Grand Island FHA Loan Rates, Closing Costs & Stats

GRAND ISLAND, NE

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 6.47% for the week of 2024-12-06, compared to the national average (all FHA variants) of 6.363% for the same period.

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

The average rate for the prior week (2024-11-29) was 6.41% and one month ago for the week of 2024-11-01, the average rate was 6.5%.

The average rate one year ago was 7.13%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.36%.

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
2024-04-01 $314,725 (-3.7%) $346,683 (-7.8%) 0.00 85
2024-05-01 $319,700 (1.5%) $361,289 (-5.3%) 0.00 90
2024-06-01 $314,900 (-3.0%) $361,730 (-2.9%) 0.00 99
2024-07-01 $316,000 (5.3%) $377,924 (8.6%) 0.00 109
2024-08-01 $304,500 (5.0%) $387,978 (11.1%) 0.00 126
2024-09-01 $315,000 (5.4%) $373,094 (7.6%) 0.00 140
2024-10-01 $321,750 (7.4%) $372,976 (7.6%) 0.00 146
2024-11-01 $329,900 (8.2%) $386,181 (10.4%) 0.00 148
Grand Island's median listing price for 2024-11-01 was $329,900, a difference of $24,900 (8.2%) versus the prior year and $8,150 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 2024-11-01 was $386,181, a difference of $36,465 (10.4%) versus the prior year and $13,205 versus the prior month.

For the 2024-11-01 period, Grand Island had 148 MLS listings, a difference of 2 listings (1%) versus the prior month and 32 listings (28%) 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
2024-04-01 0 days 2,398 sqft
2024-05-01 0 days 2,363 sqft
2024-06-01 0 days 2,328 sqft
2024-07-01 0 days 2,330 sqft
2024-08-01 0 days 2,360 sqft
2024-09-01 0 days 2,414 sqft
2024-10-01 0 days 2,460 sqft
2024-11-01 0 days 2,470 sqft
Grand Island's median listing age (time on market) for 2024-11-01 was 0 days.

Grand Island's median square footage for active listings during the 2024-11-01 period was 2,470 sqft. One year prior, the average listing was 2,427 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).