Omaha FHA Loan Rates, Closing Costs & Stats

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 112 lenders originated 1,905 FHA loans during 2023. The total origination value was $474,575,000, with an average FHA loan value of $249,121.

Omaha FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Omaha averaged 6.03% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

Omaha's average FHA mortgage closing costs are $6,378.

The average rate for the prior week (2024-10-18) was 5.92% and one month ago for the week of 2024-09-20, the average rate was 5.84%.

The average rate one year ago was 7.48%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.52%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Omaha level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 220 6.27% $10,035
CHARTER WEST BANK 187 6.73% $7,842
First National Bank of Omaha 141 6.56% $7,426
GUILD MORTGAGE COMPANY 68 6.68% $8,374
UNITED WHOLESALE MORTGAGE, LLC 65 6.62% $9,562
Regent Financial Group, Inc. 65 6.75% $9,819
ARK-LA-TEX FINANCIAL SERVICES, LLC. 60 6.84% $8,137
CMG MORTGAGE, INC. 56 6.88% $11,276
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 54 6.72% $8,870
Access Bank 51 6.60% $7,533
GERSHMAN INVESTMENT CORP. 51 6.71% $8,032
Mortgage Research Center, LLC 45 6.70% $7,461
MORIA DEVELOPMENT, INC. 44 6.53% $10,116
Prosperity Home Mortgage, LLC 37 6.64% $6,668
GUARANTEED RATE, INC. 32 6.83% $10,916
U.S. Bank 28 6.63% $7,394
Mr. Cooper ( Nationstar Mortgage ) 26 6.00% $14,488
Core Bank 26 6.22% $7,861
MUTUAL OF OMAHA MORTGAGE, INC. 25 6.63% $12,618
FREEDOM MORTGAGE CORPORATION 24 7.02% $13,523
LOANDEPOT.COM, LLC 24 6.51% $10,805
Plains Commerce Bank 22 6.89% $9,913
DHI MORTGAGE COMPANY, LTD. 21 5.40% $11,999
CASTLE & COOKE MORTGAGE, LLC 21 6.54% $10,845
FLAT BRANCH MORTGAGE, INC. 18 6.78% $8,668
BROKER SOLUTIONS, INC. 17 6.65% $10,648
PENNYMAC LOAN SERVICES, LLC 17 6.50% $10,864
NEWREZ LLC 16 6.45% $10,105
TruHome Solutions, LLC 14 6.39% $7,973
Flanagan State Bank 13 6.90% $7,342
AMERISAVE MORTGAGE CORPORATION 13 6.23% $11,757
American Mortgage & Equity Consultants, Inc. 12 7.25% $9,505
American National Bank 12 6.67% $7,083
Flagstar Bank, FSB 12 6.65% $8,254
First Bank 11 6.53% $7,597
Chickasaw Community Bank 10 7.21% $8,763
Lincoln FSB of Nebraska 9 6.58% $6,065
Citizens Bank 8 6.59% $9,025
AMERICAN FINANCIAL NETWORK, INC. 7 7.43% $11,756
CHURCHILL MORTGAGE CORPORATION 7 6.43% $10,850
Pinnacle Bank 7 6.46% $7,478
Carrington Mortgage Services, LLC 7 6.61% $11,884
CALIBER HOME LOANS, INC. 7 6.30% $11,171
Wells Fargo Bank 6 6.56% $7,865
CROSSCOUNTRY MORTGAGE, LLC 6 7.14% $10,413
The Federal Savings Bank 6 6.44% $10,774
CARDINAL FINANCIAL 6 6.06% $9,759
Servion, Inc. 6 7.00% $7,110
PLAZA HOME MORTGAGE, INC. 5 6.07% $15,492
Gateway First Bank 5 6.25% $9,292
West Gate Bank 5 6.38% $6,787
LAKEVIEW LOAN SERVICING, LLC 5 5.80% $12,900
Union Bank and Trust Company 5 6.38% $6,815
MOVEMENT MORTGAGE, LLC 4 6.97% $10,766
First State Bank 4 6.28% $6,540
LIBERTY FIRST 4 6.25% $6,897
Barrington Bank & Trust Company, N.A. 3 6.33% $9,738
HOMESIDE FINANCIAL, LLC 3 7.21% $13,532
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.04% $11,997
AMERICAN FINANCING CORPORATION 3 6.83% $11,282
CENTENNIAL LENDING, LLC 3 6.83% $9,911
Central National Bank 3 6.50% $7,792
DELMAR FINANCIAL COMPANY 3 6.33% $10,587
