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Nebraska Assistance Programs

Have a dream to buy a home in Nebraska? Are you excited to become a homeowner but unsure where to start? Look no further than Total Mortgage - your gateway to unlocking the door to your dream abode! At Total Mortgage, we create a labyrinth of alternatives for existing homeowners and first-time home buyers in Nebraska. Allow our seasoned experts to escort you through the twists and turns of Nebraska first-time home buyer grants, ensuring you land the perfect complement for your circumstances. From navigating the current mortgage rates in Nebraska to uncovering buried treasures in the NIFA loan program, we've got you covered.

If you have any questions about securing the best mortgage rates in Nebraska, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Nebraska first-time homebuyer loan programs

NIFA Homebuyer Assistance Program (HBA) Welcome Home

The Nebraska Investment Finance Authority's Homebuyer Assistance Program provides low-rate home loans and down payment help. Through this program, first-time buyers, veterans, and those purchasing in designated areas can access 30-year fixed, FHA, VA, or USDA mortgages. Participating homebuyers need only contribute $1,000 or more to the purchase price, though other factors like loan type and closing costs may influence funding eligibility elsewhere.

To qualify for the Nebraska first-time home buyer grants, applicants must meet standards including:

  • Attain a minimum credit score of 640 if debt comprises 45% of income or a 660 score if debts comprise 50% of earnings.
  • Completing an approved homeownership education course as well.
  • Individual earnings cannot surpass $160,000 annually, while the house value must remain under $470,000 for single-unit properties.
  • Additionally, the residence must serve as the primary domicile within 60 days of closing.

NIFA First Home Program

First-time homebuyers who don't need down payment assistance could look into NIFA's affordable First Home Program. This conventional, FHA, or USDA loan offers lower rates than an HBA loan yet maintains the same eligibility.

Those who are not first-timers can also benefit from purchasing in target areas. The down payment assistance Nebraska initiative resembles its namesake but with flexible income and price limits.

NIFA Military Home Program

Both active-duty personnel and eligible veterans, whether first-time buyers or not, can access NIFA's low-rate Military Home Program, which requires little to no down payment. Chiefly for VA loans, this program also partners with FHA and USDA loans.

Nebraska down payment assistance

NIFA Homebuyer Assistance Program (HBA)

First-time home buyer grants Nebraska make owning a home more feasible for many. This second mortgage, taken simultaneously with the primary, equals 5% of the purchase price. For ten years, the shallow 1% interest makes repayments manageable.

NIFA First Home Grant Program

Additionally, the NIFA loan offers a First Home Grant to qualified applicants. A $5,000 grant will help with the down payment if approved for an HBA first mortgage. Unlike the loan, the grant requires no repayment and can offset initial expenses.

Other Nebraska homebuyer assistance programs

Northern Ponca Housing Authority

The Northern Ponca Housing Authority has ensured sustainable shelter, home possession, and local progress services to individuals of the Ponca Tribe of Nebraska and other qualified Indigenous Americans. Qualifying Indigenous Americans can request down payment assistance in Nebraska by directly contacting their workplace by telephone, in person, or by filling out an online form.

North East Housing Initiative (NEHI)

NEHI, a private nonprofit in six northeastern Nebraska counties, proposes a purchase/renovate/resell scheme. It permits eligible first-time homeowners to pinpoint a residence that satisfies exacting standards outlined by NEHI, whose personnel inspect the property. Provided the property and a renovation cost prediction are endorsed, first-time home buyer grants Nebraska will bear it - make the renovations, then sell it to the applicant for the original purchase price plus rehab costs. At closing, NEHI furnishes the buyer with a zero-interest, deferred loan for up to $20,000 in down payment assistance.

High Plains Community Development Corporation

This HUD-approved housing counseling center services northwest Nebraska. It can assist homeowners in determining whether they qualify for a closing costs assistance grant from the Nebraska Housing Developers. The program's $6,000 grant money is available for income-qualified individuals on a first-come, first-served basis for those living in Dallas, Box Butte, Sheridan, Sioux, or Morrill counties.

FHA Loans

Even with less-than-stellar credit, FHA loans can offer a path to homeownership with just 3.5% down. Applicants with scores as low as 580 can apply for this loan.

VA Loans

Heroes have homes thanks to VA loans. Service members, veterans, and spouses can buy a down payment without scratching together. Low minimum credit requirements and competitive rates mean shielding patriots from precarious penury.

USDA Loans

If you are interested in buying a home in approved rural areas in Nebraska, the best deal is to apply for USDA loans. Zero down payment is a big advantage, and a minimum 640 credit score is the basic requirement.

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