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 87 lenders originated 590 FHA loans during 2022. The total origination value was $91,690,000, with an average FHA loan value of $155,407.

Springfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Springfield averaged -0.05% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Springfield's average FHA mortgage closing costs are $5,901.

The average rate for the prior week (2024-02-16) was 6.49% and one month ago for the week of 2024-01-19, the average rate was 6.53%.

The average rate one year ago was 5.99%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.96%.

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
CALIBER HOME LOANS, INC. 72 4.88% $6,587
QUICKEN LOANS, LLC 65 4.55% $7,994
T2 FINANCIAL LLC 35 5.30% $7,562
PRIMELENDING, A PLAINSCAPITAL COMPANY 31 5.54% $7,572
DAS Acquisition Company, LLC 29 5.40% $8,239
CROSSCOUNTRY MORTGAGE, LLC 23 5.96% $7,680
LOANDEPOT.COM, LLC 22 5.32% $7,967
The Huntington National Bank 20 5.15% $6,382
WRIGHT-PATT CREDIT UNION, INC. 20 4.89% $5,534
NVR Mortgage Finance, Inc. 19 4.41% $9,698
THRIVE MORTGAGE, LLC 14 5.47% $7,857
NFM, INC. 14 5.56% $7,484
UNITED WHOLESALE MORTGAGE, LLC 13 5.12% $7,644
Mr. Cooper ( Nationstar Mortgage ) 9 5.26% $8,585
UNION HOME MORTGAGE CORP. 8 5.20% $7,041
FREEDOM MORTGAGE CORPORATION 8 4.90% $7,459
RUOFF MORTGAGE COMPANY, INC. 7 6.11% $5,974
CARDINAL FINANCIAL 7 5.21% $8,206
WesBanco 7 5.41% $5,936
INSPIRE HOME LOANS INC. 7 5.62% $9,068
HOMESIDE FINANCIAL, LLC 6 4.94% $7,293
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.53% $6,745
Fifth Third Bank 5 5.00% $5,989
AMERISAVE MORTGAGE CORPORATION 5 4.80% $8,768
PENNYMAC LOAN SERVICES, LLC 5 4.45% $8,643
JPMorgan Chase Bank 5 4.65% $2,871
NEWREZ LLC 5 5.48% $7,305
EQUITY RESOURCES, INC. 4 5.50% $5,643
Equity Prime Mortgage LLC 4 5.91% $7,928
VAN DYK MORTGAGE CORPORATION 4 5.44% $5,958
PNC Bank 4 4.97% $4,191
The Park National Bank 3 4.33% $5,408
Bank of England 3 6.17% $6,576
LIBERTY HOME MORTGAGE CORPORATION 3 6.08% $5,932
POLARIS HOME FUNDING CORP. 3 4.54% $6,217
AMERICAN MORTGAGE SERVICE COMPANY 3 4.88% $6,570
Flagstar Bank, FSB 2 5.69% $5,383
MID AMERICA MORTGAGE, INC. 2 5.44% $7,481
East Coast Capital Corp. 2 5.38% $10,850
MOVEMENT MORTGAGE, LLC 2 5.25% $8,109
NORTHERN MORTGAGE SERVICES, LLC 2 4.44% $6,244
MYCUMORTGAGE, LLC 2 5.69% $5,395
Union Savings Bank 2 5.56% $8,022
HOME POINT FINANCIAL CORPORATION 2 5.63% $8,398
AMERICAN FINANCING CORPORATION 2 6.81% $7,578
SECURITYNATIONAL MORTGAGE COMPANY 2 4.88% $12,212
Carrington Mortgage Services, LLC 2 4.94% $10,199
Gateway First Bank 2 4.88% $6,364
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.69% $13,191
1st National Bank 2 3.31% $5,216
Evolve Bank & Trust 2 6.38% $6,722
CONTOUR MORTGAGE CORPORATION 2 5.44% $7,605
ZILLOW HOME LOANS, LLC 1 5.75% $11,179
AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $6,360
American Midwest Mortgage Corporation 1 6.88% $9,967
ARC HOME LLC 1 4.63% $11,610
Bank of America 1 7.63% $4,995
Barrington Bank & Trust Company, N.A. 1 5.75% $5,915
BROKER SOLUTIONS, INC. 1 7.25% $10,276
EVERETT FINANCIAL, INC. 1 4.88% $5,311
First Guaranty Mortgage Corporation 1 3.13% $5,059
FIRST OHIO HOME FINANCE, INC. 1 6.88% $1,953
GENEVA FINANCIAL, LLC 1 5.50% $7,295
GUARANTEED RATE, INC. 1 6.63% $9,480
HOMESPIRE MORTGAGE CORPORATION 1 4.13% $4,917
Hometown Equity Mortgage, LLC 1 5.50% $6,780
KeyBank 1 7.00% $5,139
LAKEVIEW LOAN SERVICING, LLC 1 3.50% $3,246
MORTGAGE 1 INCORPORATED 1 4.63% $5,149
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $6,073
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $7,553
Nations Lending Corporation 1 4.50% $10,144
NATIONS RELIABLE LENDING, LLC 1 7.13% $11,422
Neighborhood Loans, Inc. 1 3.25% $5,657
NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $10,756
NP, Inc. 1 5.63% $8,422
Paramount Residential Mortgage Group, Inc. 1 5.13% $9,220
PARTNERS UNITED FINANCIAL, LLC 1 5.75% $8,839
Plains Commerce Bank 1 5.50% $3,735
RAPID MORTGAGE COMPANY 1 4.25% $5,452
RELIANCE FIRST CAPITAL, LLC 1 5.00% $7,010
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $10,006
The Central Trust Bank 1 5.12% $5,304
The Federal Savings Bank 1 5.38% $14,935
TOP FLITE FINANCIAL, INC. 1 6.75% $6,259
U.S. Bank 1 4.13% $9,020
VILLAGE CAPITAL MORTGAGE 1 4.88% $8,137

The top Springfield FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 72 FHA loans originated. Their average total fees are $6,587, which is $1,406 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Springfield FHA lenders (with over 10 loans originated) are WRIGHT-PATT CREDIT UNION, INC. ($5,534), The Huntington National Bank ($6,382), CALIBER HOME LOANS, INC. ($6,587), NFM, INC. ($7,484) and T2 FINANCIAL LLC ($7,562).

The lowest rate Springfield FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (4.41%), QUICKEN LOANS, LLC (4.55%), CALIBER HOME LOANS, INC. (4.88%), WRIGHT-PATT CREDIT UNION, INC. (4.89%) and UNITED WHOLESALE MORTGAGE, LLC (5.12%).

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
Springfield's median listing price for 2023-12-01 was $199,900, a difference of $22,750 (12.8%) versus the prior year and $4,200 versus the prior month.

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

Springfield's average listing price for 2023-12-01 was $247,662, a difference of $26,975 (12.2%) versus the prior year and $11,963 versus the prior month.

For the 2023-12-01 period, Springfield had 164 MLS listings, a difference of -16 listings (-9%) versus the prior month and -3 listings (-2%) 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 1,389 sqft
2023-12-01 0 days 1,379 sqft
Springfield's median listing age (time on market) for 2023-12-01 was 0 days.

Springfield's median square footage for active listings during the 2023-12-01 period was 1,379 sqft. One year prior, the average listing was 1,456 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).