Springfield FHA Loan Rates, Closing Costs & Stats
SPRINGFIELD, OH
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 69 lenders originated 433 FHA
loans during 2023. The total origination value was $72,755,000, with an average FHA loan value of
$168,025.
Springfield FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Springfield
averaged
6.31%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Springfield's average FHA mortgage closing costs are $6,232.
The average rate for the prior week (2024-10-04) was
5.93% and
one month ago for the week of 2024-09-06, the
average rate was 6.16%.
The average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-11, the average rate
was 7.16%.
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 |
CROSSCOUNTRY MORTGAGE, LLC
|
59
|
7.13%
|
$7,854
|
QUICKEN LOANS, LLC
|
51
|
6.30%
|
$8,624
|
LOANDEPOT.COM, LLC
|
26
|
6.71%
|
$9,439
|
UNITED WHOLESALE MORTGAGE, LLC
|
22
|
6.81%
|
$9,073
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
20
|
7.16%
|
$7,748
|
NVR Mortgage Finance, Inc.
|
16
|
5.69%
|
$9,361
|
NEWREZ LLC
|
11
|
6.74%
|
$7,247
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
10
|
7.35%
|
$7,736
|
T2 FINANCIAL LLC
|
10
|
6.80%
|
$10,231
|
NFM, INC.
|
9
|
7.60%
|
$10,515
|
WRIGHT-PATT CREDIT UNION, INC.
|
9
|
6.72%
|
$5,513
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
6.19%
|
$10,090
|
MOVEMENT MORTGAGE, LLC
|
8
|
6.33%
|
$9,177
|
WesBanco
|
8
|
6.55%
|
$7,409
|
FREEDOM MORTGAGE CORPORATION
|
7
|
6.63%
|
$11,591
|
UNION HOME MORTGAGE CORP.
|
7
|
6.39%
|
$8,789
|
DAS Acquisition Company, LLC
|
7
|
7.23%
|
$9,066
|
The Huntington National Bank
|
6
|
7.21%
|
$7,861
|
Fifth Third Bank
|
5
|
7.10%
|
$6,552
|
HOMESIDE FINANCIAL, LLC
|
5
|
6.97%
|
$10,986
|
AMERISAVE MORTGAGE CORPORATION
|
4
|
6.06%
|
$9,777
|
FIRST COMMUNITY MORTGAGE, INC.
|
4
|
7.34%
|
$8,849
|
POLARIS HOME FUNDING CORP.
|
4
|
6.91%
|
$8,298
|
BROKER SOLUTIONS, INC.
|
4
|
6.94%
|
$8,057
|
VAN DYK MORTGAGE CORPORATION
|
4
|
7.13%
|
$8,200
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
3
|
6.88%
|
$11,278
|
RUOFF MORTGAGE COMPANY, INC.
|
3
|
6.88%
|
$6,140
|
GUILD MORTGAGE COMPANY
|
3
|
6.96%
|
$7,335
|
THRIVE MORTGAGE, LLC
|
3
|
7.38%
|
$9,024
|
Union Savings Bank
|
3
|
6.96%
|
$6,083
|
Western Ohio Mortgage Corporation
|
3
|
6.83%
|
$9,086
|
EQUITY RESOURCES, INC.
|
3
|
6.83%
|
$5,201
|
Mortgage Research Center, LLC
|
3
|
7.29%
|
$3,381
|
Carrington Mortgage Services, LLC
|
3
|
6.42%
|
$11,344
|
ENDEAVOR CAPITAL, LLC.
|
2
|
6.19%
|
$12,298
|
First Financial Bank
|
2
|
6.63%
|
$8,023
|
MYCUMORTGAGE, LLC
|
2
|
6.88%
|
$6,623
|
Hometown Equity Mortgage, LLC
|
2
|
6.63%
|
$9,228
|
U.S. Bank
|
2
|
7.31%
|
$6,278
|
The Union Bank Company
|
2
|
5.94%
|
$8,692
|
The Park National Bank
|
2
|
7.25%
|
$6,399
|
ROYAL UNITED MORTGAGE LLC
|
2
|
6.69%
|
$9,774
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
2
|
6.75%
|
$4,268
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
6.63%
|
$9,300
|
Paramount Residential Mortgage Group, Inc.
|
2
|
6.31%
|
$11,876
|
LIBERTY HOME MORTGAGE CORPORATION
|
2
|
7.13%
|
$12,419
|
NORTHERN MORTGAGE SERVICES, LLC
|
1
|
7.13%
|
$5,114
|
AMERICAN FINANCING CORPORATION
|
1
|
7.13%
|
$8,035
|
American Mortgage & Equity Consultants, Inc.
|
1
|
7.75%
|
$8,291
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
7.75%
|
$6,790
|
BETTER MORTGAGE CORPORATION
|
1
|
7.13%
|
$6,005
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
6.25%
|
$16,261
|
FirstBank
|
1
|
7.50%
|
$10,467
|
Flagstar Bank, FSB
|
1
|
6.25%
|
$6,221
|
GENEVA FINANCIAL, LLC
|
1
|
7.25%
|
$9,320
|
HOWARD HANNA FINANCIAL SERVICES, INC.
|
1
|
7.50%
|
$6,521
|
KELLER MORTGAGE, LLC
|
1
|
6.00%
|
$8,214
|
LAKEVIEW LOAN SERVICING, LLC
|
1
|
5.63%
|
$12,544
|
MIDLAND MORTGAGE CORPORATION
|
1
|
6.25%
|
$9,065
|
MORIA DEVELOPMENT, INC.
|
1
|
7.63%
|
$13,269
|
Nations Lending Corporation
|
1
|
7.25%
|
$6,818
|
NATIONS RELIABLE LENDING, LLC
|
1
|
7.13%
|
$7,003
|
NEW DAY FINANCIAL, LLC
|
1
|
7.00%
|
$2,328
|
AMERICAN FINANCIAL NETWORK, INC.
|
1
|
8.13%
|
$10,467
|
PENNYMAC LOAN SERVICES, LLC
|
1
|
5.50%
|
$10,955
|
PHH Mortgage Corporation
|
1
|
7.13%
|
$5,898
|
Plains Commerce Bank
|
1
|
7.75%
|
$9,854
|
PLANET HOME LENDING, LLC
|
1
|
6.63%
|
$4,733
|
SUMMIT FUNDING, INC.
|
1
|
6.75%
|
$7,954
|
The top Springfield FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
59 FHA loans originated. Their average total fees are
$7,854, which is $769
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Springfield FHA lenders (with over 10 loans originated) are
NEWREZ LLC ($7,247), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,736), PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,748), CROSSCOUNTRY MORTGAGE, LLC ($7,854) and QUICKEN LOANS, LLC ($8,624).
The lowest rate Springfield FHA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.69%), QUICKEN LOANS, LLC (6.30%), LOANDEPOT.COM, LLC (6.71%), NEWREZ LLC (6.74%) and T2 FINANCIAL LLC (6.80%).
Springfield FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
SPRINGFIELD, OH |
CLARK |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
SPRINGFIELD, OH |
CLARK |
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).