Scottsbluff FHA Loan Rates, Closing Costs & Stats

Scottsbluff, NE

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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.

    Scottsbluff's 14 lenders originated 39 FHA loans during 2023. The total origination value was $6,255,000, with an average FHA loan value of $160,385.

    Scottsbluff FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Scottsbluff averaged 6.46% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Scottsbluff's average FHA mortgage closing costs are $6,092.

    The average rate for the prior week (2024-11-01) was 6.43% and one month ago for the week of 2024-10-04, the average rate was 6.15%.

    The average rate one year ago was 7.6%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

    Scottsbluff 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 Scottsbluff level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 6.34% $7,752
    First National Bank of Omaha 4 6.44% $6,155
    GUILD MORTGAGE COMPANY 3 6.50% $6,550
    FREEDOM MORTGAGE CORPORATION 3 6.92% $11,303
    CASTLE & COOKE MORTGAGE, LLC 2 6.87% $9,168
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.00% $6,927
    Waterstone Mortgage Corporation 1 6.63% $10,339
    AMERICAN FINANCING CORPORATION 1 6.63% $10,960
    Wells Fargo Bank 1 6.13% $2,488
    Barrington Bank & Trust Company, N.A. 1 6.75% $6,588
    Carrington Mortgage Services, LLC 1 6.00% $14,874
    Central National Bank 1 6.00% $4,726
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $6,948
    Plains Commerce Bank 1 6.25% $14,065

    The top Scottsbluff FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $7,752, which is $1,597 higher than the next largest lender, First National Bank of Omaha.

    The lowest fee Scottsbluff FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,752), .

    The lowest rate Scottsbluff FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.34%), .

