Omaha FHA Loans
OMAHA-COUNCIL BLUFFS, NE-IA
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.
Omaha's 120 lenders originated 3,434 FHA loans during 2021. The total origination value was $656,600,000, with an average FHA loan value of $191,206.
Omaha FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Omaha
averaged
5.21%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.44% and
one month ago for the week of 2022-04-08, the
average rate was 4.9%.
The average rate one year ago was 3.11%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.93%.
Omaha FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Omaha level.
The top Omaha FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
363 FHA loans originated. Their average total fees are
$5,976, which is $170
lower than the next largest lender,
CHARTER WEST BANK.
The lowest fee Omaha FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,277), Mr. Cooper ( Nationstar Mortgage ) ($3,537), FREEDOM MORTGAGE CORPORATION ($3,715), LAKEVIEW LOAN SERVICING, LLC ($4,346) and Lincoln FSB of Nebraska ($4,871).
The lowest rate Omaha FHA lenders (with over 10 loans originated) are
HOMEBRIDGE FINANCIAL SERVICES, INC. (2.44%), Pinnacle Bank (2.56%), UNITED WHOLESALE MORTGAGE, LLC (2.60%), HOME POINT FINANCIAL CORPORATION (2.68%) and QUICKEN LOANS, LLC (2.72%).
Omaha FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
OMAHA-COUNCIL BLUFFS, NE-IA | HARRISON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | MILLS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | POTTAWATTAMIE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | CASS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | DOUGLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | SARPY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | SAUNDERS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
OMAHA-COUNCIL BLUFFS, NE-IA | WASHINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Omaha (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 | $263,650 (12.3%) | $318,021 (11.7%) | 0.97 | 2,079 |
2018-02-01 | $276,975 (8.6%) | $330,951 (11.1%) | 1.00 | 1,914 |
2018-03-01 | $285,000 (6.6%) | $340,158 (11.5%) | 0.99 | 1,955 |
2018-04-01 | $292,700 (8.4%) | $356,711 (14.8%) | 0.98 | 2,036 |
2018-05-01 | $291,000 (6.8%) | $338,709 (6.3%) | 0.97 | 2,166 |
2018-06-01 | $289,900 (7.0%) | $342,042 (7.2%) | 0.97 | 2,442 |
2018-07-01 | $285,000 (6.0%) | $339,607 (7.1%) | 0.95 | 2,615 |
2018-08-01 | $285,000 (9.9%) | $335,826 (8.0%) | 0.95 | 2,731 |
2018-09-01 | $279,000 (7.5%) | $328,655 (5.4%) | 0.93 | 2,889 |
2018-10-01 | $269,700 (5.6%) | $321,402 (3.5%) | 0.90 | 2,958 |
2018-11-01 | $268,250 (2.2%) | $319,770 (0.3%) | 0.90 | 2,888 |
2018-12-01 | $275,900 (6.9%) | $325,412 (3.1%) | 0.94 | 2,518 |
2019-01-01 | $280,456 (6.4%) | $325,685 (2.4%) | 0.97 | 2,231 |
2019-02-01 | $287,500 (3.8%) | $331,714 (0.2%) | 0.96 | 2,078 |
2019-03-01 | $299,633 (5.1%) | $340,832 (0.2%) | 0.98 | 2,020 |
2019-04-01 | $308,405 (5.4%) | $346,156 (-3.0%) | 0.97 | 1,995 |
2019-05-01 | $300,000 (3.1%) | $347,799 (2.7%) | 0.92 | 2,149 |
2019-06-01 | $294,500 (1.6%) | $346,625 (1.3%) | 0.91 | 2,296 |
2019-07-01 | $298,250 (4.7%) | $351,105 (3.4%) | 0.93 | 2,400 |
2019-08-01 | $291,329 (2.2%) | $344,570 (2.6%) | 0.92 | 2,495 |
2019-09-01 | $279,925 (0.3%) | $332,123 (1.1%) | 0.89 | 2,619 |
2019-10-01 | $279,450 (3.6%) | $328,043 (2.1%) | 0.89 | 2,761 |
2019-11-01 | $279,900 (4.3%) | $328,850 (2.8%) | 0.90 | 2,552 |
2019-12-01 | $280,950 (1.8%) | $329,123 (1.1%) | 0.94 | 2,258 |
2020-01-01 | $289,590 (3.3%) | $338,110 (3.8%) | 0.97 | 1,986 |
2020-02-01 | $303,600 (5.6%) | $348,737 (5.1%) | 0.98 | 1,861 |
2020-03-01 | $305,000 (1.8%) | $356,036 (4.5%) | 0.95 | 1,912 |
2020-04-01 | $305,763 (-0.9%) | $354,090 (2.3%) | 0.95 | 2,013 |
2020-05-01 | $315,000 (5.0%) | $363,143 (4.4%) | 0.95 | 1,916 |
2020-06-01 | $320,000 (8.7%) | $370,249 (6.8%) | 0.93 | 1,727 |
