North Platte FHA Loan Rates, Closing Costs & Stats

North Platte, 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.

    North Platte's 19 lenders originated 67 FHA loans during 2023. The total origination value was $11,375,000, with an average FHA loan value of $169,776.

    North Platte FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in North Platte averaged 0.16% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

    North Platte's average FHA mortgage closing costs are $5,887.

    The average rate for the prior week (2024-06-14) was 6.86% and one month ago for the week of 2024-05-17, the average rate was 6.8%.

    The average rate one year ago was 6.49%.

    For refis of the same type during the week of 2024-06-21, the average rate was -0.2%.

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

    North Platte 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 North Platte level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 17 6.55% $8,453
    First State Bank 10 6.38% $6,041
    First National Bank of Omaha 8 6.30% $7,762
    Adams Bank & Trust 4 6.59% $6,045
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.28% $8,500
    LOANDEPOT.COM, LLC 3 6.00% $7,933
    AMERISAVE MORTGAGE CORPORATION 2 5.69% $11,006
    CHARTER WEST BANK 2 6.88% $4,978
    NEWREZ LLC 2 6.19% $9,391
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $5,641
    ZILLOW HOME LOANS, LLC 1 6.75% $8,010
    Carrington Mortgage Services, LLC 1 6.88% $10,494
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $7,633
    CMG MORTGAGE, INC. 1 6.25% $12,612
    Flagstar Bank, FSB 1 7.13% $8,255
    Mortgage Research Center, LLC 1 6.63% $7,403
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $5,231
    The Federal Savings Bank 1 7.00% $6,181
    West Gate Bank 1 6.63% $5,844

    The top North Platte FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $8,453, which is $2,412 higher than the next largest lender, First State Bank.

    The lowest fee North Platte FHA lenders (with over 10 loans originated) are First State Bank ($6,041), QUICKEN LOANS, LLC ($8,453), .

    The lowest rate North Platte FHA lenders (with over 10 loans originated) are First State Bank (6.38%), QUICKEN LOANS, LLC (6.55%), .

