Lincoln FHA Loan Rates, Closing Costs & Stats

LINCOLN, 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.

    Lincoln's 66 lenders originated 580 FHA loans during 2023. The total origination value was $137,020,000, with an average FHA loan value of $236,241.

    Lincoln FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lincoln averaged 6.7% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Lincoln's average FHA mortgage closing costs are $6,118.

    The average rate for the prior week (2024-04-12) was 6.59% and one month ago for the week of 2024-03-15, the average rate was 6.66%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.12%.

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

    Lincoln 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 Lincoln level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GERSHMAN INVESTMENT CORP. 77 6.74% $7,985
    QUICKEN LOANS, LLC 56 6.16% $10,068
    Lincoln FSB of Nebraska 53 6.52% $6,600
    LIBERTY FIRST 49 6.25% $7,318
    CHARTER WEST BANK 44 6.64% $7,327
    Prosperity Home Mortgage, LLC 28 6.62% $6,932
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.46% $9,175
    First National Bank of Omaha 14 6.59% $7,624
    NEWREZ LLC 14 6.16% $7,264
    Union Bank and Trust Company 13 6.47% $6,670
    PENNYMAC LOAN SERVICES, LLC 10 6.29% $10,264
    MORIA DEVELOPMENT, INC. 9 6.58% $8,697
    LOANDEPOT.COM, LLC 8 6.15% $12,555
    UNITED WHOLESALE MORTGAGE, LLC 8 6.73% $9,732
    Pinnacle Bank 8 6.31% $7,490
    Mortgage Research Center, LLC 7 6.96% $6,127
    Mr. Cooper ( Nationstar Mortgage ) 7 5.84% $12,601
    Paramount Residential Mortgage Group, Inc. 7 6.75% $9,795
    Regent Financial Group, Inc. 7 6.89% $9,547
    West Gate Bank 7 6.20% $8,406
    DELMAR FINANCIAL COMPANY 7 6.54% $9,645
    U.S. Bank 6 6.52% $6,783
    First Bank 6 6.21% $8,928
    FREEDOM MORTGAGE CORPORATION 6 7.04% $15,235
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.08% $16,213
    CMG MORTGAGE, INC. 5 6.30% $9,191
    Plains Commerce Bank 4 6.28% $8,389
    AMERISAVE MORTGAGE CORPORATION 4 6.09% $13,493
    Financial Funding Solutions, Inc. 3 6.67% $4,080
    GUILD MORTGAGE COMPANY 3 6.63% $9,471
    CARDINAL FINANCIAL 2 7.00% $9,163
    Carrington Mortgage Services, LLC 2 6.38% $7,598
    Gateway First Bank 2 6.75% $9,242
    FIRST STATE MORTGAGE SERVICES, LLC 2 7.13% $5,411
    HOMESIDE FINANCIAL, LLC 2 7.19% $4,915
    Wyndham Capital Mortgage, Inc. 1 7.25% $10,830
    AmeriHome Mortgage Company, LLC 1 6.63% $12,284
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $5,548
    Bank of England 1 5.63% $14,824
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,590
    BAY EQUITY LLC 1 6.13% $6,490
    BETTER MORTGAGE CORPORATION 1 7.25% $7,875
    BROKER SOLUTIONS, INC. 1 6.75% $10,217
    CALIBER HOME LOANS, INC. 1 5.75% $13,214
    CASTLE & COOKE MORTGAGE, LLC 1 7.25% $9,840
    Century Mortgage Company DBA Century Lending Company 1 6.00% $16,742
    Citizens Bank 1 7.25% $5,329
    CROSSCOUNTRY MORTGAGE, LLC 1 7.63% $8,856
    Equity Prime Mortgage LLC 1 6.50% $16,484
    Evolve Bank & Trust 1 7.63% $12,581
    Flagstar Bank, FSB 1 6.62% $11,620
    GUARANTEED RATE, INC. 1 7.25% $5,903
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $6,574
    Lakeview Community Capital, LLC 1 6.75% $6,009
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $20,825
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $8,576
    PLANET HOME LENDING, LLC 1 5.88% $10,117
    PLAZA HOME MORTGAGE, INC. 1 7.13% $7,110
    Semper Home Loans, Inc. 1 6.13% $8,572
    Servion, Inc. 1 6.50% $8,365
    SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $15,475
    TruHome Solutions, LLC 1 6.13% $5,834
    UNION HOME MORTGAGE CORP. 1 7.75% $6,902
    United Fidelity Funding Corp. 1 6.25% $7,489
    Wells Fargo Bank 1 5.25% $15,058
    AMERICAN FINANCING CORPORATION 1 5.38% $7,435

