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%.
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. LouisDate | 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 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. LouisDate | 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 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.