Springfield FHA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MO

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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 105 lenders originated 1,573 FHA loans during 2024. The total origination value was $348,255,000, with an average FHA loan value of $221,395.

    Springfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Springfield averaged 6.87% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Springfield's average FHA mortgage closing costs are $6,393.

    The average rate for the prior week (2025-07-11) was 6.57% and one month ago for the week of 2025-06-13, the average rate was 7.03%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.13%.

    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
    QUICKEN LOANS, LLC 141 6.37% $9,950
    FLAT BRANCH MORTGAGE, INC. 136 6.66% $7,756
    DAS Acquisition Company, LLC 120 6.85% $9,029
    UNITED WHOLESALE MORTGAGE, LLC 81 6.40% $11,143
    GERSHMAN INVESTMENT CORP. 78 6.78% $7,700
    The Central Trust Bank 70 6.47% $7,963
    PENNYMAC LOAN SERVICES, LLC 57 6.05% $9,289
    BROKER SOLUTIONS, INC. 54 6.76% $8,553
    FREEDOM MORTGAGE CORPORATION 40 6.37% $9,630
    Mortgage Research Center, LLC 37 6.71% $5,286
    Arvest Bank 35 6.31% $8,073
    Equity Prime Mortgage LLC 31 7.33% $9,369
    Plains Commerce Bank 28 6.63% $9,344
    Springfield First Community Bank 26 6.33% $7,436
    NEWREZ LLC 26 6.25% $10,108
    Great Southern Bank 25 6.16% $6,553
    BancorpSouth 24 6.36% $6,705
    ASSEMBLIES OF GOD Credit Union 22 6.05% $8,658
    VILLAGE CAPITAL MORTGAGE 21 6.79% $4,632
    CARDINAL FINANCIAL 20 6.40% $10,226
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.69% $8,061
    LOANDEPOT.COM, LLC 15 6.31% $10,857
    MUTUAL OF OMAHA MORTGAGE, INC. 15 6.34% $14,512
    AMERICAN FINANCIAL RESOURCES, INC. 15 6.68% $9,585
    PRIMELENDING, A PLAINSCAPITAL COMPANY 14 6.55% $8,530
    HOMESIDE FINANCIAL, LLC 13 6.38% $11,629
    GUILD MORTGAGE COMPANY 13 6.77% $6,819
    Carrington Mortgage Services, LLC 11 6.42% $11,273
    Flagstar Bank, FSB 11 6.29% $7,611
    Hawthorn Bank 11 6.07% $6,428
    LOANPAL, LLC 10 5.61% $12,989
    Members Mortgage Services, L.L.C. 9 6.57% $7,078
    PREMIER MORTGAGE RESOURCES, L.L.C. 9 6.53% $7,856
    AMERICAN FINANCIAL NETWORK, INC. 8 6.51% $10,604
    LAKEVIEW LOAN SERVICING, LLC 8 6.48% $6,961
    Mr. Cooper ( Nationstar Mortgage ) 8 6.67% $12,122
    ENDEAVOR CAPITAL, LLC. 8 6.33% $8,455
    Paramount Residential Mortgage Group, Inc. 8 6.95% $9,807
    Commerce Bank 7 6.71% $6,621
    CROSSCOUNTRY MORTGAGE, LLC 7 6.16% $8,029
    AMERICAN FINANCING CORPORATION 6 5.75% $12,523
    PLANET HOME LENDING, LLC 6 5.62% $7,326
    COMMUNITY MORTGAGE, LLC 6 5.96% $8,408
    Ameris Bank 5 6.35% $11,087
    U.S. Bank 5 6.63% $7,349
    Simmons Bank 5 6.60% $5,892
    AmeriHome Mortgage Company, LLC 5 6.70% $4,937
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.73% $8,334
    MID AMERICA MORTGAGE, INC. 4 6.56% $4,165
    AMERISAVE MORTGAGE CORPORATION 4 6.03% $11,691
    EVERETT FINANCIAL, INC. 4 6.94% $10,774
    UMB Bank 3 6.38% $6,784
    Oakstar Bank 3 6.33% $5,506
    CMG MORTGAGE, INC. 3 6.71% $7,438
    Prosperity Home Mortgage, LLC 3 6.00% $8,150
    ZILLOW HOME LOANS, LLC 2 6.44% $10,653
    American Mortgage & Equity Consultants, Inc. 2 6.50% $13,533
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.69% $8,269
