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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you’re looking for your first home in Nebraska, the Nebraska Investment Finance Authority, the state’s housing finance agency, can help you obtain an affordable mortgage and down payment assistance. The organization’s programs are typically reserved for first-time homebuyers, and include homebuyer education to help guide you as you embark on your purchase. If you’re interested in lowering the barrier to homeownership in Nebraska, read on to find out what might be available to you. Nebraska first-time homebuyer loan programs
NIFA Homebuyer Assistance Program HBA
The Nebraska Investment Finance Authority’s (NIFA) Homebuyer Assistance Program (HBA) offers both a . The program is available to (defined as those who haven’t owned a home in the past three years), qualifying veterans or buyers purchasing in a target area. Through HBA, you can get a 30-year conventional, FHA, VA or USDA loan. As long as you have at least $1,000 to contribute to the purchase, you could qualify, although that can depend on the type of loan you’re getting and what your closing costs are. Other eligibility requirements include: 640 minimum credit score with a 45 percent debt-to-income (DTI) ratio, or 660 minimum credit score with a 50 percent DTI ratio Must complete homebuyer education course Must meet NIFA Must meet 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 NIFA First Home Program
First-time homebuyers who don’t need down payment assistance could qualify for NIFA’s First Home Program, which applies to a conventional, FHA or USDA loan. The rates through this program tend to be lower than the rates of an HBA loan, but the eligibility requirements are the same. If you’re not a first-time buyer but purchasing a home in a target area, you can take advantage of the First Home Targeted program, which is similar to the First Home loan but has more flexible income and purchase price limits. NIFA Military Home Program
Active-duty military and qualified veterans — first-time homebuyer or not — can also take advantage of a low-rate mortgage through NIFA’s Military Home Program, with low or no down payment. The program applies to VA loans, but can also work in conjunction with an FHA or USDA loan if you’re not eligible for a VA mortgage. Nebraska down payment assistance
NIFA HBA down payment assistance
If you qualify for an HBA first mortgage through NIFA, you’ll also be eligible for down payment assistance, which comes in the form of a second loan of up to 5 percent of the home’s purchase price, no more than $10,000. The rate on this loan is 1 percent, and you’ll pay it back over 10 years. Other first-time homebuyer loan programs
Along with Nebraska state first-time homebuyer programs, there are other programs available on a national level that could help you get into your first home sooner. These include Fannie Mae and Freddie Mac 3-percent conventional loans, and FHA, VA and USDA loans. Each have differing requirements, but some are less strict than others. For example, homebuyers with a low credit score or limited down payment savings might still qualify for an FHA loan. To learn what you might be eligible for, visit Bankrate’s . Get started
Before contacting mortgage lenders, consider starting with the Nebraska Investment Finance Authority (NIFA) to learn what programs might be a fit for your situation. You can connect with a NIFA-approved lender to determine what you need to apply for a home loan. Whichever mortgage you ultimately choose, it’s smart to compare mortgage rates and loan offers to ensure you’re getting the lowest rate and best terms possible. First-time homebuyer programs in nearby states
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SHARE: Sarah Li Cain is an experienced content marketing writer specializing in FinTech, credit, loans, personal finance and banking. Her work has appeared in Fortune 500 companies, publications and startups such as Transferwise, Discover, Bankrate, Quicken Loans and KeyBank. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles