Grand Island FHA Loan Rates, Closing Costs & Stats

GRAND ISLAND, NE

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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.

    Grand Island's 28 lenders originated 256 FHA loans during 2023. The total origination value was $55,340,000, with an average FHA loan value of $216,172.

    Grand Island FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grand Island averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Grand Island's average FHA mortgage closing costs are $6,310.

    The average rate for the prior week (2024-04-12) was 6.65% and one month ago for the week of 2024-03-15, the average rate was 6.82%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Grand Island 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 Grand Island level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORIA DEVELOPMENT, INC. 61 6.84% $8,961
    CHARTER WEST BANK 55 6.59% $7,368
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.55% $7,235
    QUICKEN LOANS, LLC 18 6.18% $9,048
    Gateway First Bank 12 6.61% $7,130
    First National Bank of Omaha 12 6.47% $6,308
    Pinnacle Bank 11 6.31% $7,678
    CHURCHILL MORTGAGE CORPORATION 5 6.33% $8,829
    DELMAR FINANCIAL COMPANY 5 6.83% $7,252
    BROKER SOLUTIONS, INC. 4 6.44% $10,646
    Mortgage Research Center, LLC 3 6.75% $5,814
    FREEDOM MORTGAGE CORPORATION 3 6.92% $11,335
    Plains Commerce Bank 2 6.19% $6,029
    Regent Financial Group, Inc. 1 6.75% $6,351
    AMERISAVE MORTGAGE CORPORATION 1 7.75% $10,048
    ZILLOW HOME LOANS, LLC 1 7.13% $8,510
    BETTER MORTGAGE CORPORATION 1 7.00% $8,065
    CARDINAL FINANCIAL 1 4.50% $15,694
    Carrington Mortgage Services, LLC 1 7.00% $10,510
    Citizens Bank 1 6.38% $7,944
    Colonial Savings, F.A. 1 6.38% $13,829
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $10,556
    GERSHMAN INVESTMENT CORP. 1 6.63% $5,384
    GUARANTEED RATE, INC. 1 7.75% $11,337
    LIBERTY FIRST 1 6.75% $6,890
    LOANDEPOT.COM, LLC 1 6.88% $14,310
    Nations Lending Corporation 1 6.25% $13,209
    PENTAGON FEDERAL CREDIT UNION 1 7.00% $4,009

    The top Grand Island FHA lender as defined by loan originations is MORIA DEVELOPMENT, INC., with 61 FHA loans originated. Their average total fees are $8,961, which is $1,593 higher than the next largest lender, CHARTER WEST BANK.

    The lowest fee Grand Island FHA lenders (with over 10 loans originated) are First National Bank of Omaha ($6,308), Gateway First Bank ($7,130), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,235), CHARTER WEST BANK ($7,368) and Pinnacle Bank ($7,678).

    The lowest rate Grand Island FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.18%), Pinnacle Bank (6.31%), First National Bank of Omaha (6.47%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.55%) and CHARTER WEST BANK (6.59%).

