FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Nebraska

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There’s good news for homebuyers in Nebraska looking for the flexible guidelines that come with loans backed by the Federal Housing Administration (FHA). In 2022, FHA loan limits rose to $420,680 for single-family homes for nearly all counties in the state.

Nebraska FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$420,680$538,650$651,050$809,150$142,000
ANTELOPE$420,680$538,650$651,050$809,150$60,000
ARTHUR$420,680$538,650$651,050$809,150$133,000
BANNER$420,680$538,650$651,050$809,150$167,000
BLAINE$420,680$538,650$651,050$809,150$91,000
BOONE$420,680$538,650$651,050$809,150$108,000
BOX BUTTE$420,680$538,650$651,050$809,150$77,000
BOYD$420,680$538,650$651,050$809,150$26,000
BROWN$420,680$538,650$651,050$809,150$55,000
BUFFALO$420,680$538,650$651,050$809,150$200,000
BURT$420,680$538,650$651,050$809,150$82,000
BUTLER$420,680$538,650$651,050$809,150$105,000
CASS$420,680$538,650$651,050$809,150$249,000
CEDAR$420,680$538,650$651,050$809,150$80,000
CHASE$420,680$538,650$651,050$809,150$125,000
CHERRY$420,680$538,650$651,050$809,150$129,000
CHEYENNE$420,680$538,650$651,050$809,150$91,000
CLAY$420,680$538,650$651,050$809,150$75,000
COLFAX$420,680$538,650$651,050$809,150$103,000
CUMING$420,680$538,650$651,050$809,150$96,000
CUSTER$420,680$538,650$651,050$809,150$75,000
DAKOTA$420,680$538,650$651,050$809,150$250,000
DAWES$420,680$538,650$651,050$809,150$100,000
DAWSON$420,680$538,650$651,050$809,150$159,000
DEUEL$420,680$538,650$651,050$809,150$77,000
DIXON$420,680$538,650$651,050$809,150$250,000
DODGE$420,680$538,650$651,050$809,150$150,000
DOUGLAS$420,680$538,650$651,050$809,150$249,000
DUNDY$420,680$538,650$651,050$809,150$91,000
FILLMORE$420,680$538,650$651,050$809,150$83,000
FRANKLIN$420,680$538,650$651,050$809,150$43,000
FRONTIER$420,680$538,650$651,050$809,150$60,000
FURNAS$420,680$538,650$651,050$809,150$62,000
GAGE$420,680$538,650$651,050$809,150$111,000
GARDEN$420,680$538,650$651,050$809,150$60,000
GARFIELD$420,680$538,650$651,050$809,150$94,000
GOSPER$420,680$538,650$651,050$809,150$159,000
GRANT$420,680$538,650$651,050$809,150$70,000
GREELEY$420,680$538,650$651,050$809,150$46,000
HALL$420,680$538,650$651,050$809,150$178,000
HAMILTON$420,680$538,650$651,050$809,150$163,000
HARLAN$420,680$538,650$651,050$809,150$65,000
HAYES$420,680$538,650$651,050$809,150$60,000
HITCHCOCK$420,680$538,650$651,050$809,150$68,000
HOLT$420,680$538,650$651,050$809,150$120,000
HOOKER$420,680$538,650$651,050$809,150$88,000
HOWARD$420,680$538,650$651,050$809,150$178,000
JEFFERSON$420,680$538,650$651,050$809,150$100,000
JOHNSON$420,680$538,650$651,050$809,150$76,000
KEARNEY$420,680$538,650$651,050$809,150$200,000
KEITH$420,680$538,650$651,050$809,150$135,000
KEYA PAHA$420,680$538,650$651,050$809,150$101,000
KIMBALL$420,680$538,650$651,050$809,150$79,000
KNOX$420,680$538,650$651,050$809,150$64,000
LANCASTER$420,680$538,650$651,050$809,150$221,000
LINCOLN$433,550$555,000$670,900$833,750$130,000
LOGAN$433,550$555,000$670,900$833,750$130,000
LOUP$420,680$538,650$651,050$809,150$146,000
MADISON$420,680$538,650$651,050$809,150$175,000
MCPHERSON$433,550$555,000$670,900$833,750$130,000
MERRICK$420,680$538,650$651,050$809,150$178,000
MORRILL$420,680$538,650$651,050$809,150$83,000
NANCE$420,680$538,650$651,050$809,150$69,000
NEMAHA$420,680$538,650$651,050$809,150$80,000
NUCKOLLS$420,680$538,650$651,050$809,150$37,000
OTOE$420,680$538,650$651,050$809,150$125,000
PAWNEE$420,680$538,650$651,050$809,150$41,000
PERKINS$420,680$538,650$651,050$809,150$75,000
PHELPS$420,680$538,650$651,050$809,150$125,000
PIERCE$420,680$538,650$651,050$809,150$175,000
PLATTE$420,680$538,650$651,050$809,150$182,000
POLK$420,680$538,650$651,050$809,150$107,000
RED WILLOW$420,680$538,650$651,050$809,150$100,000
RICHARDSON$420,680$538,650$651,050$809,150$83,000
ROCK$420,680$538,650$651,050$809,150$55,000
SALINE$420,680$538,650$651,050$809,150$140,000
SARPY$420,680$538,650$651,050$809,150$249,000
SAUNDERS$420,680$538,650$651,050$809,150$249,000
SCOTTS BLUFF$420,680$538,650$651,050$809,150$167,000
SEWARD$420,680$538,650$651,050$809,150$221,000
SHERIDAN$420,680$538,650$651,050$809,150$44,000
SHERMAN$420,680$538,650$651,050$809,150$106,000
SIOUX$420,680$538,650$651,050$809,150$167,000
STANTON$420,680$538,650$651,050$809,150$175,000
THAYER$420,680$538,650$651,050$809,150$53,000
THOMAS$420,680$538,650$651,050$809,150$154,000
THURSTON$420,680$538,650$651,050$809,150$69,000
VALLEY$420,680$538,650$651,050$809,150$88,000
WASHINGTON$420,680$538,650$651,050$809,150$249,000
WAYNE$420,680$538,650$651,050$809,150$127,000
WEBSTER$420,680$538,650$651,050$809,150$54,000
WHEELER$420,680$538,650$651,050$809,150$299,000
YORK$420,680$538,650$651,050$809,150$127,000

