Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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 94 lenders originated 1,335 FHA loans during 2023. The total origination value was $274,875,000, with an average FHA loan value of $205,899.

Springfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Springfield averaged 6.76% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Springfield's average FHA mortgage closing costs are $6,024.

The average rate for the prior week (2024-04-05) was 6.79% and one month ago for the week of 2024-03-08, the average rate was 6.43%.

The average rate one year ago was 6.26%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.45%.

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
FLAT BRANCH MORTGAGE, INC. 155 6.71% $7,342
DAS Acquisition Company, LLC 134 6.77% $8,804
QUICKEN LOANS, LLC 128 6.37% $9,386
GERSHMAN INVESTMENT CORP. 74 6.98% $8,091
UNITED WHOLESALE MORTGAGE, LLC 72 6.29% $12,162
BROKER SOLUTIONS, INC. 38 6.67% $8,738
PENNYMAC LOAN SERVICES, LLC 37 6.42% $10,171
The Central Trust Bank 37 6.52% $7,036
Plains Commerce Bank 33 6.47% $10,346
Mortgage Research Center, LLC 30 6.86% $4,999
CARDINAL FINANCIAL 21 6.30% $9,091
AMERISAVE MORTGAGE CORPORATION 21 5.96% $11,404
Springfield First Community Bank 21 6.75% $7,959
Mr. Cooper ( Nationstar Mortgage ) 20 6.34% $12,172
Hawthorn Bank 19 6.24% $7,292
Arvest Bank 19 6.80% $7,557
MOVEMENT MORTGAGE, LLC 19 6.74% $8,217
LOANDEPOT.COM, LLC 18 6.23% $11,902
Great Southern Bank 18 6.19% $6,332
GUILD MORTGAGE COMPANY 18 6.69% $8,330
FREEDOM MORTGAGE CORPORATION 17 7.02% $12,299
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.93% $9,122
GUARANTEED RATE, INC. 13 6.30% $8,011
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 7.40% $8,640
Oakstar Bank 12 6.42% $7,043
ASSEMBLIES OF GOD Credit Union 11 6.77% $8,176
MORTGAGE FINANCIAL SERVICES, LLC 11 6.92% $9,148
PREMIER MORTGAGE RESOURCES, L.L.C. 10 6.66% $9,366
ENDEAVOR CAPITAL, LLC. 10 6.37% $10,818
U.S. Bank 9 6.39% $6,483
Equity Prime Mortgage LLC 9 7.06% $9,618
Regions Bank 9 5.85% $7,076
NEWREZ LLC 8 7.06% $6,671
VILLAGE CAPITAL MORTGAGE 8 6.47% $5,999
BANK OF LITTLE ROCK MORTGAGE CORPORATION 8 6.61% $8,444
BancorpSouth 8 6.42% $5,902
Carrington Mortgage Services, LLC 7 6.50% $10,386
LOANPAL, LLC 7 6.11% $9,162
LAKEVIEW LOAN SERVICING, LLC 6 6.08% $10,502
AMERICAN FINANCIAL NETWORK, INC. 5 6.63% $11,864
Flagstar Bank, FSB 5 6.94% $6,894
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.98% $16,408
Simmons Bank 5 6.58% $7,251
CROSSCOUNTRY MORTGAGE, LLC 4 7.13% $6,603
PLANET HOME LENDING, LLC 4 5.84% $7,252
SUN WEST MORTGAGE COMPANY, INC. 4 6.31% $10,624
TOP FLITE FINANCIAL, INC. 4 6.75% $15,417
Paramount Residential Mortgage Group, Inc. 4 6.72% $8,786
MID AMERICA MORTGAGE, INC. 3 7.38% $7,578
Servion, Inc. 3 6.58% $6,847
AMERICAN FINANCING CORPORATION 3 6.38% $13,619
ROYAL UNITED MORTGAGE LLC 3 7.33% $11,181
AXIA FINANCIAL, LLC 3 6.38% $8,553
ON Q FINANCIAL, INC. 3 7.17% $7,406
Prosperity Home Mortgage, LLC 3 5.83% $7,457
COMMUNITY MORTGAGE, LLC 3 7.29% $6,674
Bank of America 2 6.38% $3,362
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.00% $13,410
BLUCURRENT 2 7.13% $6,794
LEADERONE FINANCIAL CORPORATION 2 6.44% $7,171
JPMorgan Chase Bank 2 6.81% $8,392
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $11,069
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.88% $5,927
Ameris Bank 2 6.69% $8,619
EVERETT FINANCIAL, INC. 2 6.63% $12,143
AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,983
Commerce Bank 2 6.31% $5,545
United Fidelity Funding Corp. 2 6.31% $7,834
Willamette Valley Bank 1 6.50% $7,373
American Mortgage & Equity Consultants, Inc. 1 6.75% $13,579
AmeriHome Mortgage Company, LLC 1 6.13% $10,119
Bell Bank 1 5.75% $6,159
CHURCHILL MORTGAGE CORPORATION 1 6.63% $8,591
CMG MORTGAGE, INC. 1 6.75% $7,196
CRESCENT MORTGAGE COMPANY 1 5.50% $19,813
DELMAR FINANCIAL COMPANY 1 7.13% $8,187
First Bank 1 6.50% $6,042
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.63% $3,783
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $11,357
Ixonia Bank 1 6.99% $9,705
MEGASTAR FINANCIAL CORP. 1 6.75% $6,292
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $14,041
Nations Lending Corporation 1 6.75% $4,789
Neighborhood Loans, Inc. 1 5.38% $13,600
NexBank 1 6.13% $10,485
Old National Bank 1 6.25% $8,077
OPEN MORTGAGE, LLC 1 5.75% $22,226
PLAZA HOME MORTGAGE, INC. 1 6.75% $14,234
PNC Bank 1 6.25% $5,534
TOWNE MORTGAGE COMPANY 1 5.49% $12,776
UMB Bank 1 5.75% $8,203
US MORTGAGE CORPORATION 1 6.13% $10,429
VERITAS FUNDING, LLC 1 6.00% $14,847
Academy Bank 1 6.50% $6,100

