Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, OH

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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 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 6.87% 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 $6,232.

    The average rate for the prior week (2024-04-12) was 7.16% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.71%.

    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

    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 $97,100 (10.1%) $133,299 (2.4%) 0.39 403
    2018-02-01 $97,675 (13.3%) $136,861 (3.6%) 0.37 362
    2018-03-01 $93,400 (9.5%) $132,347 (-3.6%) 0.34 354
    2018-04-01 $97,850 (15.3%) $134,574 (-0.7%) 0.34 343
    2018-05-01 $99,375 (11.2%) $143,987 (5.6%) 0.36 368
    2018-06-01 $109,900 (22.3%) $150,439 (8.8%) 0.37 387
    2018-07-01 $107,225 (16.2%) $149,644 (3.6%) 0.37 387
    2018-08-01 $107,169 (16.9%) $153,037 (6.4%) 0.37 400
    2018-09-01 $106,000 (10.4%) $151,365 (4.0%) 0.37 403
    2018-10-01 $99,475 (4.9%) $147,151 (2.9%) 0.33 421
    2018-11-01 $99,900 (3.4%) $143,833 (0.9%) 0.34 414
    2018-12-01 $99,900 (0.0%) $142,953 (3.9%) 0.36 376
    2019-01-01 $100,550 (3.6%) $137,727 (3.3%) 0.38 297
    2019-02-01 $98,350 (0.7%) $138,017 (0.8%) 0.37 268
    2019-03-01 $104,636 (12.0%) $142,817 (7.9%) 0.38 255
    2019-04-01 $111,475 (13.9%) $148,278 (10.2%) 0.38 243
    2019-05-01 $112,400 (13.1%) $146,715 (1.9%) 0.39 259
    2019-06-01 $119,900 (9.1%) $156,393 (4.0%) 0.40 249
    2019-07-01 $123,325 (15.0%) $155,258 (3.8%) 0.41 283
    2019-08-01 $118,295 (10.4%) $150,034 (-2.0%) 0.41 305
    2019-09-01 $115,739 (9.2%) $149,172 (-1.5%) 0.41 305
    2019-10-01 $114,409 (15.0%) $146,979 (-0.1%) 0.41 310
    2019-11-01 $109,900 (10.0%) $142,188 (-1.1%) 0.37 321
    2019-12-01 $109,900 (10.0%) $142,282 (-0.5%) 0.38 304
    2020-01-01 $104,725 (4.2%) $146,436 (6.3%) 0.36 269
    2020-02-01 $98,875 (0.5%) $143,230 (3.8%) 0.32 224
    2020-03-01 $105,713 (1.0%) $150,260 (5.2%) 0.34 208
    2020-04-01 $102,450 (-8.1%) $147,647 (-0.4%) 0.31 190
    2020-05-01 $115,000 (2.3%) $157,856 (7.6%) 0.33 150
    2020-06-01 $127,975 (6.7%) $174,028 (11.3%) 0.39 129
    2020-07-01 $159,663 (29.5%) $186,776 (20.3%) 0.46 132
    2020-08-01 $158,200 (33.7%) $185,648 (23.7%) 0.46 130
    2020-09-01 $134,100 (15.9%) $175,452 (17.6%) 0.37 118
    2020-10-01 $139,900 (22.3%) $179,458 (22.1%) 0.40 125
    2020-11-01 $136,175 (23.9%) $181,597 (27.7%) 0.40 123
