FHA Loans
With lower down payments, FHA loans may be able to make homeownership more accessible than other mortgage options.
We Make Understanding FHA Loans Easy
What is an FHA Loan?
FHA loans are mortgages insured by the Federal Housing Administration that must be issued by an FHA-approved lender, like Centris Federal Credit Union.
Benefits of FHA Loans
FHA loans in Nebraska allow people to pay a lower down payment, making purchasing a home more accessible for first-time home buyers or anyone looking to keep more money in their pocket.
Lower Down Payment
Down payments can be as low as 3.5% for those with qualifying credit scores.
Higher DTI Allowed
FHA loans may allow higher debt-to-income (DTI) ratios than other mortgage programs.
100% Gifted Down Payments Allowed
Nebraska FHA loans allow 100% of your down payment to be gifted by relatives, government programs, and more.
Refinancing Your Home
If you already have an FHA loan, refinancing with us may be a quick and easy way to lower your rate or monthly payment.
FHA Loan Requirements
To qualify for an FHA loan, you must:
- Be employed for a minimum of two years
- Carry mortgage insurance (MIP)
- Use the loan for your principle residential propertyĀ
Who Are FHA Loans Good For?
- First-time homebuyers
- Those with an FHA loan that want to refinance
- Those that haven’t saved up enough for a conventional down payment
- Those that have higher DTI ratios
- Those who have credit scores lower than 700
- Those that don’t qualify for other loan types
FHA Loan Rates
Rates can vary based on factors like your credit score, debt-to-income ratio, down payment, and loan terms. Contact our qualified team to learn more about FHA loan rates, limits, and what you qualify for.
See If You Qualify in Three Simple Steps
Here’s how you might get started with an FHA loan at Centris Federal Credit Union.
1. Apply in person. Applying for your FHA loan takes just a few minutes.
2. Find out if you’re approved. If you qualify, we’ll discuss the details of the loan, including your FHA loan rate.
3. If approved, receive your FHA home loan. You’re set to buy your new home.
Why Centris Federal Credit Union
Competitive Rates
Experience long-term savings with competitive rates.
Support From Experts
Our mortgage team has more than 122 total combined years of experience with government loans.
Local Credit Union
Fast decisions and personal service ā right here in your community. We are where you are.
Our Mortgage Loan Originators
At Centris Federal Credit Union, we take pride in finding our members custom solutions that fit their needs. From helping you decide if an FHA loan is the right mortgage option for you to working with you through the qualification process, we’re here every step of the way.
Janette R. Calabro
8250 S. 99th St., La Vista, NE 68128
(402) 697-6748
Book an appointment Ā»
PK Kopun
2727 S. 168th St., Omaha, NE 68130
(402) 507-0066
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Jeanne Lamoureux
11718 M Cir., Omaha, NE 68137
(402) 758-6552
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Laura Longo
343 N. 114th St., Omaha, NE 68154
(402) 758-6041
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Eric Lundstrom
2207 Pratt Ave., Bellevue, NE 68123
(402) 697-6700
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Karyn Randone
13120 Pierce St., Omaha, NE 68144
(402) 697-6766
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Shelley Thompson
19431 Polk St., Omaha, NE 68135
(402) 758-6431
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FHA Loan Frequently Asked Questions
What’s the difference between an FHA loan and conventional loan?
An FHA loan is backed by the Federal Housing Administration and is typically easier to qualify for, especially for first-time home buyers or those with smaller down payments. A conventional loan isn’t government-backed and usually requires higher credit scores and a larger down payment.
Can credit unions do FHA loans?
Yes, Centris Federal Credit Union is an approved FHA lender with flexible options for our borrowers. Speak with Centris Federal Credit Union for help determining if you qualify for an FHA loan.
What is the FHA loan limit for Nebraska right now?
FHA loan limits vary from county to county in Nebraska and can change over time. Speak with a member of our team or visit the Department of Housing and Urban Development (HUD) to learn more.
What is the current FHA loan limit for Iowa?
FHA loan limits in Iowa differ by county and can change annually. To find the most accurate information for your area, connect with our experts or check the latest figures through the Department of Housing and Urban Development (HUD).
Are FHA loans assumable?
Yes, a new buyer can take over an existing FHA mortgage and its payment requirements. However, the new buyer must meet FHA prerequisites, and the lender must approve of the assumption.
How do I remove PMI from an FHA loan?
FHA loans don’t have private mortgage insurance (PMI) ā instead, they require a mortgage insurance premium (MIP). The only way to remove mortgage insurance from an FHA loan is to refinance into a conventional loan once you have at least 20% equity in your home. Unlike PMI on a conventional mortgage, MIP usually lasts the life of the loan if your down payment was less than 10%. Refinancing into a conventional loan may be able to help you drop that monthly cost if you qualify. For more information, speak with our refinancing experts today!
Additional Mortgage Loan OptionsĀ
Conventional Loans
VA Loans
My First Home Program
Looking for a home loan without mortgage insurance for life? Conventional mortgage options may offer lower long-term costs with strong credit and a healthy down payment.
Veteran, active-duty service members, and eligible spouses may qualify for a VA loan with a $0 down payment, no mortgage insurance, and competitive rates.
If you’re a first-time home buyer planning to use gift funds for your down payment, our local team may be able to guide you through the process.
Find a Branch Near You
Omaha and Council Bluffs
Walk through your home-buying journey alongside the expert mortgage staff at one of our Omaha metro locations, including La Vista and Bellevue.
North Platte
Our North Platte mortgage experts are ready to help you find the mortgage loan that best fits your financial needs.
Grand Island
Take the first step in your new home journey by meeting with our dedicated mortgage experts at our Grand Island branch.