AMERICAN PACIFIC MORTGAGE CORPORATION 3 7.13% $8,629
NETWORK CAPITAL FUNDING CORPORATION 3 7.13% $7,631
SUN WEST MORTGAGE COMPANY, INC. 3 7.08% $7,827
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.66% $10,206
HOMESERVICES LENDING, LLC 2 7.38% $5,670
BAY EQUITY LLC 2 6.62% $8,630
BETTER MORTGAGE CORPORATION 2 6.63% $7,578
BMO Harris Bank 2 6.75% $7,761
EVERETT FINANCIAL, INC. 2 6.63% $9,923
First Interstate Bank 2 6.31% $6,285
FIRST STATE MORTGAGE SERVICES, LLC 2 7.19% $4,844
LEADERONE FINANCIAL CORPORATION 2 7.44% $10,808
MID AMERICA MORTGAGE, INC. 2 7.75% $3,975
Paramount Residential Mortgage Group, Inc. 2 6.69% $9,613
PHH Mortgage Corporation 2 6.81% $8,098
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.94% $10,451
Sierra Pacific Mortgage Company, Inc. 2 7.31% $6,917
VILLAGE CAPITAL MORTGAGE 2 6.25% $9,410
V.I.P. MORTGAGE, INC. 1 6.49% $8,593
M&T Bank 1 6.38% $12,853
Members Mortgage Services, L.L.C. 1 7.13% $7,435
PLANET HOME LENDING, LLC 1 6.50% $21,373
JPMorgan Chase Bank 1 8.25% $10,137
POLARIS HOME FUNDING CORP. 1 6.25% $8,443
PREMIA MORTGAGE, LLC 1 5.75% $5,717
BELEM SERVICING LLC 1 7.25% $11,444
Ixonia Bank 1 7.63% $6,841
ACADEMY MORTGAGE CORPORATION 1 6.38% $14,710
GUARANTEED RATE AFFINITY, LLC 1 7.25% $7,290
Evolve Bank & Trust 1 6.63% $5,033
RESIDENTIAL BANCORP 1 5.75% $7,459
RUOFF MORTGAGE COMPANY, INC. 1 6.88% $7,149
EMM LOANS LLC 1 6.25% $11,478
Bank of England 1 5.63% $10,923
EMBRACE HOME LOANS, INC. 1 5.99% $12,725
T2 FINANCIAL LLC 1 7.13% $13,569
DAS Acquisition Company, LLC 1 7.00% $9,095
TOWNE MORTGAGE COMPANY 1 7.13% $9,250
CORNERSTONE HOME LENDING, INC. 1 6.25% $20,798
Century Mortgage Company DBA Century Lending Company 1 6.50% $9,232
UNION HOME MORTGAGE CORP. 1 7.25% $6,434
United Fidelity Funding Corp. 1 6.75% $13,024
Centennial Bank 1 6.13% $6,772
CALCON MUTUAL MORTGAGE LLC 1 6.00% $12,139
Northwest Bank 1 5.50% $13,228
PANORAMA MORTGAGE GROUP, LLC 1 7.00% $14,117
ZILLOW HOME LOANS, LLC 1 6.63% $11,469
North American Savings Bank, F.S.B. 1 5.63% $5,963
PENTAGON FEDERAL CREDIT UNION 1 6.63% $5,666

The top Omaha FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 220 FHA loans originated. Their average total fees are $10,035, which is $2,192 higher than the next largest lender, CHARTER WEST BANK.

The lowest fee Omaha FHA lenders (with over 10 loans originated) are Prosperity Home Mortgage, LLC ($6,668), American National Bank ($7,083), Flanagan State Bank ($7,342), U.S. Bank ($7,394) and First National Bank of Omaha ($7,426).

The lowest rate Omaha FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.40%), Mr. Cooper ( Nationstar Mortgage ) (6.00%), Core Bank (6.22%), AMERISAVE MORTGAGE CORPORATION (6.23%) and QUICKEN LOANS, LLC (6.27%).

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
OMAHA-COUNCIL BLUFFS, NE-IA HARRISON 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA MILLS 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA POTTAWATTAMIE 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA CASS 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA SARPY 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA SAUNDERS 2023 $472,030 $604,400 $730,525 $907,900
OMAHA-COUNCIL BLUFFS, NE-IA WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900

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).