    Scottsbluff FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SCOTTSBLUFF, NE BANNER 2022 $420,680 $538,650 $651,050 $809,150
    SCOTTSBLUFF, NE SCOTTS BLUFF 2022 $420,680 $538,650 $651,050 $809,150
    SCOTTSBLUFF, NE SIOUX 2022 $420,680 $538,650 $651,050 $809,150
    SCOTTSBLUFF, NE BANNER 2023 $472,030 $604,400 $730,525 $907,900
    SCOTTSBLUFF, NE SCOTTS BLUFF 2023 $472,030 $604,400 $730,525 $907,900
    SCOTTSBLUFF, NE SIOUX 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Scottsbluff (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 $161,450 (4.9%) $177,563 (-10.2%) 0.00 154
    2018-02-01 $155,125 (4.0%) $175,345 (-12.1%) 0.00 149
    2018-03-01 $169,000 (14.7%) $184,083 (-5.7%) 0.00 125
    2018-04-01 $169,000 (15.0%) $194,200 (0.5%) 0.00 132
    2018-05-01 $175,575 (17.5%) $208,969 (8.9%) 0.00 155
    2018-06-01 $169,900 (3.0%) $209,665 (1.6%) 0.00 164
    2018-07-01 $169,900 (6.2%) $209,092 (3.6%) 0.00 171
    2018-08-01 $166,475 (-2.4%) $205,861 (-0.3%) 0.00 174
    2018-09-01 $169,900 (0.5%) $209,472 (5.5%) 0.00 165
    2018-10-01 $163,700 (6.6%) $207,692 (12.8%) 0.00 167
    2018-11-01 $157,925 (4.6%) $203,126 (17.9%) 0.00 169
    2018-12-01 $160,000 (-3.0%) $211,737 (18.3%) 0.00 150
    2019-01-01 $163,675 (1.4%) $218,057 (22.8%) 0.00 140
    2019-02-01 $164,200 (5.9%) $232,083 (32.4%) 0.00 151
    2019-03-01 $183,286 (8.5%) $241,686 (31.3%) 0.00 139
    2019-04-01 $199,736 (18.2%) $248,798 (28.1%) 0.00 140
    2019-05-01 $200,950 (14.5%) $248,722 (19.0%) 0.00 154
    2019-06-01 $174,900 (2.9%) $231,074 (10.2%) 0.00 147
    2019-07-01 $172,850 (1.7%) $230,617 (10.3%) 0.00 151
    2019-08-01 $190,159 (14.2%) $233,058 (13.2%) 0.00 162
    2019-09-01 $181,773 (7.0%) $230,309 (10.0%) 0.00 167
    2019-10-01 $171,625 (4.8%) $223,101 (7.4%) 0.00 171
    2019-11-01 $173,000 (9.6%) $221,911 (9.3%) 0.00 156
    2019-12-01 $179,725 (12.3%) $221,690 (4.7%) 0.00 143
    2020-01-01 $179,825 (9.9%) $218,402 (0.2%) 0.00 126
    2020-02-01 $190,000 (15.7%) $218,507 (-5.9%) 0.00 122
    2020-03-01 $195,000 (6.4%) $218,159 (-9.7%) 0.00 122
    2020-04-01 $196,000 (-1.9%) $213,863 (-14.0%) 0.00 121
    2020-05-01 $199,000 (-1.0%) $226,704 (-8.9%) 0.00 123
    2020-06-01 $195,000 (11.5%) $231,585 (0.2%) 0.00 118
    2020-07-01 $189,475 (9.6%) $231,900 (0.6%) 0.00 104
    2020-08-01 $195,000 (2.6%) $251,275 (7.8%) 0.00 91
    2020-09-01 $210,825 (16.0%) $255,731 (11.0%) 0.00 72
    2020-10-01 $181,000 (5.5%) $254,942 (14.3%) 0.00 63
    2020-11-01 $169,975 (-1.8%) $228,314 (2.9%) 0.00 67
    2020-12-01 $162,600 (-9.5%) $222,454 (0.3%) 0.00 64
    2021-01-01 $161,200 (-10.4%) $209,024 (-4.3%) 0.00 57
    2021-02-01 $164,900 (-13.2%) $222,278 (1.7%) 0.00 57
    2021-03-01 $194,825 (-0.1%) $244,717 (12.2%) 0.00 53
    2021-04-01 $203,350 (3.8%) $248,018 (16.0%) 0.00 53
    2021-05-01 $237,000 (19.1%) $296,748 (30.9%) 0.00 39
    2021-06-01 $259,900 (33.3%) $307,512 (32.8%) 0.00 38
    2021-07-01 $194,500 (2.7%) $254,979 (10.0%) 0.00 49
    2021-08-01 $205,125 (5.2%) $254,225 (1.2%) 0.00 63
    2021-09-01 $172,250 (-18.3%) $287,099 (12.3%) 0.00 70
    2021-10-01 $197,500 (9.1%) $529,939 (107.9%) 0.00 56
    2021-11-01 $187,000 (10.0%) $514,342 (125.3%) 0.00 62
    2021-12-01 $180,000 (10.7%) $551,358 (147.9%) 0.00 60
    2022-01-01 $207,450 (28.7%) $563,352 (169.5%) 0.00 51
    2022-02-01 $216,250 (31.1%) $394,254 (77.4%) 0.00 40
    2022-03-01 $250,500 (28.6%) $390,298 (59.5%) 0.00 41
    2022-04-01 $245,000 (20.5%) $371,467 (49.8%) 0.00 44
    2022-05-01 $255,000 (7.6%) $418,476 (41.0%) 0.00 49
    2022-06-01 $258,500 (-0.5%) $428,863 (39.5%) 0.00 51
    2022-07-01 $245,000 (26.0%) $417,602 (63.8%) 0.00 54
    2022-08-01 $232,500 (13.4%) $395,439 (55.6%) 0.00 60
    2022-09-01 $226,438 (31.5%) $374,080 (30.3%) 0.00 63
    2022-10-01 $225,000 (13.9%) $369,243 (-30.3%) 0.00 64
    2022-11-01 $219,000 (17.1%) $344,910 (-32.9%) 0.00 59
    2022-12-01 $202,000 (12.2%) $309,616 (-43.8%) 0.00 64
    2023-01-01 $215,000 (3.6%) $299,952 (-46.8%) 0.00 75
    2023-02-01 $236,000 (9.1%) $314,028 (-20.4%) 0.00 74
    2023-03-01 $250,000 (-0.2%) $368,692 (-5.5%) 0.00 69
    2023-04-01 $254,950 (4.1%) $362,710 (-2.4%) 0.00 64
    2023-05-01 $263,725 (3.4%) $388,294 (-7.2%) 0.00 61
    2023-06-01 $280,000 (8.3%) $424,810 (-1.0%) 0.00 69
    2023-07-01 $282,000 (15.1%) $438,589 (5.0%) 0.00 82
    2023-08-01 $276,500 (18.9%) $421,457 (6.6%) 0.00 93
    2023-09-01 $275,000 (21.5%) $393,703 (5.3%) 0.00 75
    2023-10-01 $232,450 (3.3%) $363,328 (-1.6%) 0.00 71
    2023-11-01 $257,200 (17.4%) $399,999 (16.0%) 0.00 78
    2023-12-01 $260,499 (29.0%) $379,297 (22.5%) 0.00 92
    2024-01-01 $229,500 (6.7%) $365,400 (21.8%) 0.00 96
    2024-02-01 $230,750 (-2.2%) $357,981 (14.0%) 0.00 99
    2024-03-01 $227,000 (-9.2%) $357,514 (-3.0%) 0.00 99
    2024-04-01 $245,925 (-3.5%) $452,574 (24.8%) 0.00 99
    2024-05-01 $261,225 (-1.0%) $473,214 (21.9%) 0.00 98
    2024-06-01 $285,000 (1.8%) $504,900 (18.9%) 0.00 101
    2024-07-01 $285,000 (1.1%) $492,915 (12.4%) 0.00 110
    2024-08-01 $279,500 (1.1%) $475,715 (12.9%) 0.00 110
    2024-09-01 $279,500 (1.6%) $475,856 (20.9%) 0.00 111
    2024-10-01 $275,000 (18.3%) $478,802 (31.8%) 0.00 103
    Scottsbluff's median listing price for 2024-10-01 was $275,000, a difference of $42,550 (18.3%) versus the prior year and $-4,500 versus the prior month.