    North Platte FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NORTH PLATTE, NE LINCOLN 2017 $433,550 $555,000 $670,900 $833,750
    NORTH PLATTE, NE LOGAN 2017 $433,550 $555,000 $670,900 $833,750
    NORTH PLATTE, NE MCPHERSON 2017 $433,550 $555,000 $670,900 $833,750
    NORTH PLATTE, NE LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    NORTH PLATTE, NE LOGAN 2023 $472,030 $604,400 $730,525 $907,900
    NORTH PLATTE, NE MCPHERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - North Platte (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 $158,700 (2.9%) $189,683 (5.1%) 0.00 110
    2018-02-01 $154,900 (-8.1%) $191,011 (0.9%) 0.00 106
    2018-03-01 $165,000 (15.1%) $198,323 (6.3%) 0.00 97
    2018-04-01 $165,000 (10.4%) $201,874 (2.3%) 0.00 98
    2018-05-01 $169,450 (2.7%) $206,827 (4.1%) 0.00 110
    2018-06-01 $185,000 (5.2%) $212,555 (0.0%) 0.00 119
    2018-07-01 $189,125 (9.3%) $217,154 (7.0%) 0.00 118
    2018-08-01 $174,500 (5.5%) $200,196 (2.5%) 0.00 117
    2018-09-01 $165,000 (8.6%) $185,174 (0.4%) 0.00 114
    2018-10-01 $162,450 (7.6%) $188,727 (2.3%) 0.00 110
    2018-11-01 $159,900 (-3.1%) $186,586 (-3.7%) 0.00 114
    2018-12-01 $159,500 (-0.3%) $183,270 (-5.4%) 0.00 114
    2019-01-01 $159,500 (0.5%) $185,391 (-2.3%) 0.00 112
    2019-02-01 $165,975 (7.2%) $190,567 (-0.2%) 0.00 108
    2019-03-01 $176,100 (6.7%) $192,404 (-3.0%) 0.00 108
    2019-04-01 $173,850 (5.4%) $195,123 (-3.3%) 0.00 108
    2019-05-01 $185,000 (9.2%) $209,387 (1.2%) 0.00 110
    2019-06-01 $190,000 (2.7%) $206,596 (-2.8%) 0.00 139
    2019-07-01 $173,700 (-8.2%) $198,148 (-8.8%) 0.00 154
    2019-08-01 $172,686 (-1.0%) $192,830 (-3.7%) 0.00 171
    2019-09-01 $182,341 (10.5%) $193,261 (4.4%) 0.00 184
    2019-10-01 $189,925 (16.9%) $193,793 (2.7%) 0.00 196
    2019-11-01 $190,000 (18.8%) $193,512 (3.7%) 0.00 177
    2019-12-01 $188,625 (18.3%) $192,241 (4.9%) 0.00 165
    2020-01-01 $187,625 (17.6%) $192,300 (3.7%) 0.00 146
    2020-02-01 $179,500 (8.2%) $186,256 (-2.3%) 0.00 132
    2020-03-01 $181,225 (2.9%) $197,578 (2.7%) 0.00 136
    2020-04-01 $179,350 (3.2%) $196,867 (0.9%) 0.00 142
    2020-05-01 $182,950 (-1.1%) $197,036 (-5.9%) 0.00 138
    2020-06-01 $179,000 (-5.8%) $193,208 (-6.5%) 0.00 129
    2020-07-01 $184,000 (5.9%) $195,233 (-1.5%) 0.00 113
    2020-08-01 $159,900 (-7.4%) $182,044 (-5.6%) 0.00 109
    2020-09-01 $149,900 (-17.8%) $187,464 (-3.0%) 0.00 109
    2020-10-01 $145,000 (-23.7%) $178,522 (-7.9%) 0.00 117
    2020-11-01 $127,500 (-32.9%) $170,174 (-12.1%) 0.00 109
    2020-12-01 $128,675 (-31.8%) $166,050 (-13.6%) 0.00 95
    2021-01-01 $119,900 (-36.1%) $154,881 (-19.5%) 0.00 86
    2021-02-01 $119,900 (-33.2%) $155,548 (-16.5%) 0.00 62
    2021-03-01 $118,500 (-34.6%) $171,825 (-13.0%) 0.00 43
    2021-04-01 $139,175 (-22.4%) $190,989 (-3.0%) 0.00 32
    2021-05-01 $126,900 (-30.6%) $175,135 (-11.1%) 0.00 36
    2021-06-01 $162,425 (-9.3%) $197,948 (2.5%) 0.00 34
    2021-07-01 $175,000 (-4.9%) $199,925 (2.4%) 0.00 53
    2021-08-01 $178,475 (11.6%) $190,798 (4.8%) 0.00 57
    2021-09-01 $167,925 (12.0%) $195,490 (4.3%) 0.00 48
    2021-10-01 $160,000 (10.3%) $207,721 (16.4%) 0.00 49
    2021-11-01 $177,150 (38.9%) $223,279 (31.2%) 0.00 41
    2021-12-01 $144,900 (12.6%) $200,376 (20.7%) 0.00 34
    2022-01-01 $142,450 (18.8%) $214,776 (38.7%) 0.00 32
    2022-02-01 $146,975 (22.6%) $224,097 (44.1%) 0.00 31
    2022-03-01 $151,450 (27.8%) $260,731 (51.7%) 0.00 32
    2022-04-01 $251,500 (80.7%) $299,371 (56.8%) 0.00 35
    2022-05-01 $363,500 (186.5%) $362,153 (106.8%) 0.00 28
    2022-06-01 $346,250 (113.2%) $362,899 (83.3%) 0.00 33
    2022-07-01 $251,950 (44.0%) $312,000 (56.1%) 0.00 44
    2022-08-01 $248,675 (39.3%) $306,860 (60.8%) 0.00 47
    2022-09-01 $227,750 (35.6%) $318,430 (62.9%) 0.00 47
    2022-10-01 $215,000 (34.4%) $307,853 (48.2%) 0.00 54
    2022-11-01 $267,500 (51.0%) $291,143 (30.4%) 0.00 71
    2022-12-01 $240,000 (65.6%) $280,622 (40.1%) 0.00 74
    2023-01-01 $240,000 (68.5%) $288,273 (34.2%) 0.00 66
    2023-02-01 $278,000 (89.2%) $309,323 (38.0%) 0.00 50
    2023-03-01 $292,000 (92.8%) $316,440 (21.4%) 0.00 43
    2023-04-01 $284,500 (13.1%) $299,812 (0.2%) 0.00 41
    2023-05-01 $283,000 (-22.2%) $317,351 (-12.4%) 0.00 43
    2023-06-01 $254,188 (-26.6%) $297,138 (-18.1%) 0.00 41
    2023-07-01 $269,900 (7.1%) $312,714 (0.2%) 0.00 61
    2023-08-01 $249,500 (0.3%) $309,829 (1.0%) 0.00 70
    2023-09-01 $245,000 (7.6%) $298,064 (-6.4%) 0.00 67
    2023-10-01 $238,750 (11.1%) $290,556 (-5.6%) 0.00 71
    2023-11-01 $219,000 (-18.1%) $297,227 (2.1%) 0.00 77
    2023-12-01 $225,000 (-6.3%) $291,749 (4.0%) 0.00 68
    2024-01-01 $231,000 (-3.8%) $311,049 (7.9%) 0.00 62
    2024-02-01 $252,688 (-9.1%) $323,646 (4.6%) 0.00 49
    2024-03-01 $258,700 (-11.4%) $331,597 (4.8%) 0.00 53
    2024-04-01 $262,250 (-7.8%) $319,048 (6.4%) 0.00 59
    2024-05-01 $268,925 (-5.0%) $320,002 (0.8%) 0.00 64
    North Platte's median listing price for 2024-05-01 was $268,925, a difference of $-14,075 (-5.0%) versus the prior year and $6,675 versus the prior month.

