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 6.47% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.55% and one month ago for the week of 2024-10-04, the average rate was 6.07%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.49%.

    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

    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).