Omaha USDA Loan Rates, Closing Costs & Stats
OMAHA-COUNCIL BLUFFS, NE-IA
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Omaha's 17 lenders originated 40 USDA loans during 2023. The total origination value was $7,150,000, with an average USDA loan value of $178,750.
Omaha USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Omaha
averaged
6.79%
for the week of 2024-07-19, compared to the national average (all USDA variants) of
6.628% for the same period.
Omaha's average USDA mortgage closing costs are $4,135.
The average rate for the prior week (2024-07-12) was
6.51% and
one month ago for the week of 2024-06-14, the
average rate was 6.74%.
The average rate one year ago was 6.6%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.68%.
Omaha USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 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 |
|---|---|---|---|
| Flanagan State Bank | 5 | 6.73% | $6,927 |
| IOWA BANKERS MORTGAGE CORPORATION | 5 | 6.48% | $3,882 |
| CHARTER WEST BANK | 4 | 6.16% | $5,308 |
| CASTLE & COOKE MORTGAGE, LLC | 3 | 6.75% | $6,208 |
| West Gate Bank | 3 | 6.38% | $3,839 |
| First National Bank of Omaha | 3 | 6.42% | $4,529 |
| Pinnacle Bank | 3 | 6.17% | $4,703 |
| GUILD MORTGAGE COMPANY | 2 | 6.56% | $5,414 |
| CMG MORTGAGE, INC. | 2 | 6.50% | $7,660 |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | 1 | 6.13% | $6,856 |
| LAND HOME FINANCIAL SERVICES, INC. | 1 | 5.63% | $5,166 |
| Flagstar Bank, FSB | 1 | 6.75% | $4,613 |
| Prosperity Home Mortgage, LLC | 1 | 7.12% | $5,971 |
| United Bank of Iowa | 1 | 7.38% | $3,122 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.60% | $4,999 |
| U.S. Bank | 1 | 5.88% | $4,798 |
| Carrington Mortgage Services, LLC | 1 | 7.50% | $6,915 |
The top Omaha USDA lender as defined by loan originations is Flanagan State Bank, with
5 USDA loans originated. Their average total fees are
$6,927, which is $3,045
higher than the next largest lender,
IOWA BANKERS MORTGAGE CORPORATION.
The lowest fee Omaha USDA lenders (with over 10 loans originated) are
.
The lowest rate Omaha USDA lenders (with over 10 loans originated) are
.