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

    North Platte's average listing price for 2024-05-01 was $320,002, a difference of $2,651 (0.8%) versus the prior year and $954 versus the prior month.

    For the 2024-05-01 period, North Platte had 64 MLS listings, a difference of 5 listings (8%) versus the prior month and 21 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - North Platte (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,774 sqft
    2018-02-01 0 days 1,893 sqft
    2018-03-01 0 days 1,920 sqft
    2018-04-01 0 days 1,979 sqft
    2018-05-01 0 days 2,049 sqft
    2018-06-01 0 days 2,064 sqft
    2018-07-01 0 days 2,108 sqft
    2018-08-01 0 days 2,005 sqft
    2018-09-01 0 days 1,964 sqft
    2018-10-01 0 days 1,908 sqft
    2018-11-01 0 days 1,845 sqft
    2018-12-01 0 days 1,902 sqft
    2019-01-01 0 days 1,908 sqft
    2019-02-01 0 days 1,944 sqft
    2019-03-01 0 days 1,876 sqft
    2019-04-01 0 days 1,789 sqft
    2019-05-01 0 days 1,806 sqft
    2019-06-01 0 days 1,880 sqft
    2019-07-01 0 days 1,822 sqft
    2019-08-01 0 days 1,763 sqft
    2019-09-01 0 days 1,720 sqft
    2019-10-01 0 days 1,704 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,679 sqft
    2020-01-01 0 days 1,680 sqft
    2020-02-01 0 days 1,728 sqft
    2020-03-01 0 days 1,757 sqft
    2020-04-01 0 days 1,761 sqft
    2020-05-01 0 days 1,824 sqft
    2020-06-01 0 days 1,813 sqft
    2020-07-01 0 days 1,842 sqft
    2020-08-01 0 days 1,824 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,768 sqft
    2020-11-01 0 days 1,740 sqft
    2020-12-01 0 days 1,704 sqft
    2021-01-01 0 days 1,556 sqft
    2021-02-01 0 days 1,526 sqft
    2021-03-01 0 days 1,515 sqft
    2021-04-01 0 days 1,623 sqft
    2021-05-01 0 days 1,470 sqft
    2021-06-01 0 days 1,677 sqft
    2021-07-01 0 days 1,721 sqft
    2021-08-01 0 days 1,711 sqft
    2021-09-01 0 days 1,700 sqft
    2021-10-01 0 days 1,680 sqft
    2021-11-01 0 days 1,690 sqft
    2021-12-01 0 days 1,326 sqft
    2022-01-01 0 days 1,280 sqft
    2022-02-01 0 days 1,570 sqft
    2022-03-01 0 days 1,485 sqft
    2022-04-01 0 days 1,608 sqft
    2022-05-01 0 days 1,769 sqft
    2022-06-01 0 days 1,915 sqft
    2022-07-01 0 days 1,842 sqft
    2022-08-01 0 days 1,581 sqft
    2022-09-01 0 days 1,306 sqft
    2022-10-01 0 days 1,561 sqft
    2022-11-01 0 days 1,686 sqft
    2022-12-01 0 days 1,620 sqft
    2023-01-01 0 days 1,629 sqft
    2023-02-01 0 days 1,620 sqft
    2023-03-01 0 days 1,626 sqft
    2023-04-01 0 days 1,904 sqft
    2023-05-01 0 days 1,956 sqft
    2023-06-01 0 days 1,726 sqft
    2023-07-01 0 days 1,758 sqft
    2023-08-01 0 days 1,782 sqft
    2023-09-01 0 days 1,757 sqft
    2023-10-01 0 days 1,652 sqft
    2023-11-01 0 days 1,641 sqft
    2023-12-01 0 days 1,580 sqft
    2024-01-01 0 days 1,580 sqft
    2024-02-01 0 days 1,649 sqft
    2024-03-01 0 days 1,812 sqft
    2024-04-01 0 days 1,796 sqft
    2024-05-01 0 days 1,735 sqft
    North Platte's median listing age (time on market) for 2024-05-01 was 0 days.

    North Platte's median square footage for active listings during the 2024-05-01 period was 1,735 sqft. One year prior, the average listing was 1,956 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).