    Grand Island FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GRAND ISLAND, NE HALL 2022 $420,680 $538,650 $651,050 $809,150
    GRAND ISLAND, NE HOWARD 2022 $420,680 $538,650 $651,050 $809,150
    GRAND ISLAND, NE MERRICK 2022 $420,680 $538,650 $651,050 $809,150
    GRAND ISLAND, NE HALL 2023 $472,030 $604,400 $730,525 $907,900
    GRAND ISLAND, NE HOWARD 2023 $472,030 $604,400 $730,525 $907,900
    GRAND ISLAND, NE MERRICK 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grand Island (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 $206,500 (5.0%) $241,252 (10.7%) 0.00 136
    2018-02-01 $201,750 (6.6%) $245,017 (13.9%) 0.00 127
    2018-03-01 $211,250 (12.9%) $244,355 (14.8%) 0.00 126
    2018-04-01 $229,750 (27.7%) $254,518 (21.0%) 0.00 126
    2018-05-01 $225,750 (21.1%) $250,302 (15.0%) 0.00 131
    2018-06-01 $209,900 (8.5%) $240,867 (10.6%) 0.00 147
    2018-07-01 $204,950 (-1.8%) $239,885 (-2.2%) 0.00 154
    2018-08-01 $199,825 (-2.4%) $234,271 (-4.2%) 0.00 164
    2018-09-01 $199,900 (-4.9%) $235,604 (-4.3%) 0.00 155
    2018-10-01 $220,000 (6.9%) $248,238 (-0.2%) 0.00 153
    2018-11-01 $199,900 (3.2%) $242,041 (0.8%) 0.00 157
    2018-12-01 $195,000 (4.0%) $241,742 (3.9%) 0.00 141
    2019-01-01 $183,725 (-11.0%) $234,871 (-2.6%) 0.00 140
    2019-02-01 $177,200 (-12.2%) $221,279 (-9.7%) 0.00 146
    2019-03-01 $179,500 (-15.0%) $224,731 (-8.0%) 0.00 147
    2019-04-01 $187,250 (-18.5%) $232,640 (-8.6%) 0.00 146
    2019-05-01 $199,500 (-11.6%) $237,703 (-5.0%) 0.00 150
    2019-06-01 $194,900 (-7.2%) $220,833 (-8.3%) 0.00 145
    2019-07-01 $194,900 (-4.9%) $226,859 (-5.4%) 0.00 150
    2019-08-01 $198,991 (-0.4%) $240,066 (2.5%) 0.00 152
    2019-09-01 $205,127 (2.6%) $248,693 (5.6%) 0.00 155
    2019-10-01 $209,450 (-4.8%) $251,394 (1.3%) 0.00 163
    2019-11-01 $206,000 (3.1%) $247,312 (2.2%) 0.00 166
    2019-12-01 $201,225 (3.2%) $253,074 (4.7%) 0.00 163
    2020-01-01 $199,925 (8.8%) $254,985 (8.6%) 0.00 145
    2020-02-01 $199,000 (12.3%) $251,525 (13.7%) 0.00 141
    2020-03-01 $222,425 (23.9%) $262,798 (16.9%) 0.00 139
    2020-04-01 $198,725 (6.1%) $250,467 (7.7%) 0.00 158
    2020-05-01 $188,250 (-5.6%) $237,024 (-0.3%) 0.00 152
    2020-06-01 $188,125 (-3.5%) $249,080 (12.8%) 0.00 131
    2020-07-01 $216,250 (11.0%) $272,457 (20.1%) 0.00 103
    2020-08-01 $192,450 (-3.3%) $268,621 (11.9%) 0.00 90
    2020-09-01 $191,475 (-6.7%) $249,324 (0.3%) 0.00 93
    2020-10-01 $191,200 (-8.7%) $260,601 (3.7%) 0.00 84
    2020-11-01 $190,450 (-7.6%) $260,817 (5.5%) 0.00 91
    2020-12-01 $193,950 (-3.6%) $264,390 (4.5%) 0.00 84
    2021-01-01 $196,400 (-1.8%) $258,526 (1.4%) 0.00 80
    2021-02-01 $207,725 (4.4%) $269,443 (7.1%) 0.00 70
    2021-03-01 $225,950 (1.6%) $298,787 (13.7%) 0.00 54
    2021-04-01 $229,225 (15.4%) $306,706 (22.5%) 0.00 39
    2021-05-01 $220,000 (16.9%) $329,475 (39.0%) 0.00 46
    2021-06-01 $243,650 (29.5%) $337,776 (35.6%) 0.00 53
    2021-07-01 $238,000 (10.1%) $293,664 (7.8%) 0.00 58
    2021-08-01 $248,750 (29.3%) $294,247 (9.5%) 0.00 58
    2021-09-01 $237,475 (24.0%) $285,929 (14.7%) 0.00 63
    2021-10-01 $249,000 (30.2%) $283,172 (8.7%) 0.00 68
    2021-11-01 $228,650 (20.1%) $279,263 (7.1%) 0.00 60
    2021-12-01 $242,000 (24.8%) $297,052 (12.4%) 0.00 54
    2022-01-01 $247,500 (26.0%) $296,197 (14.6%) 0.00 60
    2022-02-01 $243,250 (17.1%) $289,167 (7.3%) 0.00 55
    2022-03-01 $234,975 (4.0%) $296,985 (-0.6%) 0.00 43
    2022-04-01 $240,950 (5.1%) $299,256 (-2.4%) 0.00 57
    2022-05-01 $249,500 (13.4%) $310,840 (-5.7%) 0.00 65
    2022-06-01 $258,675 (6.2%) $310,008 (-8.2%) 0.00 82
    2022-07-01 $285,000 (19.8%) $322,567 (9.8%) 0.00 98
    2022-08-01 $263,500 (5.9%) $296,334 (0.7%) 0.00 102
    2022-09-01 $273,450 (15.2%) $307,532 (7.6%) 0.00 90
    2022-10-01 $289,900 (16.4%) $317,563 (12.1%) 0.00 113
    2022-11-01 $289,900 (26.8%) $334,577 (19.8%) 0.00 115
    2022-12-01 $289,900 (19.8%) $342,040 (15.2%) 0.00 101
    2023-01-01 $289,900 (17.1%) $348,233 (17.6%) 0.00 98
    2023-02-01 $295,069 (21.3%) $370,866 (28.3%) 0.00 80
    2023-03-01 $297,450 (26.6%) $366,576 (23.4%) 0.00 79
    2023-04-01 $326,750 (35.6%) $375,820 (25.6%) 0.00 89
    2023-05-01 $314,950 (26.2%) $381,423 (22.7%) 0.00 91
    2023-06-01 $324,500 (25.5%) $372,381 (20.1%) 0.00 87
    2023-07-01 $300,000 (5.3%) $347,907 (7.9%) 0.00 107
    2023-08-01 $289,975 (10.1%) $349,359 (17.9%) 0.00 95
    2023-09-01 $299,000 (9.3%) $346,906 (12.8%) 0.00 92
    2023-10-01 $299,675 (3.4%) $346,518 (9.1%) 0.00 109
    2023-11-01 $305,000 (5.2%) $349,716 (4.5%) 0.00 116
    2023-12-01 $324,900 (12.1%) $350,118 (2.4%) 0.00 116
    2024-01-01 $324,925 (12.1%) $362,840 (4.2%) 0.00 115
    2024-02-01 $320,475 (8.6%) $354,784 (-4.3%) 0.00 113
    2024-03-01 $319,000 (7.2%) $346,230 (-5.6%) 0.00 98
    Grand Island's median listing price for 2024-03-01 was $319,000, a difference of $21,550 (7.2%) versus the prior year and $-1,475 versus the prior month.