    2020-12-01 $134,375 (22.3%) $180,276 (26.7%) 0.41 95
    2021-01-01 $131,750 (25.8%) $178,982 (22.2%) 0.40 83
    2021-02-01 $152,475 (54.2%) $177,587 (24.0%) 0.43 61
    2021-03-01 $136,425 (29.1%) $181,254 (20.6%) 0.36 63
    2021-04-01 $174,900 (70.7%) $200,081 (35.5%) 0.46 67
    2021-05-01 $183,700 (59.7%) $208,905 (32.3%) 0.50 73
    2021-06-01 $166,175 (29.9%) $186,173 (7.0%) 0.45 112
    2021-07-01 $150,000 (-6.1%) $184,412 (-1.3%) 0.43 162
    2021-08-01 $150,000 (-5.2%) $181,662 (-2.2%) 0.38 196
    2021-09-01 $142,613 (6.4%) $175,085 (-0.2%) 0.38 179
    2021-10-01 $139,950 (0.0%) $180,507 (0.6%) 0.37 178
    2021-11-01 $158,675 (16.5%) $188,727 (3.9%) 0.41 179
    2021-12-01 $140,575 (4.6%) $186,521 (3.5%) 0.38 168
    2022-01-01 $157,900 (19.9%) $196,051 (9.5%) 0.42 120
    2022-02-01 $165,875 (8.8%) $208,562 (17.4%) 0.42 93
    2022-03-01 $197,200 (44.6%) $245,187 (35.3%) 0.49 77
    2022-04-01 $179,950 (2.9%) $246,956 (23.4%) 0.45 77
    2022-05-01 $177,250 (-3.5%) $229,428 (9.8%) 0.40 96
    2022-06-01 $169,950 (2.3%) $226,163 (21.5%) 0.37 110
    2022-07-01 $187,900 (25.3%) $241,726 (31.1%) 0.42 143
    2022-08-01 $169,650 (13.1%) $214,506 (18.1%) 0.38 171
    2022-09-01 $166,950 (17.1%) $213,339 (21.9%) 0.00 181
    2022-10-01 $168,950 (20.7%) $216,417 (19.9%) 0.00 190
    2022-11-01 $166,825 (5.1%) $209,174 (10.8%) 0.00 190
    2022-12-01 $177,150 (26.0%) $220,687 (18.3%) 0.00 167
    2023-01-01 $166,075 (5.2%) $218,383 (11.4%) 0.00 136
    2023-02-01 $161,400 (-2.7%) $220,734 (5.8%) 0.00 110
    2023-03-01 $172,075 (-12.7%) $234,207 (-4.5%) 0.00 96
    2023-04-01 $157,250 (-12.6%) $208,525 (-15.6%) 0.00 87
    2023-05-01 $145,000 (-18.2%) $209,546 (-8.7%) 0.00 85
    2023-06-01 $191,150 (12.5%) $239,202 (5.8%) 0.00 89
    2023-07-01 $204,500 (8.8%) $229,074 (-5.2%) 0.00 104
    2023-08-01 $197,000 (16.1%) $216,637 (1.0%) 0.00 118
    2023-09-01 $199,900 (19.7%) $231,252 (8.4%) 0.00 144
    2023-10-01 $199,450 (18.1%) $237,717 (9.8%) 0.00 152
    2023-11-01 $195,700 (17.3%) $235,699 (12.7%) 0.00 180
    2023-12-01 $199,900 (12.8%) $247,662 (12.2%) 0.00 164
    2024-01-01 $199,450 (20.1%) $243,480 (11.5%) 0.00 135
    2024-02-01 $182,400 (13.0%) $234,807 (6.4%) 0.00 115
    2024-03-01 $187,900 (9.2%) $253,000 (8.0%) 0.00 95
    Springfield's median listing price for 2024-03-01 was $187,900, a difference of $15,825 (9.2%) versus the prior year and $5,500 versus the prior month.

