Norfolk FHA Loan Rates, Closing Costs & Stats

Norfolk, 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.

Norfolk's 20 lenders originated 70 FHA loans during 2023. The total origination value was $13,190,000, with an average FHA loan value of $188,429.

Norfolk FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Norfolk averaged 0.25% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Norfolk's average FHA mortgage closing costs are $6,322.

The average rate for the prior week (2024-11-22) was 6.44% and one month ago for the week of 2024-10-25, the average rate was 6.22%.

The average rate one year ago was 6.91%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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

Norfolk 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 Norfolk level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 13 6.36% $8,560
CHARTER WEST BANK 6 6.94% $7,962
UNITED WHOLESALE MORTGAGE, LLC 5 5.98% $9,230
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.88% $15,808
Plains Commerce Bank 4 6.75% $10,325
First National Bank of Omaha 3 7.04% $5,987
GUARANTEED RATE, INC. 3 6.92% $7,874
Barrington Bank & Trust Company, N.A. 3 7.25% $6,270
First Interstate Bank 2 6.50% $5,119
LOANDEPOT.COM, LLC 2 6.62% $10,890
FREEDOM MORTGAGE CORPORATION 2 7.06% $8,615
Wells Fargo Bank 1 5.88% $7,447
CALIBER HOME LOANS, INC. 1 5.75% $6,651
CENTENNIAL LENDING, LLC 1 7.25% $7,568
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,723
Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $16,380
PENNYMAC LOAN SERVICES, LLC 1 6.13% $8,200
PLAZA HOME MORTGAGE, INC. 1 8.25% $9,982
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $5,119
U.S. Bank 1 5.75% $4,745

The top Norfolk FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $8,560, which is $599 higher than the next largest lender, CHARTER WEST BANK.

The lowest fee Norfolk FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,560), .

The lowest rate Norfolk FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.36%), .

