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Nebraska Mortgage Rates

Nebraska Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-10-22T01:36:14

Comparing Nebraska

In order to help you see how Nebraska mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Nebraska

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Nebraska

In order to qualify for the best mortgage rates in Nebraska it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Nebraska

Nebraska is the thirty sixth most populous US state. According to the US census, as of 2016, there is an estimated population of over 2.0 million residents, which represents 0.6% of the US population.

According to Wikipedia "Nebraska has a large agriculture sector, and is a major producer of beef, pork, corn (maize), soybeans, and sorghum Other important economic sectors include freight transport (by rail and truck), manufacturing, telecommunications, information technology, and insurance." Some of the big companies include Kool-Aid, "Berkshire Hathaway, whose Chief executive officer (CEO), Warren Buffett, was ranked in March 2009 by Forbes magazine as the second richest person in the world. The city is also home to Mutual of Omaha, InfoUSA, TD Ameritrade, West Corporation, Valmont Industries, Woodmen of the World, Kiewit Corporation, Union Pacific Railroad, and Gallup."

According to the Glassman-ACS report for 2015, Nebraska had the a low unemployment rate of only 3.2% versus a national average of 6.3%. The median household economy in 2015 was approximately $54,996 very close to the national average of $55,775.

Based on 2015 HMDA data, Based on 2015 HMDA data, Nebraska compared to National loan program distribution, had a higher percentage of purchase loans (56% vs 51% national) and smaller share of refinance loans (40% vs 46% nationally). Conventional loans were a similar share (70% vs 69% nationally), as were FHA loans (18% vs 20% nationally) and VA loans (10% vs 10% nationally).

Here are some outside resources that can help you understand the Nebraska mortgage environment:

  1. FHA loan amounts in Nebraska: (note:set the table to Nebraska). There are 93 counties in the state of Nebraska. None of the single family units meet the Highest loan limit, currently at $636,150. Most, 97%, of the counties are at the Standard loan limit, currently at $275,665.The remaining 3% are between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Nebraska and your county or check out the FHFA conforming limit map.Although the FHFA has higher base limits than the FHA, currently at $424,100, 97% of the counties are within this limit. The remaining 3% are between the lower limit and the higher limit of $636,150.
  3. Nebraska Mortgage Programs: The Nebraska Investment Finance Authority (NIFA) oversees The Nebraska Mortgage Finance Fund ("NMFF"), which was "created to help provide a source of mortgage financing at reduced interest rates to low and moderate income persons in Nebraska for the purchase, construction or rehabilitation of single family residential housing." NIFA offers many Single Family mortgage programs including: Family Military Home, Homebuyer Assistance (HBA), First Home Plus, and First Home Focused (Targeted Areas). The loans have property, credit and income requirements.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Nebraska

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between Nebraska and the US:

  • Mortgage Rates for Conventional Loans in Nebraska
  • Mortgage Fees for Conventional Loans in Nebraska
  • Loan Amount for Conventional Loans in Nebraska

Mortgage Rates for Conventional Loans in Nebraska vs USA

Mortgage Fees for Conventional Loans in Nebraska

Purchase Price for Conventional Loans in Nebraska vs USA