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 87 lenders originated 494 FHA loans during 2024. The total origination value was $90,180,000, with an average FHA loan value of $182,551.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 0.5% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Springfield's average FHA mortgage closing costs are $6,563.

    The average rate for the prior week (2025-06-13) was 6.98% and one month ago for the week of 2025-05-16, the average rate was 7.04%.

    The average rate one year ago was 7%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.26%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 76 6.76% $9,365
    QUICKEN LOANS, LLC 74 6.43% $9,173
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.95% $8,543
    LOANDEPOT.COM, LLC 24 7.02% $8,427
    NVR Mortgage Finance, Inc. 15 6.01% $13,052
    NEWREZ LLC 13 6.83% $7,931
    The Huntington National Bank 12 7.01% $6,555
    UNITED WHOLESALE MORTGAGE, LLC 11 6.20% $10,300
    NFM, INC. 10 6.84% $9,439
    HOMESIDE FINANCIAL, LLC 9 6.96% $8,949
    FREEDOM MORTGAGE CORPORATION 8 6.48% $9,796
    WesBanco 7 6.41% $8,508
    PENNYMAC LOAN SERVICES, LLC 7 6.26% $7,759
    WRIGHT-PATT CREDIT UNION, INC. 7 6.41% $7,036
    Union Savings Bank 7 6.36% $6,037
    Carrington Mortgage Services, LLC 6 6.27% $11,510
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.88% $9,081
    DAS Acquisition Company, LLC 5 7.05% $8,489
    FIRST COMMUNITY MORTGAGE, INC. 5 6.75% $7,556
    BROKER SOLUTIONS, INC. 5 7.25% $9,161
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.72% $8,385
    GENEVA FINANCIAL, LLC 4 7.31% $9,558
    GUARANTEED RATE, INC. 4 6.94% $7,206
    UNION HOME MORTGAGE CORP. 4 7.19% $10,252
    Texana Bank 4 6.84% $5,591
    VAN DYK MORTGAGE CORPORATION 3 6.92% $4,742
    Mr. Cooper ( Nationstar Mortgage ) 3 7.08% $10,954
    Paramount Residential Mortgage Group, Inc. 3 5.88% $15,682
    Fifth Third Bank 3 6.38% $6,566
    RUOFF MORTGAGE COMPANY, INC. 3 6.83% $9,649
    American Mortgage & Equity Consultants, Inc. 3 6.83% $8,962
    POLARIS HOME FUNDING CORP. 3 6.50% $12,431
    AMERICAN FINANCING CORPORATION 3 5.42% $11,437
    SOUTHWEST FUNDING, LP 3 7.54% $8,794
    U.S. Bank 2 6.69% $8,787
    STOCKTON MORTGAGE CORPORATION 2 6.75% $10,420
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.50% $7,377
    JPMorgan Chase Bank 2 6.94% $2,661
    The State Bank and Trust Company 2 6.63% $6,734
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 5.69% $7,503
    LAKEVIEW LOAN SERVICING, LLC 2 7.19% $7,555
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.56% $5,653
    PNC Bank 2 7.19% $7,675
    AMERICAN FINANCIAL NETWORK, INC. 2 7.19% $8,395
    Equity Prime Mortgage LLC 2 6.75% $7,605
    Mortgage Research Center, LLC 2 6.44% $2,797
    EQUITY RESOURCES, INC. 2 6.88% $5,990
    ZILLOW HOME LOANS, LLC 1 7.25% $7,941
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $12,135
    BETTER MORTGAGE CORPORATION 1 6.50% $7,656
    CARDINAL FINANCIAL 1 5.99% $10,532
    Century Mortgage Company DBA Century Lending Company 1 6.25% $9,437
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $7,472
    Citizens Bank 1 7.50% $7,098
    CMG MORTGAGE, INC. 1 7.00% $10,756
    Commerce Home Mortgage, Inc. 1 6.25% $17,502
    ENVOY MORTGAGE, LTD 1 5.88% $9,824
    First Financial Bank 1 7.13% $5,359
    Flagstar Bank, FSB 1 5.88% $6,187
    Gateway First Bank 1 6.75% $6,032
    GSF Mortgage Corporation 1 6.63% $8,670
    KeyBank 1 6.50% $9,749
    Kwik Mortgage Corporation 1 6.13% $8,654
    LOANPAL, LLC 1 5.50% $5,004
    MID AMERICA MORTGAGE, INC. 1 7.63% $8,247
    MORIA DEVELOPMENT, INC. 1 6.75% $9,939
    NATIONS RELIABLE LENDING, LLC 1 6.99% $6,960
    NORTHERN MORTGAGE SERVICES, LLC 1 6.88% $6,571
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $1,586
    PHH Mortgage Corporation 1 7.13% $7,811
    PLAZA HOME MORTGAGE, INC. 1 7.63% $5,565
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $10,264
    Prosperity Home Mortgage, LLC 1 6.13% $9,012
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 5.99% $6,832
    ROYAL UNITED MORTGAGE LLC 1 5.63% $11,746
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.75% $7,561
    SENTE MORTGAGE, INC. 1 6.75% $19,636
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.25% $11,267
    T2 FINANCIAL LLC 1 7.25% $8,064
    THE EQUITABLE MORTGAGE CORPORATION 1 7.00% $12,070
    The Park National Bank 1 5.25% $8,269
    TJC Mortgage, Inc. 1 7.25% $6,401
    TruHome Solutions, LLC 1 6.63% $8,151
    UNION CAPITAL MORTGAGE CORPORATION 1 6.38% $6,536
    VICTORY MORTGAGE, L.L.C. 1 6.75% $8,307
    VILLAGE CAPITAL MORTGAGE 1 6.88% $2,809
    ALLIED MORTGAGE GROUP, INC. 1 5.13% $10,222

    The top Springfield FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 76 FHA loans originated. Their average total fees are $9,365, which is $192 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are The Huntington National Bank ($6,555), NEWREZ LLC ($7,931), LOANDEPOT.COM, LLC ($8,427), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,543) and QUICKEN LOANS, LLC ($9,173).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (6.01%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.43%), CROSSCOUNTRY MORTGAGE, LLC (6.76%) and NEWREZ LLC (6.83%).

    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).