Norfolk FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Norfolk (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 $187,175 (1.4%) $210,332 (-1.9%) 0.00 92
2018-02-01 $184,550 (1.4%) $217,632 (2.5%) 0.00 89
2018-03-01 $179,925 (-4.2%) $213,386 (-4.3%) 0.00 89
2018-04-01 $188,950 (-5.5%) $217,428 (-9.1%) 0.00 88
2018-05-01 $192,681 (7.1%) $227,060 (5.2%) 0.00 107
2018-06-01 $199,500 (9.0%) $241,120 (4.1%) 0.00 123
2018-07-01 $191,438 (6.4%) $236,766 (4.7%) 0.00 120
2018-08-01 $187,463 (5.1%) $225,985 (1.1%) 0.00 129
2018-09-01 $187,225 (7.2%) $237,500 (16.2%) 0.00 140
2018-10-01 $179,788 (7.7%) $229,459 (11.0%) 0.00 160
2018-11-01 $179,250 (-3.2%) $228,353 (9.5%) 0.00 156
2018-12-01 $174,950 (-9.6%) $224,615 (7.4%) 0.00 136
2019-01-01 $173,625 (-7.2%) $220,496 (4.8%) 0.00 134
2019-02-01 $182,400 (-1.2%) $230,651 (6.0%) 0.00 120
2019-03-01 $190,318 (5.8%) $237,064 (11.1%) 0.00 118
2019-04-01 $186,668 (-1.2%) $235,393 (8.3%) 0.00 117
2019-05-01 $183,950 (-4.5%) $232,603 (2.4%) 0.00 117
2019-06-01 $194,500 (-2.5%) $235,904 (-2.2%) 0.00 126
2019-07-01 $199,850 (4.4%) $234,935 (-0.8%) 0.00 129
2019-08-01 $200,509 (7.0%) $238,400 (5.5%) 0.00 138
2019-09-01 $201,348 (7.5%) $241,031 (1.5%) 0.00 145
2019-10-01 $195,857 (8.9%) $236,670 (3.1%) 0.00 158
2019-11-01 $189,000 (5.4%) $225,446 (-1.3%) 0.00 160
2019-12-01 $195,375 (11.7%) $219,990 (-2.1%) 0.00 147
2020-01-01 $204,963 (18.1%) $223,976 (1.6%) 0.00 130
2020-02-01 $219,900 (20.6%) $236,336 (2.5%) 0.00 118
2020-03-01 $219,100 (15.1%) $239,582 (1.1%) 0.00 124
2020-04-01 $210,500 (12.8%) $232,930 (-1.1%) 0.00 116
2020-05-01 $194,350 (5.7%) $230,500 (-0.9%) 0.00 100
2020-06-01 $210,000 (8.0%) $236,857 (0.4%) 0.00 92
2020-07-01 $207,925 (4.0%) $236,111 (0.5%) 0.00 98
2020-08-01 $192,700 (-3.9%) $233,619 (-2.0%) 0.00 99
2020-09-01 $222,400 (10.5%) $244,275 (1.4%) 0.00 107
2020-10-01 $225,000 (14.9%) $250,090 (5.7%) 0.00 102
2020-11-01 $224,950 (19.0%) $249,009 (10.5%) 0.00 88
2020-12-01 $219,900 (12.6%) $242,561 (10.3%) 0.00 82
2021-01-01 $219,900 (7.3%) $241,491 (7.8%) 0.00 74
2021-02-01 $216,200 (-1.7%) $247,091 (4.6%) 0.00 61
2021-03-01 $227,425 (3.8%) $262,722 (9.7%) 0.00 51
2021-04-01 $206,673 (-1.8%) $239,446 (2.8%) 0.00 51
2021-05-01 $189,999 (-2.2%) $219,447 (-4.8%) 0.00 48
2021-06-01 $207,450 (-1.2%) $261,097 (10.2%) 0.00 50
2021-07-01 $199,925 (-3.9%) $269,774 (14.3%) 0.00 54
2021-08-01 $210,700 (9.3%) $264,559 (13.2%) 0.00 68
2021-09-01 $217,500 (-2.2%) $266,873 (9.3%) 0.00 76
2021-10-01 $259,250 (15.2%) $303,580 (21.4%) 0.00 72
2021-11-01 $242,338 (7.7%) $283,683 (13.9%) 0.00 71
2021-12-01 $247,600 (12.6%) $294,188 (21.3%) 0.00 60
2022-01-01 $230,000 (4.6%) $269,329 (11.5%) 0.00 51
2022-02-01 $264,250 (22.2%) $274,909 (11.3%) 0.00 47
2022-03-01 $231,225 (1.7%) $273,764 (4.2%) 0.00 54
2022-04-01 $270,000 (30.6%) $294,141 (22.8%) 0.00 50
2022-05-01 $254,000 (33.7%) $292,666 (33.4%) 0.00 49
2022-06-01 $236,975 (14.2%) $272,467 (4.4%) 0.00 57
2022-07-01 $248,600 (24.4%) $302,567 (12.2%) 0.00 67
2022-08-01 $268,750 (27.6%) $318,839 (20.5%) 0.00 77
2022-09-01 $267,325 (22.9%) $316,684 (18.7%) 0.00 83
2022-10-01 $258,500 (-0.3%) $314,588 (3.6%) 0.00 92
2022-11-01 $233,625 (-3.6%) $307,961 (8.6%) 0.00 89
2022-12-01 $239,250 (-3.4%) $332,984 (13.2%) 0.00 77
2023-01-01 $244,350 (6.2%) $338,970 (25.9%) 0.00 65
2023-02-01 $249,750 (-5.5%) $347,884 (26.6%) 0.00 71
2023-03-01 $249,700 (8.0%) $345,287 (26.1%) 0.00 64
2023-04-01 $275,000 (1.9%) $350,978 (19.3%) 0.00 50
2023-05-01 $252,350 (-0.7%) $330,954 (13.1%) 0.00 53
2023-06-01 $298,100 (25.8%) $355,332 (30.4%) 0.00 61
2023-07-01 $270,000 (8.6%) $332,597 (9.9%) 0.00 56
2023-08-01 $254,850 (-5.2%) $301,506 (-5.4%) 0.00 62
2023-09-01 $249,900 (-6.5%) $294,880 (-6.9%) 0.00 65
2023-10-01 $275,000 (6.4%) $317,414 (0.9%) 0.00 85
2023-11-01 $286,000 (22.4%) $330,499 (7.3%) 0.00 91
2023-12-01 $294,900 (23.3%) $317,692 (-4.6%) 0.00 78
2024-01-01 $273,450 (11.9%) $303,045 (-10.6%) 0.00 79
2024-02-01 $272,425 (9.1%) $293,657 (-15.6%) 0.00 73
2024-03-01 $285,000 (14.1%) $304,865 (-11.7%) 0.00 73
2024-04-01 $283,650 (3.2%) $319,062 (-9.1%) 0.00 81
2024-05-01 $282,450 (11.9%) $324,903 (-1.8%) 0.00 90
2024-06-01 $285,000 (-4.4%) $318,022 (-10.5%) 0.00 104
2024-07-01 $284,725 (5.5%) $320,156 (-3.7%) 0.00 106
2024-08-01 $279,000 (9.5%) $307,637 (2.0%) 0.00 117
2024-09-01 $264,688 (5.9%) $296,376 (0.5%) 0.00 120
2024-10-01 $269,488 (-2.0%) $298,282 (-6.0%) 0.00 120
Norfolk's median listing price for 2024-10-01 was $269,488, a difference of $-5,512 (-2.0%) versus the prior year and $4,800 versus the prior month.

