Table of Contents
First time home buyer Nebraska programs are a good start for first time homebuyers that need assistance. Nebraska Investment Finance Authority, the state’s housing finance agency, can help you acquire an affordable mortgage and down payment assistance if you’re searching for your first house in Nebraska. Typically, the organization’s programs are restricted for first-time homebuyers, and they offer homebuyer education to assist you with your purchase.
If you’re interested in lowering the barrier to homeownership in Nebraska, continue reading to learn about your options.
Nebraska first-time homebuyer loan programs
NIFA Homebuyer Assistance Program (HBA)
The Homebuyer Help Program (HBA) of the Nebraska Investment Finance Authority (NIFA) provides both a low-interest mortgage and down payment assistance. First-time homebuyers (defined as individuals who have not bought a property in the prior three years), qualifying veterans, and buyers purchasing in a designated area are eligible for the program. You can obtain a 30-year standard, FHA, VA, or USDA loan through HBA.
As long as you have a down payment of at least $1,000, you may be eligible, but this may vary depending on the type of loan you obtain and your closing fees. Additional eligibility criteria include:
– Minimum credit score of 640 with a debt-to-income (DTI) ratio of 45 percent, or 660 with a DTI ratio of 50 percent.
Required completion of a homebuyer education course
– Must satisfy NIFA income limitations
– Purchase price must not exceed NIFA purchase price limits, which are $311,000 for a one-unit property in a non-target area and $381,000 for the same type of property in a target area.
First Time Home Buyer Nebraska
NIFA First Home Program
First-time homebuyers who do not require assistance with the down payment may be eligible for NIFA’s First Home Program, which applies to conventional, FHA, and USDA loans. This program often offers cheaper interest rates than HBA loans, but the eligibility standards are the same.
If you are not a first-time buyer but are purchasing a house in a target region, you may qualify for the First Home Targeted program, which is comparable to the First Home loan but has more flexible income and purchase price constraints.
NIFA Military Home Program
Active-duty military and qualified veterans, whether or whether they are first-time homebuyers, can also take advantage of NIFA’s Military Home Program’s low-rate mortgages with little or no down payment. If you are not eligible for a VA mortgage, the program can also be used in conjunction with an FHA or USDA mortgage.
Nebraska down payment assistance
NIFA HBA
If you qualify for an HBA first mortgage through NIFA, you will also be eligible for down payment assistance in the form of a second loan of up to 5% of the home’s purchase price, with a maximum of $10,000. This loan’s interest rate is 1%, and the repayment period is 10 years.
Additional Lending Programs for First-time Homebuyers
In addition to the first-time homebuyer programs offered by the state of Nebraska, there are also nationwide programs that could expedite your entry into homeownership. These include Fannie Mae and Freddie Mac’s standard 3-percent loans, as well as FHA, VA, and USDA loans. There are varying standards for each, but some are less stringent than others. For instance, homebuyers with a low credit score or limited funds for a down payment may still be eligible for an FHA loan.
Conclusion
Consider contacting the Nebraska Investment Finance Authority (NIFA) prior to contacting mortgage lenders to determine which programs may be applicable to your case. Contact an NIFA-approved lender to determine the requirements for a home loan application. Regardless of the mortgage you ultimately select, it is wise to compare mortgage rates and loan offers to verify you are receiving the lowest rate and most favorable terms.