Omaha FHA Loans

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 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).