    The top Lincoln FHA lender as defined by loan originations is GERSHMAN INVESTMENT CORP., with 77 FHA loans originated. Their average total fees are $7,985, which is $2,083 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lincoln FHA lenders (with over 10 loans originated) are Lincoln FSB of Nebraska ($6,600), Union Bank and Trust Company ($6,670), Prosperity Home Mortgage, LLC ($6,932), NEWREZ LLC ($7,264) and LIBERTY FIRST ($7,318).

    The lowest rate Lincoln FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.16%), NEWREZ LLC (6.16%), LIBERTY FIRST (6.25%), PENNYMAC LOAN SERVICES, LLC (6.29%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.46%).

    Lincoln FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LINCOLN, NE LANCASTER 2022 $420,680 $538,650 $651,050 $809,150
    LINCOLN, NE SEWARD 2022 $420,680 $538,650 $651,050 $809,150
    LINCOLN, NE LANCASTER 2023 $472,030 $604,400 $730,525 $907,900
    LINCOLN, NE SEWARD 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lincoln (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 $282,250 (25.5%) $344,966 (22.0%) 1.05 643
    2018-02-01 $299,450 (19.2%) $358,952 (19.1%) 1.09 612
    2018-03-01 $319,950 (24.2%) $364,659 (18.8%) 1.12 590
    2018-04-01 $323,713 (13.6%) $379,691 (13.9%) 1.10 620
    2018-05-01 $314,961 (8.1%) $373,405 (10.9%) 1.05 673
    2018-06-01 $308,900 (9.9%) $372,102 (12.7%) 1.03 714
    2018-07-01 $299,916 (12.5%) $368,433 (15.3%) 1.00 792
    2018-08-01 $289,800 (10.5%) $358,893 (13.3%) 0.97 858
    2018-09-01 $285,500 (14.3%) $352,035 (11.5%) 0.96 875
    2018-10-01 $275,440 (10.2%) $342,336 (8.4%) 0.93 945
    2018-11-01 $271,319 (2.6%) $333,806 (2.1%) 0.92 981
    2018-12-01 $272,500 (1.2%) $332,315 (0.0%) 0.94 891
    2019-01-01 $273,697 (-3.0%) $333,553 (-3.3%) 0.95 796
    2019-02-01 $284,948 (-4.8%) $343,605 (-4.3%) 0.96 753
    2019-03-01 $292,889 (-8.5%) $335,686 (-8.0%) 0.96 729
    2019-04-01 $296,026 (-8.6%) $329,557 (-13.2%) 0.94 694
    2019-05-01 $306,625 (-2.7%) $341,747 (-8.5%) 0.96 756
    2019-06-01 $299,900 (-2.9%) $336,092 (-9.7%) 0.94 790
    2019-07-01 $299,900 (0.0%) $332,953 (-9.6%) 0.94 781
    2019-08-01 $292,941 (1.1%) $328,280 (-8.5%) 0.93 830
    2019-09-01 $285,352 (-0.1%) $321,606 (-8.6%) 0.91 894
    2019-10-01 $279,725 (1.6%) $317,533 (-7.3%) 0.90 928
    2019-11-01 $282,079 (4.0%) $317,249 (-5.0%) 0.92 854
    2019-12-01 $284,900 (4.6%) $318,270 (-4.2%) 0.95 784
    2020-01-01 $299,925 (9.6%) $330,626 (-0.9%) 1.00 681
    2020-02-01 $302,500 (6.2%) $336,803 (-2.0%) 0.99 614
    2020-03-01 $303,575 (3.7%) $338,261 (0.8%) 0.95 641
    2020-04-01 $304,850 (3.0%) $337,646 (2.5%) 0.95 701
    2020-05-01 $319,000 (4.0%) $358,506 (4.9%) 0.97 651
    2020-06-01 $325,500 (8.5%) $368,812 (9.7%) 0.96 546
    2020-07-01 $325,000 (8.4%) $373,268 (12.1%) 0.94 499
    2020-08-01 $315,000 (7.5%) $365,770 (11.4%) 0.90 474
    2020-09-01 $307,925 (7.9%) $363,745 (13.1%) 0.88 454
    2020-10-01 $299,950 (7.2%) $365,332 (15.1%) 0.86 455
    2020-11-01 $321,650 (14.0%) $380,020 (19.8%) 0.94 472
    2020-12-01 $326,663 (14.7%) $375,951 (18.1%) 0.97 454
    2021-01-01 $334,950 (11.7%) $371,268 (12.3%) 1.00 395
    2021-02-01 $350,700 (15.9%) $385,336 (14.4%) 1.02 360
    2021-03-01 $362,225 (19.3%) $389,368 (15.1%) 1.03 374
    2021-04-01 $359,900 (18.1%) $395,376 (17.1%) 0.97 368
    2021-05-01 $359,900 (12.8%) $423,128 (18.0%) 0.96 364
    2021-06-01 $336,975 (3.5%) $410,103 (11.2%) 0.89 404
    2021-07-01 $329,000 (1.2%) $397,056 (6.4%) 0.87 428
    2021-08-01 $318,500 (1.1%) $385,095 (5.3%) 0.85 430
    2021-09-01 $299,950 (-2.6%) $362,560 (-0.3%) 0.80 442
    2021-10-01 $312,265 (4.1%) $361,655 (-1.0%) 0.83 490
    2021-11-01 $328,696 (2.2%) $382,773 (0.7%) 0.88 494
    2021-12-01 $349,950 (7.1%) $398,248 (5.9%) 0.95 424
    2022-01-01 $369,925 (10.4%) $419,115 (12.9%) 1.00 379
    2022-02-01 $387,305 (10.4%) $427,567 (11.0%) 1.01 367
    2022-03-01 $369,463 (2.0%) $427,384 (9.8%) 0.92 347
    2022-04-01 $389,999 (8.4%) $439,747 (11.2%) 0.93 365
    2022-05-01 $367,588 (2.1%) $422,910 (-0.1%) 0.84 431
    2022-06-01 $365,049 (8.3%) $427,098 (4.1%) 0.81 455
    2022-07-01 $362,595 (10.2%) $421,377 (6.1%) 0.82 551
    2022-08-01 $371,825 (16.7%) $416,049 (8.0%) 0.86 559
    2022-09-01 $379,386 (26.5%) $423,347 (16.8%) 0.89 563
    2022-10-01 $383,545 (22.8%) $419,338 (16.0%) 0.90 578
    2022-11-01 $387,450 (17.9%) $422,881 (10.5%) 0.93 615
    2022-12-01 $407,450 (16.4%) $433,708 (8.9%) 1.01 583
    2023-01-01 $439,476 (18.8%) $454,926 (8.5%) 1.09 523
    2023-02-01 $441,275 (13.9%) $455,262 (6.5%) 1.06 501
    2023-03-01 $447,500 (21.1%) $469,822 (9.9%) 1.06 458
    2023-04-01 $444,900 (14.1%) $469,027 (6.7%) 1.03 497
    2023-05-01 $447,700 (21.8%) $485,892 (14.9%) 1.02 535
    2023-06-01 $445,125 (21.9%) $497,704 (16.5%) 1.00 542
    2023-07-01 $437,900 (20.8%) $486,376 (15.4%) 1.00 570
    2023-08-01 $411,200 (10.6%) $476,511 (14.5%) 0.94 620
    2023-09-01 $399,450 (5.3%) $466,112 (10.1%) 0.93 677
    2023-10-01 $396,200 (3.3%) $463,312 (10.5%) 0.93 747
    2023-11-01 $389,750 (0.6%) $453,474 (7.2%) 0.93 764
    2023-12-01 $389,900 (-4.3%) $454,855 (4.9%) 0.95 646
    2024-01-01 $389,950 (-11.3%) $459,331 (1.0%) 0.95 545
    2024-02-01 $398,575 (-9.7%) $479,859 (5.4%) 0.96 499
    2024-03-01 $403,900 (-9.7%) $480,725 (2.3%) 0.95 525
    Lincoln's median listing price for 2024-03-01 was $403,900, a difference of $-43,600 (-9.7%) versus the prior year and $5,325 versus the prior month.

    Lincoln's median listing price comes in at 95% of the national average.

