,925 sqft
    2018-02-01 82 days 1,934 sqft
    2018-03-01 65 days 1,971 sqft
    2018-04-01 58 days 2,028 sqft
    2018-05-01 51 days 2,117 sqft
    2018-06-01 50 days 2,173 sqft
    2018-07-01 50 days 2,123 sqft
    2018-08-01 49 days 1,976 sqft
    2018-09-01 51 days 1,930 sqft
    2018-10-01 57 days 1,914 sqft
    2018-11-01 63 days 1,880 sqft
    2018-12-01 68 days 1,870 sqft
    2019-01-01 78 days 1,888 sqft
    2019-02-01 68 days 1,892 sqft
    2019-03-01 59 days 2,000 sqft
    2019-04-01 55 days 2,082 sqft
    2019-05-01 48 days 2,132 sqft
    2019-06-01 45 days 2,154 sqft
    2019-07-01 49 days 2,091 sqft
    2019-08-01 60 days 2,140 sqft
    2019-09-01 63 days 2,102 sqft
    2019-10-01 54 days 1,969 sqft
    2019-11-01 53 days 1,900 sqft
    2019-12-01 66 days 1,860 sqft
    2020-01-01 80 days 1,860 sqft
    2020-02-01 83 days 1,850 sqft
    2020-03-01 64 days 1,954 sqft
    2020-04-01 50 days 1,935 sqft
    2020-05-01 58 days 2,002 sqft
    2020-06-01 65 days 2,134 sqft
    2020-07-01 47 days 2,120 sqft
    2020-08-01 38 days 2,064 sqft
    2020-09-01 41 days 2,032 sqft
    2020-10-01 37 days 1,958 sqft
    2020-11-01 44 days 1,968 sqft
    2020-12-01 56 days 1,939 sqft
    2021-01-01 59 days 2,000 sqft
    2021-02-01 49 days 2,034 sqft
    2021-03-01 40 days 2,121 sqft
    2021-04-01 22 days 2,071 sqft
    2021-05-01 21 days 2,074 sqft
    2021-06-01 23 days 2,010 sqft
    2021-07-01 24 days 2,020 sqft
    2021-08-01 29 days 1,971 sqft
    2021-09-01 32 days 1,923 sqft
    2021-10-01 32 days 1,933 sqft
    2021-11-01 39 days 1,951 sqft
    2021-12-01 43 days 1,929 sqft
    2022-01-01 51 days 1,946 sqft
    2022-02-01 35 days 1,973 sqft
    2022-03-01 24 days 2,003 sqft
    2022-04-01 20 days 1,955 sqft
    2022-05-01 22 days 2,000 sqft
    2022-06-01 23 days 2,000 sqft
    2022-07-01 29 days 1,993 sqft
    2022-08-01 41 days 2,017 sqft
    2022-09-01 42 days 1,946 sqft
    2022-10-01 38 days 1,920 sqft
    2022-11-01 44 days 1,904 sqft
    2022-12-01 56 days 1,900 sqft
    2023-01-01 63 days 1,923 sqft
    2023-02-01 55 days 1,927 sqft
    2023-03-01 48 days 1,985 sqft
    2023-04-01 40 days 2,000 sqft
    Springfield's median listing age (time on market) for 2023-04-01 was 40 days. This is 100% longer than the same period one year ago.

    Springfield's median square footage for active listings during the 2023-04-01 period was 2,000 sqft. One year prior, the average listing was 1,955 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).