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 6.66% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

    The average rate for the prior week (2025-03-28) was 6.56% and one month ago for the week of 2025-02-28, the average rate was 6.64%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.42%.

    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

    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 (2.5%) 0.39 403
    2018-02-01 $97,675 (13.3%) $136,861 (3.6%) 0.37 362
    2018-03-01 $93,400 (9.0%) $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 (11.4%) $143,987 (5.6%) 0.36 368
    2018-06-01 $109,900 (22.3%) $150,439 (8.9%) 0.37 387
    2018-07-01 $107,225 (16.2%) $149,644 (3.6%) 0.37 387
    2018-08-01 $107,169 (17.1%) $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
    2024-04-01 $191,650 (21.9%) $260,214 (24.8%) 0.00 110
    2024-05-01 $211,075 (45.6%) $269,497 (28.6%) 0.00 120
    2024-06-01 $219,900 (15.0%) $281,010 (17.5%) 0.00 133
    2024-07-01 $215,575 (5.4%) $275,064 (20.1%) 0.00 154
    2024-08-01 $226,000 (14.7%) $284,836 (31.5%) 0.00 198
    2024-09-01 $225,225 (12.7%) $280,604 (21.3%) 0.00 239
    2024-10-01 $219,950 (10.3%) $271,358 (14.2%) 0.00 271
    2024-11-01 $215,000 (9.9%) $259,979 (10.3%) 0.00 272
    2024-12-01 $209,675 (4.9%) $256,472 (3.6%) 0.00 253
    2025-01-01 $199,950 (0.3%) $259,816 (6.7%) 0.00 235
    2025-02-01 $199,925 (9.6%) $258,510 (10.1%) 0.00 220
    2025-03-01 $198,000 (5.4%) $272,796 (7.8%) 0.00 213
    Springfield's median listing price for 2025-03-01 was $198,000, a difference of $10,100 (5.4%) versus the prior year and $-1,925 versus the prior month.

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

    Springfield's average listing price for 2025-03-01 was $272,796, a difference of $19,796 (7.8%) versus the prior year and $14,286 versus the prior month.

    For the 2025-03-01 period, Springfield had 213 MLS listings, a difference of -7 listings (-3%) versus the prior month and 118 listings (124%) 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 1,458 sqft
    2018-02-01 95 days 1,456 sqft
    2018-03-01 80 days 1,455 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 1,420 sqft
    2018-12-01 81 days 1,445 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 1,588 sqft
    2020-09-01 31 days 1,455 sqft
    2020-10-01 25 days 1,479 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 1,382 sqft
    2021-04-01 30 days 1,516 sqft
    2021-05-01 31 days 1,600 sqft
    2021-06-01 29 days 1,497 sqft
    2021-07-01 27 days 1,490 sqft
    2021-08-01 32 days 1,471 sqft
    2021-09-01 40 days 1,448 sqft
    2021-10-01 42 days 1,462 sqft
    2021-11-01 35 days 1,457 sqft
    2021-12-01 48 days 1,413 sqft
    2022-01-01 74 days 1,445 sqft
    2022-02-01 84 days 1,466 sqft
    2022-03-01 64 days 1,519 sqft
    2022-04-01 43 days 1,399 sqft
    2022-05-01 31 days 1,339 sqft
    2022-06-01 30 days 1,397 sqft
    2022-07-01 23 days 1,429 sqft
    2022-08-01 30 days 1,468 sqft
    2022-09-01 0 days 1,448 sqft
    2022-10-01 0 days 1,414 sqft
    2022-11-01 0 days 1,427 sqft
    2022-12-01 0 days 1,464 sqft
    2023-01-01 0 days 1,423 sqft
    2023-02-01 0 days 1,482 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 1,388 sqft
    2023-12-01 0 days 1,372 sqft
    2024-01-01 0 days 1,370 sqft
    2024-02-01 0 days 1,381 sqft
    2024-03-01 0 days 1,364 sqft
    2024-04-01 0 days 1,370 sqft
    2024-05-01 0 days 1,500 sqft
    2024-06-01 0 days 1,490 sqft
    2024-07-01 0 days 1,527 sqft
    2024-08-01 0 days 1,569 sqft
    2024-09-01 0 days 1,516 sqft
    2024-10-01 0 days 1,497 sqft
    2024-11-01 0 days 1,454 sqft
    2024-12-01 0 days 1,420 sqft
    2025-01-01 0 days 1,408 sqft
    2025-02-01 0 days 1,357 sqft
    2025-03-01 0 days 1,450 sqft
    Springfield's median listing age (time on market) for 2025-03-01 was 0 days.

    Springfield's median square footage for active listings during the 2025-03-01 period was 1,450 sqft. One year prior, the average listing was 1,364 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).