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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 363 2.72% $5,976
CHARTER WEST BANK 237 2.87% $6,146
First National Bank of Omaha 180 2.86% $5,527
American National Bank 162 2.89% $5,709
Regent Financial Group, Inc. 136 2.97% $6,491
CMG MORTGAGE, INC. 119 3.14% $6,892
GERSHMAN INVESTMENT CORP. 106 3.15% $6,547
CALIBER HOME LOANS, INC. 90 2.77% $5,953
PENNYMAC LOAN SERVICES, LLC 83 3.11% $4,985
GUILD MORTGAGE COMPANY 83 3.02% $6,422
FREEDOM MORTGAGE CORPORATION 81 2.92% $3,715
Prosperity Home Mortgage, LLC 70 3.25% $6,590
Mortgage Research Center, LLC 70 2.88% $5,254
MORIA DEVELOPMENT, INC. 69 3.14% $6,750
Plains Commerce Bank 69 2.74% $7,323
AMCAP MORTGAGE, LTD. 63 3.40% $7,623
Dundee Bank 60 2.89% $6,084
Access Bank 58 2.75% $6,020
ARK-LA-TEX FINANCIAL SERVICES, LLC. 58 3.25% $7,165
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 54 3.21% $6,880
Core Bank 52 2.73% $5,758
Mr. Cooper ( Nationstar Mortgage ) 51 3.39% $3,537
LAKEVIEW LOAN SERVICING, LLC 51 2.99% $4,346
U.S. Bank 47 3.05% $5,211
First Bank 39 2.84% $6,255
HOME POINT FINANCIAL CORPORATION 31 2.68% $5,330
VILLAGE CAPITAL & INVESTMENT LLC 29 2.99% $2,277
Gateway First Bank 29 2.95% $6,075
BROKER SOLUTIONS, INC. 26 3.33% $7,183
DELMAR FINANCIAL COMPANY 25 3.21% $6,229
AMERISAVE MORTGAGE CORPORATION 24 3.23% $7,411
Chickasaw Community Bank 21 3.11% $6,322
Flanagan State Bank 18 3.37% $5,914
HOMEBRIDGE FINANCIAL SERVICES, INC. 18 2.44% $4,999
UNITED WHOLESALE MORTGAGE, LLC 17 2.60% $7,099
Citizens Bank 16 2.75% $5,639
Flagstar Bank, FSB 14 3.10% $6,529
CHURCHILL MORTGAGE CORPORATION 14 2.82% $7,377
MOVEMENT MORTGAGE, LLC 13 3.20% $6,672
FRONTIER FINANCIAL, INC. 13 3.05% $6,641
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 13 3.31% $7,826
MUTUAL OF OMAHA MORTGAGE, INC. 11 3.02% $7,470
NEWREZ LLC 10 3.05% $5,887
Pinnacle Bank 10 2.56% $5,827
Lincoln FSB of Nebraska 10 2.76% $4,871
LOANDEPOT.COM, LLC 9 3.30% $7,404
Carrington Mortgage Services, LLC 8 3.33% $6,574
Bank of the West 8 3.50% $6,735
Cobalt Credit Union 8 2.52% $4,689
First Guaranty Mortgage Corporation 8 2.75% $5,557
Union Bank and Trust Company 8 2.95% $5,196
GUARANTEED RATE, INC. 7 2.91% $6,941
Great Western Bank 6 2.71% $5,668
Barrington Bank & Trust Company, N.A. 5 3.15% $6,051
PLANET HOME LENDING, LLC 5 2.85% $4,966
JPMorgan Chase Bank 5 3.30% $6,577
Paramount Residential Mortgage Group, Inc. 5 3.27% $6,981
AMERICAN FINANCING CORPORATION 4 2.78% $7,188
OCEANSIDE MORTGAGE COMPANY 4 3.00% $2,512
EVERETT FINANCIAL, INC. 3 3.04% $5,022
Bank of England 3 3.13% $11,034
MID AMERICA MORTGAGE, INC. 3 3.08% $3,313
The Federal Savings Bank 3 2.75% $13,723
CROSSCOUNTRY MORTGAGE, LLC 3 3.25% $10,190
United Fidelity Funding Corp. 3 2.75% $4,903
LIBERTY FIRST 3 2.46% $4,360
Wells Fargo Bank 3 3.00% $4,098
PHH Mortgage Corporation 2 3.69% $5,166
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.44% $5,175
EMBRACE HOME LOANS, INC. 2 2.88% $9,880
KELLER MORTGAGE, LLC 2 2.94% $5,690
First State Bank of St. Charles, Missouri 2 2.56% $7,765
DAS Acquisition Company, LLC 2 3.00% $5,977
West Gate Bank 2 2.25% $5,826
Nations Lending Corporation 2 3.44% $13,134
FirstBank 2 2.88% $8,402
Colonial Savings, F.A. 2 3.25% $6,536
Wyndham Capital Mortgage, Inc. 2 2.88% $4,546
AmRes Corporation 2 3.81% $7,836
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 2.87% $7,008
CENTENNIAL LENDING, LLC 2 3.19% $9,860
HOMESERVICES LENDING, LLC 2 3.38% $6,178
IOWA BANKERS MORTGAGE CORPORATION 2 3.19% $5,052
POLARIS HOME FUNDING CORP. 2 2.81% $14,495
Servion, Inc. 2 2.56% $4,439
Financial Funding Solutions, Inc. 2 3.19% $5,388
FLAT BRANCH MORTGAGE, INC. 1 3.13% $5,739
First International Bank & Trust 1 3.00% $6,814
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.63% $11,139
First Federal Bank of Kansas City 1 3.00% $6,048
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.13% $5,560
FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $6,893
JAMES B. NUTTER & COMPANY 1 3.25% $2,726
LIBERTY HOME MORTGAGE CORPORATION 1 4.00% $12,326
FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $10,592
Manufacturers and Traders Trust Company 1 2.88% $7,026
MEGASTAR FINANCIAL CORP. 1 2.50% $7,932
Members Mortgage Services, L.L.C. 1 2.75% $4,859
METRO CU 1 2.88% $5,475
DHI MORTGAGE COMPANY, LTD. 1 4.13% $5,667
NEW DAY FINANCIAL, LLC 1 2.99% $9,139
Northpointe Bank 1 4.50% $8,445
Peoples Bank 1 3.00% $6,398
CASTLE & COOKE MORTGAGE, LLC 1 2.75% $2,939
PLAZA HOME MORTGAGE, INC. 1 2.88% $5,302
Austin Capital Bank SSB 1 3.63% $4,416
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $4,075
S1L, Inc. 1 4.63% $6,420
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $11,154
Stifel Bank and Trust 1 2.00% $7,078
Strong Home Mortgage, LLC 1 2.88% $4,913
SUN WEST MORTGAGE COMPANY, INC. 1 3.13% $2,842
The Central Trust Bank 1 2.75% $5,046
THOMPSON KANE & COMPANY, LLC 1 3.13% $4,688
TIAA, FSB 1 3.00% $7,122
TOWNE MORTGAGE COMPANY 1 2.75% $5,676
TruHome Solutions, LLC 1 3.50% $4,643
ZILLOW HOME LOANS, LLC 1 3.13% $5,994
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $14,057
GENEVA FINANCIAL, LLC 1 3.63% $6,051

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. Louis
Date 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 for 2022-04-01 was $375,000, a difference of $63,875 (20.5%) versus the prior year and $-2,563 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 32 days. This is -18% shorter than the same period one year ago.

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.

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).