Affordable Financing for First-Time Homebuyers

New lower mortgage rates just went into effect for first time homebuyers in Nebraska through the NIFA program.

A first-time homebuyer 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.

 NIFA was created by the Nebraska Legislature in 1983 to provide affordable loan programs for first-time home buyers. Their programs offer competitive interest rates, low or no down payments, closing cost assistance, and government or conventional loans.

The Homebuyer Assistance (HBA) Program requires only a $1000 down payment. It combines the benefits of a first mortgage loan with a second mortgage loan for homebuyers purchasing a home within the State of Nebraska. The second mortgage loan provides down payment and closing cost assistance. A regular NIFA loan requires a 3% down payment.

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 me to find a NIFA lender.

 

 

 

 

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