The top Springfield FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 155 FHA loans originated. Their average total fees are $7,342, which is $1,463 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Springfield FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,999), Great Southern Bank ($6,332), The Central Trust Bank ($7,036), Oakstar Bank ($7,043) and Hawthorn Bank ($7,292).

The lowest rate Springfield FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.96%), Great Southern Bank (6.19%), LOANDEPOT.COM, LLC (6.23%), Hawthorn Bank (6.24%) and UNITED WHOLESALE MORTGAGE, LLC (6.29%).

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 1,627
2018-02-01 $184,450 (15.4%) $240,981 (12.3%) 0.67 1,569
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 (10.0%) 0.72 1,663
2018-07-01 $205,000 (14.0%) $266,342 (9.4%) 0.68 1,775
2018-08-01 $189,900 (4.4%) $250,567 (2.4%) 0.64 1,944
2018-09-01 $189,500 (5.3%) $246,948 (2.5%) 0.64 1,956
2018-10-01 $186,950 (3.9%) $243,010 (0.8%) 0.63 1,955
2018-11-01 $183,250 (2.2%) $241,238 (0.5%) 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 (4.2%) $242,498 (0.6%) 0.65 1,569
2019-03-01 $205,714 (8.3%) $252,274 (3.3%) 0.67 1,472
2019-04-01 $222,500 (11.3%) $265,965 (4.0%) 0.71 1,376
2019-05-01 $237,448 (14.2%) $278,000 (5.5%) 0.74 1,362
2019-06-01 $232,450 (7.1%) $280,759 (4.0%) 0.73 1,520
2019-07-01 $227,413 (10.9%) $276,044 (3.6%) 0.71 1,564
2019-08-01 $223,536 (17.7%) $270,237 (7.9%) 0.71 1,646
2019-09-01 $221,491 (16.9%) $268,105 (8.6%) 0.71 1,661
2019-10-01 $220,127 (17.8%) $266,423 (9.6%) 0.71 1,682
2019-11-01 $217,000 (18.4%) $261,760 (8.5%) 0.71 1,698
2019-12-01 $214,900 (17.5%) $261,175 (9.6%) 0.72 1,576
2020-01-01 $217,200 (14.4%) $265,035 (9.8%) 0.73 1,454
2020-02-01 $219,900 (14.4%) $272,984 (12.6%) 0.72 1,342
2020-03-01 $228,375 (11.0%) $287,330 (13.9%) 0.72 1,289
2020-04-01 $229,900 (3.3%) $283,449 (6.6%) 0.72 1,349
2020-05-01 $242,900 (2.3%) $300,019 (7.9%) 0.74 1,201
2020-06-01 $254,420 (9.5%) $316,983 (12.9%) 0.75 1,067
2020-07-01 $248,200 (9.1%) $317,859 (15.2%) 0.72 1,030
2020-08-01 $249,900 (11.8%) $319,570 (18.3%) 0.72 985
2020-09-01 $249,925 (12.8%) $317,422 (18.4%) 0.72 988
2020-10-01 $237,900 (8.1%) $312,008 (17.1%) 0.68 1,017
2020-11-01 $242,450 (11.7%) $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 (15.1%) $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 (24.5%) $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 (10.8%) $396,489 (32.2%) 0.72 459
2021-06-01 $272,050 (6.9%) $394,780 (24.5%) 0.72 505
2021-07-01 $277,450 (11.8%) $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 $338,788 (24.4%) $412,872 (14.0%) 0.79 887
2022-10-01 $320,375 (14.4%) $413,574 (9.2%) 0.75 970
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 $312,500 (-0.6%) $394,430 (-7.7%) 0.77 887
2023-02-01 $324,950 (-0.8%) $411,902 (-5.9%) 0.78 787
2023-03-01 $342,500 (5.0%) $444,215 (2.2%) 0.81 710
2023-04-01 $348,700 (9.0%) $454,179 (9.0%) 0.81 684
2023-05-01 $357,425 (3.4%) $454,180 (5.7%) 0.81 712
2023-06-01 $363,475 (3.9%) $446,082 (3.1%) 0.82 768
2023-07-01 $349,900 (1.4%) $437,372 (2.8%) 0.80 858
2023-08-01 $350,000 (3.2%) $436,889 (5.1%) 0.80 934
2023-09-01 $349,000 (3.0%) $417,962 (1.2%) 0.81 1,034
2023-10-01 $331,200 (3.4%) $402,541 (-2.7%) 0.78 1,118
2023-11-01 $314,999 (-1.5%) $395,026 (-4.4%) 0.75 1,181
2023-12-01 $319,200 (1.3%) $398,587 (-0.9%) 0.78 1,136
2024-01-01 $330,000 (5.6%) $407,898 (3.4%) 0.81 1,009
2024-02-01 $337,450 (3.9%) $408,241 (-0.9%) 0.81 942
2024-03-01 $339,948 (-0.8%) $417,825 (-5.9%) 0.80 975
Springfield's median listing price for 2024-03-01 was $339,948, a difference of $-2,552 (-0.8%) versus the prior year and $2,498 versus the prior month.