    Scottsbluff's median listing price comes in at 0% of the national average.

    Scottsbluff's average listing price for 2024-10-01 was $478,802, a difference of $115,474 (31.8%) versus the prior year and $2,946 versus the prior month.

    For the 2024-10-01 period, Scottsbluff had 103 MLS listings, a difference of -8 listings (-7%) versus the prior month and 32 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Scottsbluff (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,353 sqft
    2018-02-01 0 days 1,334 sqft
    2018-03-01 0 days 1,352 sqft
    2018-04-01 0 days 1,423 sqft
    2018-05-01 0 days 1,458 sqft
    2018-06-01 0 days 1,457 sqft
    2018-07-01 0 days 1,450 sqft
    2018-08-01 0 days 1,470 sqft
    2018-09-01 0 days 1,472 sqft
    2018-10-01 0 days 1,442 sqft
    2018-11-01 0 days 1,378 sqft
    2018-12-01 0 days 1,372 sqft
    2019-01-01 0 days 1,395 sqft
    2019-02-01 0 days 1,420 sqft
    2019-03-01 0 days 1,389 sqft
    2019-04-01 0 days 1,389 sqft
    2019-05-01 0 days 1,438 sqft
    2019-06-01 0 days 1,344 sqft
    2019-07-01 0 days 1,379 sqft
    2019-08-01 0 days 1,363 sqft
    2019-09-01 0 days 1,365 sqft
    2019-10-01 0 days 1,364 sqft
    2019-11-01 0 days 1,366 sqft
    2019-12-01 0 days 1,402 sqft
    2020-01-01 0 days 1,367 sqft
    2020-02-01 0 days 1,396 sqft
    2020-03-01 0 days 1,360 sqft
    2020-04-01 0 days 1,383 sqft
    2020-05-01 0 days 1,468 sqft
    2020-06-01 0 days 1,441 sqft
    2020-07-01 0 days 1,390 sqft
    2020-08-01 0 days 1,511 sqft
    2020-09-01 0 days 1,532 sqft
    2020-10-01 0 days 1,435 sqft
    2020-11-01 0 days 1,430 sqft
    2020-12-01 0 days 1,433 sqft
    2021-01-01 0 days 1,432 sqft
    2021-02-01 0 days 1,393 sqft
    2021-03-01 0 days 1,425 sqft
    2021-04-01 0 days 1,575 sqft
    2021-05-01 0 days 1,692 sqft
    2021-06-01 0 days 1,642 sqft
    2021-07-01 0 days 1,464 sqft
    2021-08-01 0 days 1,450 sqft
    2021-09-01 0 days 1,326 sqft
    2021-10-01 0 days 1,376 sqft
    2021-11-01 0 days 1,357 sqft
    2021-12-01 0 days 1,420 sqft
    2022-01-01 0 days 1,591 sqft
    2022-02-01 0 days 1,420 sqft
    2022-03-01 0 days 1,440 sqft
    2022-04-01 0 days 1,271 sqft
    2022-05-01 0 days 1,724 sqft
    2022-06-01 0 days 1,746 sqft
    2022-07-01 0 days 1,632 sqft
    2022-08-01 0 days 1,461 sqft
    2022-09-01 0 days 1,382 sqft
    2022-10-01 0 days 1,416 sqft
    2022-11-01 0 days 1,466 sqft
    2022-12-01 0 days 1,494 sqft
    2023-01-01 0 days 1,420 sqft
    2023-02-01 0 days 1,387 sqft
    2023-03-01 0 days 1,412 sqft
    2023-04-01 0 days 1,447 sqft
    2023-05-01 0 days 1,526 sqft
    2023-06-01 0 days 1,633 sqft
    2023-07-01 0 days 1,703 sqft
    2023-08-01 0 days 1,616 sqft
    2023-09-01 0 days 1,532 sqft
    2023-10-01 0 days 1,356 sqft
    2023-11-01 0 days 1,373 sqft
    2023-12-01 0 days 1,411 sqft
    2024-01-01 0 days 1,411 sqft
    2024-02-01 0 days 1,382 sqft
    2024-03-01 0 days 1,253 sqft
    2024-04-01 0 days 1,364 sqft
    2024-05-01 0 days 1,383 sqft
    2024-06-01 0 days 1,420 sqft
    2024-07-01 0 days 1,413 sqft
    2024-08-01 0 days 1,373 sqft
    2024-09-01 0 days 1,385 sqft
    2024-10-01 0 days 1,474 sqft
    Scottsbluff's median listing age (time on market) for 2024-10-01 was 0 days.

    Scottsbluff's median square footage for active listings during the 2024-10-01 period was 1,474 sqft. One year prior, the average listing was 1,356 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).