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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.