Norfolk FHA Loan Rates, Closing Costs & Stats

Norfolk, 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.

    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 6.81% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.6% and one month ago for the week of 2024-03-15, the average rate was 6.86%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Norfolk's median listing price for 2024-03-01 was $285,000, a difference of $35,300 (14.1%) versus the prior year and $12,575 versus the prior month.

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

    Norfolk's average listing price for 2024-03-01 was $304,865, a difference of $-40,422 (-11.7%) versus the prior year and $11,208 versus the prior month.

    For the 2024-03-01 period, Norfolk had 73 MLS listings, a difference of 0 listings (0%) versus the prior month and 9 listings (14%) 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
    Norfolk's median listing age (time on market) for 2024-03-01 was 0 days.

    Norfolk's median square footage for active listings during the 2024-03-01 period was 1,886 sqft. One year prior, the average listing was 1,889 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).