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

    Grand Island's average listing price for 2024-03-01 was $346,230, a difference of $-20,346 (-5.6%) versus the prior year and $-8,554 versus the prior month.

    For the 2024-03-01 period, Grand Island had 98 MLS listings, a difference of -15 listings (-13%) versus the prior month and 19 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grand Island (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,647 sqft
    2018-02-01 0 days 1,625 sqft
    2018-03-01 0 days 1,575 sqft
    2018-04-01 0 days 1,581 sqft
    2018-05-01 0 days 1,582 sqft
    2018-06-01 0 days 1,621 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,629 sqft
    2018-09-01 0 days 1,626 sqft
    2018-10-01 0 days 1,626 sqft
    2018-11-01 0 days 1,564 sqft
    2018-12-01 0 days 1,536 sqft
    2019-01-01 0 days 1,426 sqft
    2019-02-01 0 days 1,376 sqft
    2019-03-01 0 days 1,448 sqft
    2019-04-01 0 days 1,516 sqft
    2019-05-01 0 days 1,533 sqft
    2019-06-01 0 days 1,513 sqft
    2019-07-01 0 days 1,489 sqft
    2019-08-01 0 days 1,506 sqft
    2019-09-01 0 days 1,541 sqft
    2019-10-01 0 days 1,560 sqft
    2019-11-01 0 days 1,530 sqft
    2019-12-01 0 days 1,494 sqft
    2020-01-01 0 days 1,434 sqft
    2020-02-01 0 days 1,416 sqft
    2020-03-01 0 days 1,707 sqft
    2020-04-01 0 days 1,921 sqft
    2020-05-01 0 days 1,740 sqft
    2020-06-01 0 days 1,772 sqft
    2020-07-01 0 days 1,715 sqft
    2020-08-01 0 days 2,085 sqft
    2020-09-01 0 days 1,708 sqft
    2020-10-01 0 days 1,859 sqft
    2020-11-01 0 days 1,855 sqft
    2020-12-01 0 days 1,906 sqft
    2021-01-01 0 days 1,673 sqft
    2021-02-01 0 days 1,638 sqft
    2021-03-01 0 days 1,877 sqft
    2021-04-01 0 days 2,030 sqft
    2021-05-01 0 days 2,081 sqft
    2021-06-01 0 days 2,185 sqft
    2021-07-01 0 days 1,894 sqft
    2021-08-01 0 days 1,767 sqft
    2021-09-01 0 days 1,470 sqft
    2021-10-01 0 days 1,505 sqft
    2021-11-01 0 days 1,401 sqft
    2021-12-01 0 days 1,510 sqft
    2022-01-01 0 days 1,488 sqft
    2022-02-01 0 days 1,396 sqft
    2022-03-01 0 days 1,400 sqft
    2022-04-01 0 days 1,480 sqft
    2022-05-01 0 days 1,487 sqft
    2022-06-01 0 days 1,473 sqft
    2022-07-01 0 days 1,540 sqft
    2022-08-01 0 days 2,233 sqft
    2022-09-01 0 days 2,332 sqft
    2022-10-01 0 days 2,474 sqft
    2022-11-01 0 days 2,630 sqft
    2022-12-01 0 days 2,534 sqft
    2023-01-01 0 days 2,498 sqft
    2023-02-01 0 days 2,586 sqft
    2023-03-01 0 days 2,368 sqft
    2023-04-01 0 days 2,426 sqft
    2023-05-01 0 days 2,521 sqft
    2023-06-01 0 days 2,464 sqft
    2023-07-01 0 days 2,464 sqft
    2023-08-01 0 days 2,402 sqft
    2023-09-01 0 days 2,450 sqft
    2023-10-01 0 days 2,442 sqft
    2023-11-01 0 days 2,427 sqft
    2023-12-01 0 days 2,460 sqft
    2024-01-01 0 days 2,481 sqft
    2024-02-01 0 days 2,434 sqft
    2024-03-01 0 days 2,424 sqft
    Grand Island's median listing age (time on market) for 2024-03-01 was 0 days.

    Grand Island's median square footage for active listings during the 2024-03-01 period was 2,424 sqft. One year prior, the average listing was 2,368 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).