    Lincoln's average listing price for 2024-03-01 was $480,725, a difference of $10,903 (2.3%) versus the prior year and $866 versus the prior month.

    For the 2024-03-01 period, Lincoln had 525 MLS listings, a difference of 26 listings (5%) versus the prior month and 67 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lincoln (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 53 days 1,604 sqft
    2018-02-01 50 days 1,626 sqft
    2018-03-01 49 days 1,647 sqft
    2018-04-01 45 days 1,655 sqft
    2018-05-01 39 days 1,651 sqft
    2018-06-01 40 days 1,661 sqft
    2018-07-01 41 days 1,636 sqft
    2018-08-01 43 days 1,600 sqft
    2018-09-01 46 days 1,596 sqft
    2018-10-01 43 days 1,588 sqft
    2018-11-01 44 days 1,570 sqft
    2018-12-01 54 days 1,551 sqft
    2019-01-01 58 days 1,550 sqft
    2019-02-01 51 days 1,566 sqft
    2019-03-01 51 days 1,788 sqft
    2019-04-01 42 days 2,204 sqft
    2019-05-01 33 days 2,371 sqft
    2019-06-01 36 days 2,396 sqft
    2019-07-01 38 days 2,361 sqft
    2019-08-01 36 days 2,308 sqft
    2019-09-01 36 days 2,268 sqft
    2019-10-01 38 days 2,241 sqft
    2019-11-01 47 days 2,243 sqft
    2019-12-01 57 days 2,242 sqft
    2020-01-01 64 days 2,322 sqft
    2020-02-01 59 days 2,340 sqft
    2020-03-01 41 days 2,412 sqft
    2020-04-01 43 days 2,384 sqft
    2020-05-01 52 days 2,411 sqft
    2020-06-01 53 days 2,447 sqft
    2020-07-01 53 days 2,396 sqft
    2020-08-01 43 days 2,274 sqft
    2020-09-01 45 days 2,226 sqft
    2020-10-01 46 days 2,170 sqft
    2020-11-01 46 days 2,143 sqft
    2020-12-01 52 days 2,084 sqft
    2021-01-01 58 days 2,110 sqft
    2021-02-01 53 days 2,182 sqft
    2021-03-01 53 days 2,263 sqft
    2021-04-01 50 days 2,179 sqft
    2021-05-01 46 days 2,171 sqft
    2021-06-01 43 days 2,183 sqft
    2021-07-01 40 days 2,123 sqft
    2021-08-01 41 days 2,082 sqft
    2021-09-01 41 days 2,039 sqft
    2021-10-01 37 days 2,106 sqft
    2021-11-01 45 days 2,121 sqft
    2021-12-01 57 days 2,151 sqft
    2022-01-01 51 days 2,213 sqft
    2022-02-01 43 days 2,227 sqft
    2022-03-01 47 days 2,191 sqft
    2022-04-01 40 days 2,239 sqft
    2022-05-01 35 days 2,227 sqft
    2022-06-01 39 days 2,249 sqft
    2022-07-01 38 days 2,228 sqft
    2022-08-01 39 days 2,265 sqft
    2022-09-01 43 days 2,301 sqft
    2022-10-01 39 days 2,316 sqft
    2022-11-01 39 days 2,336 sqft
    2022-12-01 52 days 2,375 sqft
    2023-01-01 55 days 2,417 sqft
    2023-02-01 45 days 2,446 sqft
    2023-03-01 50 days 2,502 sqft
    2023-04-01 43 days 2,495 sqft
    2023-05-01 38 days 2,516 sqft
    2023-06-01 41 days 2,539 sqft
    2023-07-01 40 days 2,507 sqft
    2023-08-01 39 days 2,436 sqft
    2023-09-01 37 days 2,410 sqft
    2023-10-01 37 days 2,371 sqft
    2023-11-01 42 days 2,314 sqft
    2023-12-01 48 days 2,340 sqft
    2024-01-01 58 days 2,349 sqft
    2024-02-01 47 days 2,372 sqft
    2024-03-01 40 days 2,416 sqft
    Lincoln's median listing age (time on market) for 2024-03-01 was 40 days. This is -19% shorter than the same period one year ago.

    Lincoln's median square footage for active listings during the 2024-03-01 period was 2,416 sqft. One year prior, the average listing was 2,502 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).