Lexington FHA Loan Rates, Closing Costs & Stats

Lexington, 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.

    Lexington's 20 lenders originated 43 FHA loans during 2023. The total origination value was $6,755,000, with an average FHA loan value of $157,093.

    Lexington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lexington averaged 0.23% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Lexington's average FHA mortgage closing costs are $5,992.

    The average rate for the prior week (2024-11-08) was 6.74% and one month ago for the week of 2024-10-11, the average rate was 6.34%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Lexington 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 Lexington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.23% $8,610
    First National Bank of Omaha 6 6.54% $5,601
    Pinnacle Bank 4 7.06% $5,759
    First State Bank 3 6.04% $4,551
    CHARTER WEST BANK 2 6.69% $4,552
    Plains Commerce Bank 2 6.63% $12,266
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,051
    MORIA DEVELOPMENT, INC. 1 7.13% $7,913
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.38% $13,541
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $5,276
    UNITED WHOLESALE MORTGAGE, LLC 1 6.62% $4,706
    U.S. Bank 1 5.75% $4,870
    West Gate Bank 1 7.00% $4,426
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $8,764
    ZILLOW HOME LOANS, LLC 1 6.25% $6,928
    Barrington Bank & Trust Company, N.A. 1 7.25% $8,919
    BROKER SOLUTIONS, INC. 1 6.75% $9,043
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $9,672
    First Bank 1 6.50% $4,335
    Flagstar Bank, FSB 1 7.75% $7,408

    The top Lexington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $8,610, which is $3,010 higher than the next largest lender, First National Bank of Omaha.

    The lowest fee Lexington FHA lenders (with over 10 loans originated) are .

    The lowest rate Lexington FHA lenders (with over 10 loans originated) are .

    Lexington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEXINGTON, NE DAWSON 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON, NE GOSPER 2022 $420,680 $538,650 $651,050 $809,150
    LEXINGTON, NE DAWSON 2023 $603,750 $772,900 $934,250 $1,161,050
    LEXINGTON, NE GOSPER 2023 $603,750 $772,900 $934,250 $1,161,050

