Best Mortgage Lenders in Omaha, NE

How to choose a mortgage lender in Omaha

The Omaha real estate market is strong. Houses in the city have a median value of $170,800, and home values have gone up 7 percent in the past year. The median asking price of homes currently listed in Omaha is $215,000, while the median selling price of homes is $172,600.

According to neighborhoodscout.com, home appreciation in Omaha has recorded above-average rates for the past 10 years, ranking in the top 30 percent nationwide. The average Omaha house appreciation rate is 2.5 percent annually. Omaha real estate continues to appreciate faster than most communities and is projected to keep doing so.

Choosing a neighborhood in Omaha

To find the perfect neighborhood in Omaha, consider your budget and desired amenities. Some of the most popular areas are listed below.

Most popular neighborhoods in Omaha

Working with a mortgage company can help you determine which neighborhoods fit your price range and the type of loan that works best for your financial situation. Nebraska’s Department of Banking and Finance has additional resources that answer common questions about mortgage lenders.

Types of mortgages available in Omaha

There are a variety of mortgage loans in Omaha, and different factors will determine which is best for you. Some loans in Omaha are:

• Conventional loans are the most commonly used loans in Omaha and may require higher credit scores and larger down payments than other options. Conventional loans can either be fixed-rate or variable-rate loans.
• Jumbo loans are designed for financing that exceed the limits set by the Federal Housing Finance Agency and are used for more expensive properties and homes.
• FHA loans are backed by the Federal Housing Administration. The loan requires a small down payment and can be used to purchase a house, build a home or fund a rehabilitation project.
• HUD loans are backed by the U.S. Department of Housing and Urban Development and can be a good option for Omaha residents with lower incomes.
• VA loans are low-interest loans with no down payment or closing costs. They’re offered to veterans, members of the armed forces and surviving spouses by the Department of Veterans Affairs and are a good option for military members working at Offutt Air Force Base.
• USDA loans are offered by the U.S. Department of Agriculture. They require no down payment and are available to buyers in rural areas who meet specific income requirements.

Key factors used to determine mortgage rates are the price of the home, the size of down payment and your credit history. Your mortgage lender can help you choose a loan type and walk you through the paperwork. The Department of Housing and Urban Development(HUD) provides additional information for Omaha homebuyers.