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

Norfolk's average listing price for 2024-10-01 was $298,282, a difference of $-19,132 (-6.0%) versus the prior year and $1,906 versus the prior month.

For the 2024-10-01 period, Norfolk had 120 MLS listings, a difference of 0 listings (0%) versus the prior month and 35 listings (41%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Norfolk (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,213 sqft
2018-02-01 0 days 2,127 sqft
2018-03-01 0 days 1,981 sqft
2018-04-01 0 days 1,978 sqft
2018-05-01 0 days 2,205 sqft
2018-06-01 0 days 2,294 sqft
2018-07-01 0 days 2,326 sqft
2018-08-01 0 days 2,251 sqft
2018-09-01 0 days 2,203 sqft
2018-10-01 0 days 2,154 sqft
2018-11-01 0 days 2,116 sqft
2018-12-01 0 days 2,060 sqft
2019-01-01 0 days 2,057 sqft
2019-02-01 0 days 2,016 sqft
2019-03-01 0 days 2,137 sqft
2019-04-01 0 days 2,103 sqft
2019-05-01 0 days 2,093 sqft
2019-06-01 0 days 2,161 sqft
2019-07-01 0 days 2,154 sqft
2019-08-01 0 days 2,212 sqft
2019-09-01 0 days 2,266 sqft
2019-10-01 0 days 2,274 sqft
2019-11-01 0 days 2,273 sqft
2019-12-01 0 days 2,256 sqft
2020-01-01 0 days 2,267 sqft
2020-02-01 0 days 2,198 sqft
2020-03-01 0 days 2,096 sqft
2020-04-01 0 days 1,955 sqft
2020-05-01 0 days 1,888 sqft
2020-06-01 0 days 1,828 sqft
2020-07-01 0 days 1,814 sqft
2020-08-01 0 days 1,986 sqft
2020-09-01 0 days 2,143 sqft
2020-10-01 0 days 1,920 sqft
2020-11-01 0 days 1,902 sqft
2020-12-01 0 days 1,882 sqft
2021-01-01 0 days 1,722 sqft
2021-02-01 0 days 1,621 sqft
2021-03-01 0 days 1,708 sqft
2021-04-01 0 days 1,700 sqft
2021-05-01 0 days 1,596 sqft
2021-06-01 0 days 1,684 sqft
2021-07-01 0 days 1,836 sqft
2021-08-01 0 days 1,810 sqft
2021-09-01 0 days 1,999 sqft
2021-10-01 0 days 2,172 sqft
2021-11-01 0 days 1,944 sqft
2021-12-01 0 days 2,111 sqft
2022-01-01 0 days 2,130 sqft
2022-02-01 0 days 2,105 sqft
2022-03-01 0 days 2,008 sqft
2022-04-01 0 days 2,305 sqft
2022-05-01 0 days 1,961 sqft
2022-06-01 0 days 1,835 sqft
2022-07-01 0 days 1,977 sqft
2022-08-01 0 days 2,160 sqft
2022-09-01 0 days 2,047 sqft
2022-10-01 0 days 2,121 sqft
2022-11-01 0 days 2,103 sqft
2022-12-01 0 days 2,205 sqft
2023-01-01 0 days 2,147 sqft
2023-02-01 0 days 2,015 sqft
2023-03-01 0 days 1,889 sqft
2023-04-01 0 days 1,943 sqft
2023-05-01 0 days 1,838 sqft
2023-06-01 0 days 1,927 sqft
2023-07-01 0 days 1,872 sqft
2023-08-01 0 days 1,789 sqft
2023-09-01 0 days 1,737 sqft
2023-10-01 0 days 1,835 sqft
2023-11-01 0 days 1,865 sqft
2023-12-01 0 days 1,896 sqft
2024-01-01 0 days 1,832 sqft
2024-02-01 0 days 1,918 sqft
2024-03-01 0 days 1,886 sqft
2024-04-01 0 days 1,830 sqft
2024-05-01 0 days 1,859 sqft
2024-06-01 0 days 1,859 sqft
2024-07-01 0 days 1,941 sqft
2024-08-01 0 days 1,929 sqft
2024-09-01 0 days 1,860 sqft
2024-10-01 0 days 1,944 sqft
Norfolk's median listing age (time on market) for 2024-10-01 was 0 days.

Norfolk's median square footage for active listings during the 2024-10-01 period was 1,944 sqft. One year prior, the average listing was 1,835 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).