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lexington (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 $98,100 (-18.1%) $143,257 (0.3%) 0.00 57
    2018-02-01 $108,950 (4.6%) $150,243 (11.8%) 0.00 60
    2018-03-01 $128,500 (29.8%) $168,504 (26.7%) 0.00 61
    2018-04-01 $155,000 (37.8%) $175,086 (26.2%) 0.00 62
    2018-05-01 $154,725 (23.8%) $170,988 (19.2%) 0.00 69
    2018-06-01 $162,500 (30.4%) $197,989 (41.8%) 0.00 104
    2018-07-01 $159,000 (28.3%) $196,382 (37.7%) 0.00 94
    2018-08-01 $139,450 (5.1%) $181,117 (13.4%) 0.00 88
    2018-09-01 $139,900 (1.8%) $176,133 (1.6%) 0.00 90
    2018-10-01 $151,200 (11.2%) $191,000 (20.0%) 0.00 80
    2018-11-01 $162,425 (17.5%) $197,165 (28.3%) 0.00 80
    2018-12-01 $164,975 (32.5%) $196,849 (33.4%) 0.00 76
    2019-01-01 $165,000 (68.2%) $209,915 (46.5%) 0.00 95
    2019-02-01 $164,988 (51.4%) $211,554 (40.8%) 0.00 92
    2019-03-01 $167,386 (30.3%) $213,935 (27.0%) 0.00 91
    2019-04-01 $167,236 (7.9%) $211,104 (20.6%) 0.00 93
    2019-05-01 $168,750 (9.1%) $216,883 (26.8%) 0.00 103
    2019-06-01 $165,750 (2.0%) $210,305 (6.2%) 0.00 111
    2019-07-01 $162,400 (2.1%) $218,086 (11.1%) 0.00 107
    2019-08-01 $167,836 (20.4%) $222,246 (22.7%) 0.00 105
    2019-09-01 $179,741 (28.5%) $225,539 (28.1%) 0.00 103
    2019-10-01 $187,677 (24.1%) $225,772 (18.2%) 0.00 102
    2019-11-01 $169,500 (4.4%) $214,695 (8.9%) 0.00 87
    2019-12-01 $192,975 (17.0%) $216,590 (10.0%) 0.00 85
    2020-01-01 $199,000 (20.6%) $222,116 (5.8%) 0.00 79
    2020-02-01 $199,900 (21.2%) $218,607 (3.3%) 0.00 82
    2020-03-01 $205,225 (22.6%) $236,208 (10.4%) 0.00 84
    2020-04-01 $213,250 (27.5%) $241,222 (14.3%) 0.00 83
    2020-05-01 $216,950 (28.6%) $242,613 (11.9%) 0.00 86
    2020-06-01 $214,250 (29.3%) $249,874 (18.8%) 0.00 70
    2020-07-01 $215,000 (32.4%) $248,766 (14.1%) 0.00 66
    2020-08-01 $195,000 (16.2%) $230,693 (3.8%) 0.00 71
    2020-09-01 $182,950 (1.8%) $218,338 (-3.2%) 0.00 66
    2020-10-01 $179,900 (-4.1%) $211,116 (-6.5%) 0.00 58
    2020-11-01 $169,900 (0.2%) $206,968 (-3.6%) 0.00 57
    2020-12-01 $167,450 (-13.2%) $207,310 (-4.3%) 0.00 46
    2021-01-01 $165,000 (-17.1%) $201,563 (-9.3%) 0.00 41
    2021-02-01 $145,875 (-27.0%) $189,999 (-13.1%) 0.00 43
    2021-03-01 $160,000 (-22.0%) $202,658 (-14.2%) 0.00 22
    2021-04-01 $168,500 (-21.0%) $224,996 (-6.7%) 0.00 21
    2021-05-01 $210,000 (-3.2%) $257,453 (6.1%) 0.00 20
    2021-06-01 $224,900 (5.0%) $258,174 (3.3%) 0.00 25
    2021-07-01 $232,450 (8.1%) $255,617 (2.8%) 0.00 25
    2021-08-01 $227,000 (16.4%) $247,355 (7.2%) 0.00 25
    2021-09-01 $211,250 (15.5%) $213,523 (-2.2%) 0.00 32
    2021-10-01 $182,000 (1.2%) $204,031 (-3.4%) 0.00 26
    2021-11-01 $194,075 (14.2%) $224,535 (8.5%) 0.00 25
    2021-12-01 $192,725 (15.1%) $248,333 (19.8%) 0.00 27
    2022-01-01 $219,000 (32.7%) $267,384 (32.7%) 0.00 31
    2022-02-01 $223,500 (53.2%) $281,019 (47.9%) 0.00 26
    2022-03-01 $235,500 (47.2%) $306,023 (51.0%) 0.00 25
    2022-04-01 $222,500 (32.1%) $282,287 (25.5%) 0.00 27
    2022-05-01 $218,500 (4.1%) $282,746 (9.8%) 0.00 24
    2022-06-01 $209,375 (-6.9%) $285,364 (10.5%) 0.00 26
    2022-07-01 $289,000 (24.3%) $322,938 (26.3%) 0.00 30
    2022-08-01 $283,250 (24.8%) $338,468 (36.8%) 0.00 40
    2022-09-01 $275,000 (30.2%) $320,705 (50.2%) 0.00 43
    2022-10-01 $258,000 (41.8%) $343,738 (68.5%) 0.00 48
    2022-11-01 $269,950 (39.1%) $338,060 (50.6%) 0.00 57
    2022-12-01 $269,950 (40.1%) $321,718 (29.6%) 0.00 50
    2023-01-01 $269,925 (23.3%) $327,643 (22.5%) 0.00 49
    2023-02-01 $271,250 (21.4%) $315,003 (12.1%) 0.00 39
    2023-03-01 $288,375 (22.5%) $353,832 (15.6%) 0.00 41
    2023-04-01 $296,000 (33.0%) $359,116 (27.2%) 0.00 47
    2023-05-01 $294,750 (34.9%) $362,737 (28.3%) 0.00 45
    2023-06-01 $278,600 (33.1%) $372,733 (30.6%) 0.00 49
    2023-07-01 $281,200 (-2.7%) $371,107 (14.9%) 0.00 50
    2023-08-01 $245,700 (-13.3%) $353,118 (4.3%) 0.00 57
    2023-09-01 $238,500 (-13.3%) $358,262 (11.7%) 0.00 57
    2023-10-01 $238,500 (-7.6%) $341,973 (-0.5%) 0.00 57
    2023-11-01 $268,750 (-0.4%) $313,132 (-7.4%) 0.00 50
    2023-12-01 $294,000 (8.9%) $319,008 (-0.8%) 0.00 63
    2024-01-01 $270,875 (0.4%) $318,948 (-2.7%) 0.00 68
    2024-02-01 $275,450 (1.6%) $325,834 (3.4%) 0.00 62
    2024-03-01 $283,500 (-1.7%) $316,955 (-10.4%) 0.00 74
    2024-04-01 $291,125 (-1.7%) $347,782 (-3.2%) 0.00 70
    2024-05-01 $287,500 (-2.5%) $343,810 (-5.2%) 0.00 69
    2024-06-01 $299,450 (7.5%) $366,945 (-1.6%) 0.00 71
    2024-07-01 $302,175 (7.5%) $396,437 (6.8%) 0.00 73
    2024-08-01 $314,900 (28.2%) $388,285 (10.0%) 0.00 65
    2024-09-01 $317,125 (33.0%) $407,761 (13.8%) 0.00 67
    2024-10-01 $314,900 (32.0%) $392,631 (14.8%) 0.00 69
    Lexington's median listing price for 2024-10-01 was $314,900, a difference of $76,400 (32.0%) versus the prior year and $-2,225 versus the prior month.

