Purchasing a home is a significant financial commitment, but with steady home appreciation and a strong market, it’s a great time to buy a house in Omaha. Working with a reputable mortgage company will help you find the best loan to purchase your new home. Our partners at ConsumerAffairs reviewed the best mortgage lenders in Omaha to make your dream of homeownership a reality.
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
Median home value
Proximity to restaurants, bars
Renovated condos and lofts
Dundee-Happy Hollow (68132)
Top public school district
Close to downtown
Homes built in 1970 or later
Low crime rates
Close to I-80
Suburban living close to Omaha
Low crime rates
Homes built in 2000 or later
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.
AmeriSave is a national lender that has financed more than 200,000 homes. The company provides online rate quotes in minutes and offers a variety of options, including VA loans, USDA loans and nonconforming mortgages. Customers from Omaha praise the helpful loan officers and quick turnaround times.
HomeDirect is an online-only lender that specializes in securing mortgages at competitive rates. The company’s website has a straightforward application and free-to-use mortgage calculators. HomeDirect also services the loan, so you’ll work with the same company for the life of the mortgage. Omaha reviewers are pleased with the company’s professionalism.
Benchmark Mortgage Omaha
Benchmark Mortgage Omaha is a nationwide mortgage lending company with a local West Omaha office and experienced team of loan officers. The company has a stress-free online mortgage application and provides educational resources on its website. Omaha residents appreciate the kind and knowledgeable staff for making the homebuying process easier.
Finance 1 is a family-owned and -operated Omaha mortgage company that provides conventional loans and government-backed options such as FHA, VA and USDA loans. Omaha residents can apply for a home mortgage on Finance 1’s website in minutes. Omaha customers say the staff is amazing to work with and helpful through the mortgage process.