How are FHA loan limits determined?

FHA loan limits are based on a percentage of the conforming loan limits for conventional loans, which are published each year by the Federal Housing Finance Agency (FHFA). Although different limits are set for low-cost and high-cost areas of the country, the lower limits will apply to most counties in Nebraska.

Here’s how the calculations work: The low-cost limit or “floor” is $420,680 for a single-family home, which is equal to 65% of the 2022 national conforming loan limit of $647,200.

If you’re buying a multifamily home in Nebraska, the low-cost limits increase with each unit:

  • $538,650 for a two-unit home
  • $651,050 for a three-unit home
  • $809,150 for a four-unit home

If you’re looking for a high-cost loan in another state, the limit is set at 150% of the conforming loan limit, which means you could borrow up to $970,800 for a single-family home in one of the most expensive parts of the country. However, there are three counties in Nebraska where the loan limit is $433,550: Lincoln, Logan and Mcpherson.

How to qualify for an FHA loan in Nebraska

FHA loans are a good alternative if you’re not able to get a conventional mortgage because your credit scores are lower, or if you have too much debt compared to your income.

Here’s a breakdown of the minimum requirements to qualify for an FHA loan in Nebraska:

  • Down payment and credit score. The minimum down payment for FHA loans is 3.5% with at least a 580 credit score. Some FHA lenders will approve your loan application with a score as low as 500 — if you can make a 10% down payment.
  • Debt-to-income (DTI) ratio. FHA lenders calculate your DTI ratio by dividing your total monthly debt payments by your before-tax income. The FHA prefers a maximum 43% DTI ratio, but may make exceptions for borrowers with high credit scores or extra savings.
  • Mortgage insurance. The FHA requires two types of FHA mortgage insurance to protect lenders if you default. The first is an upfront mortgage insurance premium (UFMIP) worth 1.75% of your loan amount, which is usually added to your mortgage. The second is an annual mortgage insurance premium (MIP), which costs 0.45% to 1.05% of the loan amount — depending on your down payment and repayment term — and is divided by 12 and added to your monthly payment. You’ll pay it regardless of your down payment amount.
  • Occupancy. You’ll need to live in any home you buy with an FHA loan for at least a year as your primary residence.
  • FHA home appraisals. The FHA requires a home appraisal for purchase loans. FHA appraisal guidelines set stricter safety and livability standards than conventional loans.

Buying a multifamily home with an FHA loan

One unique feature of FHA loans is the ability to buy a multifamily home with just a 3.5% down payment and qualify with rents on the other units (In contrast, conventional guidelines typically require a 15% down payment.) The only catch? You’ll have to live in one of the units for at least a year.

FHA loan limits are higher for two- to four-unit homes, giving you more borrowing power for the higher sales prices.

FHA lenders in Nebraska

Lender nameLT ratingMinimum FHA credit score
Guaranteed Rate9/10620
Better Mortgage9.5/10620
Rocket Mortgage9.5/10580
Fairway Independent Mortgage8/10600
AmeriSave Mortgage8/10600

 

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