Springfield's median listing price comes in at 80% of the national average.

Springfield's average listing price for 2024-03-01 was $417,825, a difference of $-26,390 (-5.9%) versus the prior year and $9,584 versus the prior month.

For the 2024-03-01 period, Springfield had 975 MLS listings, a difference of 33 listings (4%) versus the prior month and 265 listings (37%) 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 80 days 1,923 sqft
2018-02-01 74 days 1,934 sqft
2018-03-01 53 days 1,971 sqft
2018-04-01 50 days 2,028 sqft
2018-05-01 45 days 2,117 sqft
2018-06-01 44 days 2,173 sqft
2018-07-01 45 days 2,123 sqft
2018-08-01 44 days 1,975 sqft
2018-09-01 46 days 1,930 sqft
2018-10-01 52 days 1,912 sqft
2018-11-01 58 days 1,880 sqft
2018-12-01 64 days 1,870 sqft
2019-01-01 72 days 1,888 sqft
2019-02-01 63 days 1,891 sqft
2019-03-01 55 days 1,965 sqft
2019-04-01 52 days 2,081 sqft
2019-05-01 46 days 2,137 sqft
2019-06-01 43 days 2,159 sqft
2019-07-01 47 days 2,095 sqft
2019-08-01 49 days 2,029 sqft
2019-09-01 51 days 1,987 sqft
2019-10-01 52 days 1,959 sqft
2019-11-01 52 days 1,900 sqft
2019-12-01 65 days 1,860 sqft
2020-01-01 79 days 1,860 sqft
2020-02-01 80 days 1,850 sqft
2020-03-01 61 days 1,954 sqft
2020-04-01 48 days 1,934 sqft
2020-05-01 57 days 2,000 sqft
2020-06-01 62 days 2,134 sqft
2020-07-01 44 days 2,118 sqft
2020-08-01 37 days 2,064 sqft
2020-09-01 39 days 2,031 sqft
2020-10-01 36 days 1,954 sqft
2020-11-01 43 days 1,968 sqft
2020-12-01 55 days 1,939 sqft
2021-01-01 57 days 2,000 sqft
2021-02-01 46 days 2,034 sqft
2021-03-01 38 days 2,118 sqft
2021-04-01 22 days 2,071 sqft
2021-05-01 20 days 2,074 sqft
2021-06-01 23 days 2,010 sqft
2021-07-01 23 days 2,020 sqft
2021-08-01 28 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 49 days 1,946 sqft
2022-02-01 34 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 40 days 2,017 sqft
2022-09-01 41 days 1,947 sqft
2022-10-01 38 days 1,920 sqft
2022-11-01 44 days 1,904 sqft
2022-12-01 54 days 1,900 sqft
2023-01-01 62 days 1,924 sqft
2023-02-01 55 days 1,927 sqft
2023-03-01 47 days 1,990 sqft
2023-04-01 40 days 2,003 sqft
2023-05-01 32 days 2,066 sqft
2023-06-01 37 days 2,077 sqft
2023-07-01 32 days 2,017 sqft
2023-08-01 32 days 2,057 sqft
2023-09-01 37 days 2,004 sqft
2023-10-01 38 days 1,954 sqft
2023-11-01 42 days 1,860 sqft
2023-12-01 50 days 1,886 sqft
2024-01-01 60 days 1,910 sqft
2024-02-01 55 days 1,871 sqft
2024-03-01 38 days 1,926 sqft
Springfield's median listing age (time on market) for 2024-03-01 was 38 days. This is -20% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2024-03-01 period was 1,926 sqft. One year prior, the average listing was 1,990 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).