First Time Home Buyer Loans Nebraska

It is simple to understand why Nebraska appeals to homebuyers given that it has views of both the Great Plains and mountains, as well as thriving cities. And the Cornhusker State can help if you’re a first-time homebuyer in need of some financial support.

Who Qualifies as a First-Time Homebuyer in Nebraska?

According to Nebraska law, a first-time homebuyer is anyone who has not lived in a home as their primary residence for the previous three years. Additionally, this requirement does not apply to honorably discharged veterans or homebuyers in designated areas.

Statewide First-Time Homebuyer Programs

The Nebraska Investment Finance Authority, or NIFA, provides several statewide programs to support first-time and repeat homebuyers. You can find information on all of these programs on NIFA’s Loan Programs page, as well as the Eligibility page, but here’s a quick rundown of what they have to offer.

First Home Grant Program

Buyers who make less than 50% of the area median income are eligible for this program, which is especially designed to assist low-income families. Those who are accepted receive a $5,000 grant that cannot be repaid.

This is a fixed-rate, 30-year mortgage in the form of a conventional-insured loan, a Federal Housing Administration–insured loan or a USDA Rural Development–guaranteed loan. The program offers competitively priced interest rates, which vary depending on which type of loan is acquired; you can see the NIFA interest rates here.

First Home Targeted Program

The First Home Targeted Program is open to prospective homebuyers who wish to buy in certain areas of Nebraska. No prior shopping experience is necessary for customers to be accepted Adams County, Douglas County, Jefferson County, Lancaster County, and Scotts Bluff County are currently targeted areas in Nebraska.

Those who are accepted into this program may be eligible to receive second mortgage loans as down payment and closing cost assistance. This second mortgage is a 10-year loan with a 1% interest rate; the maximum loan amount is $10,000 and it can be up to 5% of the home’s purchase price.

This program offers a 30-year fixed interest rate on mortgages to members of the military who are on active duty and veterans who have been discharged with honor. The Department of Veteran Affairs (VA loan), the Federal Housing Administration (FHA), or USDA Rural Development (USDA Rural Development) must be the source of the loan for applicants.

Ready to Move to Nebraska?

Nebraska has a lot to offer, including sweeping plains and serene valleys, as well as the Midwestern friendliness and safety. There are many programs to help you find your new home in this area, whether you’re moving to Omaha, Scottsbluff, or somewhere in between.

The links on this site were researched by NewHomeSource. This is as cohesive a list as possible. Individual homebuyers should speak with organizations to fully comprehend the conditions and procedures.

Other Nebraska Resources

As a content writer, Mia Zozobrado joined Builders Digital Experience (BDX) in 2019. Mia is a Southwestern University English graduate who loves connecting with people and the written word. In her spare time, Mia serves on the Board of Directors for the Texas Writers’ League.

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Does Nebraska have first-time home buyer programs?

Programs for first-time homebuyers in Nebraska The Homebuyer Assistance Program (HBA) of the Nebraska Investment Finance Authority (NIFA) provides both a low-interest mortgage and down payment assistance.

Which loan is best for first-time home buyers?

FHA loans are great for first-time homebuyers because you can put down as little as three percent of the purchase price in addition to paying lower upfront loan costs and having fewer credit requirements. 5%. 4 FHA loans cannot exceed the statutory limits described above.

How much do you have to put down on a house in Nebraska?

To avoid additional fees, a down payment on a mortgage should ideally be 20% of the cost of the home, but if you don’t have that much, don’t worry. For some mortgage types, such as VA loans or USDA loans, the down payment can be as low as 10%, 5%, or even 0%.

How do I qualify for a first-time home buyers loan in the US?

Typical first-time home buyer qualifications include:
  1. Credit score of at least 620.
  2. Down payment of at least 3%
  3. Debt-to-income ratio below 43%
  4. Steady income.
  5. Two-year job history.
  6. Clean credit history.