Special Loan Program For 1st Time Buyers In NE
Looking to purchase your 1st residence in Nebraska but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Nebraska are provided by the Nebraska Investment Finance Authority (NIFA). Not only do they provide below-market rates on your mortgage loan, they also provide other powerful programs for 1st time home buyers.
Here are some details on NIFA’s loan program:
First Home Plus
The First Home Plus Program provides a low-interest rate first mortgage loan for first-time homebuyers purchasing a home within the State of Nebraska.
NIFA’s definition of a first-time buyer is someone that has not owned and lived in a home within the past 3 years. Certain exceptions apply if a home was lost by divorce, forced job relocation or natural disaster. There are maximum income and purchase price limits that apply to all homebuyers. You must live in the home as your principal residence.
All homebuyers must have a minimum credit score of 640 to qualify for a NIFA loan. If you do not have a credit score, you may still qualify. There is a maximum debt to income ratio requirement of 45% for all loans. Contact a participating lender for more information.
The First Home Plus interest rate is subject to change from time to time. Homebuyers have the option of choosing a government or conventional loan product.
For complete details on this loan, including contact information and instructions on how to apply, please visit this NIFA Home mortgage loan page.
More Nebraska First Time Buyer Resources
In addition to the above first time homebuyer loan from NIFA, there are resources available as well. Be sure to visit Nebraska down payment assistance, as well as our page that shares details about grants available in NE to purchase your first home.