Omaha FHA Loan Rates, Closing Costs & Stats

OMAHA-COUNCIL BLUFFS, NE-IA

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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.

    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 6.77% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.62% and one month ago for the week of 2024-06-14, the average rate was 6.57%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.06%.

    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).