2020-07-01 | $323,740 (8.6%) | $375,604 (7.0%) | 0.93 | 1,643 |
2020-08-01 | $314,060 (7.8%) | $367,416 (6.6%) | 0.90 | 1,511 |
2020-09-01 | $308,450 (10.2%) | $368,726 (11.0%) | 0.88 | 1,503 |
2020-10-01 | $295,000 (5.6%) | $363,647 (10.9%) | 0.84 | 1,465 |
2020-11-01 | $288,250 (3.0%) | $356,352 (8.4%) | 0.83 | 1,368 |
2020-12-01 | $290,700 (3.5%) | $358,564 (9.0%) | 0.85 | 1,260 |
2021-01-01 | $309,400 (6.8%) | $366,368 (8.4%) | 0.91 | 1,041 |
2021-02-01 | $321,725 (6.0%) | $383,297 (9.9%) | 0.93 | 831 |
2021-03-01 | $318,200 (4.3%) | $381,018 (7.0%) | 0.89 | 867 |
2021-04-01 | $311,125 (1.8%) | $383,329 (8.3%) | 0.84 | 899 |
2021-05-01 | $300,000 (-4.8%) | $388,139 (6.9%) | 0.79 | 930 |
2021-06-01 | $296,950 (-7.2%) | $379,589 (2.5%) | 0.77 | 1,021 |
2021-07-01 | $288,563 (-10.9%) | $369,790 (-1.6%) | 0.75 | 1,155 |
2021-08-01 | $289,950 (-7.7%) | $366,954 (-0.1%) | 0.76 | 1,200 |
2021-09-01 | $292,000 (-5.3%) | $361,396 (-2.0%) | 0.77 | 1,253 |
2021-10-01 | $285,000 (-3.4%) | $362,149 (-0.4%) | 0.75 | 1,240 |
2021-11-01 | $291,750 (1.2%) | $363,706 (2.1%) | 0.77 | 1,136 |
2021-12-01 | $300,000 (3.2%) | $372,091 (3.8%) | 0.80 | 901 |
2022-01-01 | $370,000 (19.6%) | $411,182 (12.2%) | 0.99 | 683 |
2022-02-01 | $389,480 (21.1%) | $424,584 (10.8%) | 0.99 | 619 |
2022-03-01 | $377,563 (18.7%) | $421,525 (10.6%) | 0.93 | 655 |
2022-04-01 | $375,000 (20.5%) | $425,165 (10.9%) | 0.88 | 724 |
Omaha's median listing price comes in at 88% of the national average.
Omaha's average listing price for 2022-04-01 was $425,165, a difference of $41,836 (10.9%) versus the prior year and $3,640 versus the prior month.
For the 2022-04-01 period, Omaha had 724 MLS listings, a difference of 69 listings (11%) versus the prior month and -175 listings (-19%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Omaha (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 63 days | 2,044 sqft |
2018-02-01 | 57 days | 2,144 sqft |
2018-03-01 | 44 days | 2,256 sqft |
2018-04-01 | 37 days | 2,339 sqft |
2018-05-01 | 37 days | 2,310 sqft |
2018-06-01 | 25 days | 2,332 sqft |
2018-07-01 | 30 days | 2,302 sqft |
2018-08-01 | 31 days | 2,306 sqft |
2018-09-01 | 37 days | 2,257 sqft |
2018-10-01 | 38 days | 2,189 sqft |
2018-11-01 | 42 days | 2,153 sqft |
2018-12-01 | 54 days | 2,121 sqft |
2019-01-01 | 57 days | 2,118 sqft |
2019-02-01 | 46 days | 2,179 sqft |
2019-03-01 | 55 days | 2,260 sqft |
2019-04-01 | 32 days | 2,357 sqft |
2019-05-01 | 29 days | 2,359 sqft |
2019-06-01 | 30 days | 2,291 sqft |
2019-07-01 | 33 days | 2,344 sqft |
2019-08-01 | 36 days | 2,287 sqft |
2019-09-01 | 37 days | 2,184 sqft |
2019-10-01 | 35 days | 2,165 sqft |
2019-11-01 | 46 days | 2,140 sqft |
2019-12-01 | 59 days | 2,107 sqft |
2020-01-01 | 62 days | 2,153 sqft |
2020-02-01 | 49 days | 2,195 sqft |
2020-03-01 | 47 days | 2,225 sqft |
2020-04-01 | 41 days | 2,271 sqft |
2020-05-01 | 48 days | 2,344 sqft |
2020-06-01 | 49 days | 2,327 sqft |
2020-07-01 | 44 days | 2,329 sqft |
2020-08-01 | 45 days | 2,254 sqft |
2020-09-01 | 45 days | 2,196 sqft |
2020-10-01 | 46 days | 2,100 sqft |
2020-11-01 | 48 days | 2,016 sqft |
2020-12-01 | 50 days | 1,984 sqft |
2021-01-01 | 56 days | 1,980 sqft |
2021-02-01 | 58 days | 2,090 sqft |
2021-03-01 | 46 days | 2,127 sqft |
2021-04-01 | 39 days | 2,128 sqft |
2021-05-01 | 38 days | 2,161 sqft |
2021-06-01 | 35 days | 2,118 sqft |
2021-07-01 | 34 days | 2,031 sqft |
2021-08-01 | 35 days | 2,035 sqft |
2021-09-01 | 36 days | 1,956 sqft |
2021-10-01 | 38 days | 1,960 sqft |
2021-11-01 | 42 days | 1,914 sqft |
2021-12-01 | 50 days | 1,925 sqft |
2022-01-01 | 49 days | 2,092 sqft |
2022-02-01 | 40 days | 2,191 sqft |
2022-03-01 | 35 days | 2,165 sqft |
2022-04-01 | 32 days | 2,170 sqft |
Omaha's median square footage for active listings during the 2022-04-01 period was 2,170 sqft. One year prior, the average listing was 2,128 sqft.