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FHA Loans in Nebraska

Updated December 8, 2023
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There are more options when choosing places to live in Nebraska than Lincoln and Omaha, just like there are more home financing options than the standard conventional home loan.

An FHA loan in Nebraska is one mortgage option residents of the Cornhusker State find appealing for its low money down options and credit score requirements lower than that of typical conventional home loans. Continue reading to learn more about FHA loans and determine if it’s right for you.

Why consider an FHA Loan in Nebraska?

Nebraska has an unemployment rate, crime rate and overall cost of living rate well below the national average, which makes it a great place to purchase a home! The FHA loan program has been a historically reliable option for homebuyers. As a matter of fact, the total value of FHA loans in Nebraska was $42 million as of April 2019, making it a popular choice among residents.

Benefits of using an FHA Loan in NE

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

Get a quote for a low money down FHA Home Loan

FHA Loan Limits in Nebraska

Maximum FHA loan limits are adjusted annually and typically depend on which county you are buying a home in to accommodate those who reside in areas with higher real estate prices. The baseline limit is $498,257, but use the table below to see the loan limit in your particular county.

Nebraska FHA Loan Limits by County

County FHA Loan Limit
Lincoln $498,257
Logan $498,257
Mcpherson $498,257
All other areas $498,257

Read More: See the Full List of FHA Loan Limits by County

Are You Eligible for an FHA Loan in NE?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30-day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

Learn More About FHA Loan Eligibility Requirements

Learn More About FHA Loan Requirements

Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements

What Do You Need to Apply for an FHA Loan in NE?

Buyers must be able to provide the following information and documents as requested by lenders:

  • The addresses of all your residences over the past two years.
  • The names of your employers over the past two years.
  • W2's for the past two years and current paycheck stubs.
  • Your current gross monthly salary.
  • Your Social Security Number.
  • Names, addresses, and account numbers with balances on all checking and savings accounts.
  • Addresses and loan information of any other real estate you owned.
  • Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
  • Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.

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