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

    Lexington's average listing price for 2024-10-01 was $392,631, a difference of $50,658 (14.8%) versus the prior year and $-15,130 versus the prior month.

    For the 2024-10-01 period, Lexington had 69 MLS listings, a difference of 2 listings (3%) versus the prior month and 12 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lexington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,547 sqft
    2018-02-01 0 days 1,590 sqft
    2018-03-01 0 days 1,780 sqft
    2018-04-01 0 days 2,002 sqft
    2018-05-01 0 days 1,862 sqft
    2018-06-01 0 days 1,830 sqft
    2018-07-01 0 days 1,863 sqft
    2018-08-01 0 days 1,749 sqft
    2018-09-01 0 days 1,751 sqft
    2018-10-01 0 days 1,830 sqft
    2018-11-01 0 days 1,850 sqft
    2018-12-01 0 days 1,872 sqft
    2019-01-01 0 days 1,920 sqft
    2019-02-01 0 days 1,920 sqft
    2019-03-01 0 days 1,912 sqft
    2019-04-01 0 days 1,919 sqft
    2019-05-01 0 days 1,910 sqft
    2019-06-01 0 days 1,846 sqft
    2019-07-01 0 days 1,812 sqft
    2019-08-01 0 days 1,872 sqft
    2019-09-01 0 days 1,842 sqft
    2019-10-01 0 days 1,833 sqft
    2019-11-01 0 days 1,866 sqft
    2019-12-01 0 days 1,844 sqft
    2020-01-01 0 days 1,856 sqft
    2020-02-01 0 days 1,770 sqft
    2020-03-01 0 days 1,800 sqft
    2020-04-01 0 days 1,790 sqft
    2020-05-01 0 days 1,866 sqft
    2020-06-01 0 days 1,999 sqft
    2020-07-01 0 days 2,075 sqft
    2020-08-01 0 days 2,097 sqft
    2020-09-01 0 days 2,078 sqft
    2020-10-01 0 days 1,798 sqft
    2020-11-01 0 days 1,845 sqft
    2020-12-01 0 days 1,943 sqft
    2021-01-01 0 days 1,995 sqft
    2021-02-01 0 days 1,782 sqft
    2021-03-01 0 days 1,682 sqft
    2021-04-01 0 days 2,208 sqft
    2021-05-01 0 days 2,480 sqft
    2021-06-01 0 days 2,260 sqft
    2021-07-01 0 days 2,288 sqft
    2021-08-01 0 days 2,289 sqft
    2021-09-01 0 days 1,983 sqft
    2021-10-01 0 days 1,934 sqft
    2021-11-01 0 days 1,994 sqft
    2021-12-01 0 days 2,007 sqft
    2022-01-01 0 days 2,098 sqft
    2022-02-01 0 days 2,006 sqft
    2022-03-01 0 days 1,992 sqft
    2022-04-01 0 days 2,002 sqft
    2022-05-01 0 days 1,750 sqft
    2022-06-01 0 days 2,249 sqft
    2022-07-01 0 days 2,458 sqft
    2022-08-01 0 days 2,095 sqft
    2022-09-01 0 days 2,039 sqft
    2022-10-01 0 days 2,044 sqft
    2022-11-01 0 days 1,687 sqft
    2022-12-01 0 days 1,687 sqft
    2023-01-01 0 days 1,687 sqft
    2023-02-01 0 days 1,719 sqft
    2023-03-01 0 days 1,991 sqft
    2023-04-01 0 days 2,198 sqft
    2023-05-01 0 days 2,203 sqft
    2023-06-01 0 days 2,174 sqft
    2023-07-01 0 days 2,058 sqft
    2023-08-01 0 days 1,752 sqft
    2023-09-01 0 days 1,687 sqft
    2023-10-01 0 days 1,809 sqft
    2023-11-01 0 days 1,857 sqft
    2023-12-01 0 days 1,720 sqft
    2024-01-01 0 days 1,740 sqft
    2024-02-01 0 days 1,734 sqft
    2024-03-01 0 days 1,734 sqft
    2024-04-01 0 days 1,895 sqft
    2024-05-01 0 days 1,920 sqft
    2024-06-01 0 days 1,922 sqft
    2024-07-01 0 days 1,988 sqft
    2024-08-01 0 days 2,279 sqft
    2024-09-01 0 days 2,255 sqft
    2024-10-01 0 days 2,027 sqft
    Lexington's median listing age (time on market) for 2024-10-01 was 0 days.

    Lexington's median square footage for active listings during the 2024-10-01 period was 2,027 sqft. One year prior, the average listing was 1,809 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).