    Springfield's median listing price comes in at 0% of the national average.

    Springfield's average listing price for 2024-03-01 was $253,000, a difference of $18,793 (8.0%) versus the prior year and $18,193 versus the prior month.

    For the 2024-03-01 period, Springfield had 95 MLS listings, a difference of -20 listings (-17%) versus the prior month and -1 listings (-1%) 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 89 days 1,457 sqft
    2018-02-01 95 days 1,456 sqft
    2018-03-01 80 days 1,452 sqft
    2018-04-01 56 days 1,464 sqft
    2018-05-01 53 days 1,490 sqft
    2018-06-01 52 days 1,512 sqft
    2018-07-01 59 days 1,503 sqft
    2018-08-01 60 days 1,524 sqft
    2018-09-01 54 days 1,501 sqft
    2018-10-01 61 days 1,444 sqft
    2018-11-01 66 days 1,419 sqft
    2018-12-01 81 days 1,440 sqft
    2019-01-01 88 days 1,406 sqft
    2019-02-01 85 days 1,411 sqft
    2019-03-01 69 days 1,450 sqft
    2019-04-01 49 days 1,491 sqft
    2019-05-01 44 days 1,465 sqft
    2019-06-01 39 days 1,520 sqft
    2019-07-01 41 days 1,510 sqft
    2019-08-01 41 days 1,510 sqft
    2019-09-01 45 days 1,496 sqft
    2019-10-01 45 days 1,484 sqft
    2019-11-01 50 days 1,435 sqft
    2019-12-01 60 days 1,429 sqft
    2020-01-01 70 days 1,421 sqft
    2020-02-01 72 days 1,386 sqft
    2020-03-01 56 days 1,450 sqft
    2020-04-01 51 days 1,530 sqft
    2020-05-01 62 days 1,567 sqft
    2020-06-01 52 days 1,604 sqft
    2020-07-01 34 days 1,650 sqft
    2020-08-01 34 days 1,580 sqft
    2020-09-01 31 days 1,444 sqft
    2020-10-01 25 days 1,476 sqft
    2020-11-01 39 days 1,478 sqft
    2020-12-01 51 days 1,445 sqft
    2021-01-01 55 days 1,423 sqft
    2021-02-01 40 days 1,403 sqft
    2021-03-01 35 days 1,402 sqft
    2021-04-01 30 days 1,528 sqft
    2021-05-01 31 days 1,616 sqft
    2021-06-01 29 days 1,508 sqft
    2021-07-01 27 days 1,512 sqft
    2021-08-01 32 days 1,474 sqft
    2021-09-01 40 days 1,449 sqft
    2021-10-01 42 days 1,472 sqft
    2021-11-01 35 days 1,460 sqft
    2021-12-01 48 days 1,419 sqft
    2022-01-01 74 days 1,449 sqft
    2022-02-01 84 days 1,469 sqft
    2022-03-01 64 days 1,519 sqft
    2022-04-01 43 days 1,404 sqft
    2022-05-01 31 days 1,344 sqft
    2022-06-01 30 days 1,395 sqft
    2022-07-01 23 days 1,420 sqft
    2022-08-01 30 days 1,468 sqft
    2022-09-01 0 days 1,452 sqft
    2022-10-01 0 days 1,403 sqft
    2022-11-01 0 days 1,425 sqft
    2022-12-01 0 days 1,456 sqft
    2023-01-01 0 days 1,418 sqft
    2023-02-01 0 days 1,480 sqft
    2023-03-01 0 days 1,467 sqft
    2023-04-01 0 days 1,477 sqft
    2023-05-01 0 days 1,454 sqft
    2023-06-01 0 days 1,501 sqft
    2023-07-01 0 days 1,624 sqft
    2023-08-01 0 days 1,437 sqft
    2023-09-01 0 days 1,450 sqft
    2023-10-01 0 days 1,456 sqft
    2023-11-01 0 days 1,397 sqft
    2023-12-01 0 days 1,386 sqft
    2024-01-01 0 days 1,370 sqft
    2024-02-01 0 days 1,374 sqft
    2024-03-01 0 days 1,364 sqft
    Springfield's median listing age (time on market) for 2024-03-01 was 0 days.

    Springfield's median square footage for active listings during the 2024-03-01 period was 1,364 sqft. One year prior, the average listing was 1,467 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).