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.81% $6,942
    Cornerstone First Mortgage, Inc 2 6.50% $5,887
    DELMAR FINANCIAL COMPANY 2 6.44% $10,002
    FIRST COMMUNITY MORTGAGE, INC. 2 7.13% $8,900
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.37% $10,400
    JLB CORPORATION 2 6.56% $10,663
    JPMorgan Chase Bank 2 6.63% $5,426
    M&T Bank 2 6.50% $6,547
    NFM, INC. 2 6.63% $8,842
    ON Q FINANCIAL, INC. 2 6.37% $6,664
    SUN WEST MORTGAGE COMPANY, INC. 2 5.94% $11,228
    TOP FLITE FINANCIAL, INC. 2 6.75% $9,000
    Academy Bank 2 6.56% $6,465
    UNION HOME MORTGAGE CORP. 1 6.13% $9,777
    GENEVA FINANCIAL, LLC 1 6.63% $6,250
    OCMBC, INC. 1 8.25% $8,562
    Bank of America 1 5.38% $1,859
    ENVOY MORTGAGE, LTD 1 6.63% $12,777
    ENCORE BANK 1 6.25% $5,737
    PHH Mortgage Corporation 1 6.99% $10,915
    DATA MORTGAGE, INC. 1 5.75% $8,689
    City National Bank of Florida 1 6.00% $10,333
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $9,182
    Century Mortgage Company DBA Century Lending Company 1 5.25% $4,418
    CANOPY MORTGAGE, LLC 1 6.13% $7,287
    BLUCURRENT 1 6.25% $7,864
    Regions Bank 1 5.88% $6,932
    RUOFF MORTGAGE COMPANY, INC. 1 6.00% $4,655
    Sierra Pacific Mortgage Company, Inc. 1 6.25% $9,017
    BETTER MORTGAGE CORPORATION 1 6.63% $9,280
    SIRVA MORTGAGE, INC. 1 7.00% $6,300
    Bell Bank 1 6.13% $8,726
    Stride Bank 1 5.63% $12,650
    AXIA FINANCIAL, LLC 1 7.25% $8,483
    T2 FINANCIAL LLC 1 7.25% $5,398
    Texana Bank 1 6.00% $19,275
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,167
    The Federal Savings Bank 1 6.13% $10,923
    Armed Forces Bank 1 6.75% $5,985
    TOWNE MORTGAGE COMPANY 1 7.25% $10,272
    TruHome Solutions, LLC 1 5.38% $10,190
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $12,273
    Midwest Mortgage Associates Corporation 1 6.25% $4,118
    Bank of England 1 7.25% $7,336
    Magnolia Bank 1 6.25% $12,667
    NBKC BANK 1 6.75% $7,885
    Ixonia Bank 1 6.25% $8,007

    The top Springfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 141 FHA loans originated. Their average total fees are $9,950, which is $2,194 higher than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Springfield FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($4,632), Mortgage Research Center, LLC ($5,286), Hawthorn Bank ($6,428), Great Southern Bank ($6,553) and BancorpSouth ($6,705).

    The lowest rate Springfield FHA lenders (with over 10 loans originated) are LOANPAL, LLC (5.61%), ASSEMBLIES OF GOD Credit Union (6.05%), PENNYMAC LOAN SERVICES, LLC (6.05%), Hawthorn Bank (6.07%) and Great Southern Bank (6.16%).

    Springfield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SPRINGFIELD, MO CHRISTIAN 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO DALLAS 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO GREENE 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO POLK 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO WEBSTER 2022 $420,680 $538,650 $651,050 $809,150
    SPRINGFIELD, MO CHRISTIAN 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO DALLAS 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO GREENE 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO POLK 2023 $472,030 $604,400 $730,525 $907,900
    SPRINGFIELD, MO WEBSTER 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).