First-Time Homebuyer Assistance Programs for 2022 in Nebraska

Last Updated on August 7, 2022 by Danielle McDonald

Mortgage Assistance for Homebuyers in Nebraska

NIFA Loan Programs

Nebraska Investment Finance Authority (NIFA), has a variety of programs designed to help first-time homebuyers. The Homebuyer Assistance Program is one of these programs. The primary goal of this program is to cover down payments and closing costs for qualified applicants.

Available Assistance 

The HBA Program offers a first and second mortgage loan. The first mortgage loan’s interest rate is higher than other programs offered by NIFA that don’t offer the NIFA closing cost and down payment assistance. Maximum amount of assistance for the second loan is 5% of the purchase price of the home, but not more than $10,000. Moreover, the interest rate for the second mortgage is 1%, and it has a term of either 10 years or 120 months.

Nebraska doesn’t have a down payment assistance programme unlike one of the First-Time Homebuyer Assistance Programs in Montana.

Eligibility Requirements 

Homebuyer Assistance Assistance (HBA) Program provides help for borrowers purchasing a home with a minimum investment of $1,000. However, there are situations when the minimum investment might be higher than $1,000. This depends on which type of loan, conventional or government, is being used, and what the seller is willing to pay in closing costs.

Rates  

For Government-Backed Loans: 

  • 3.625% on the first mortgage 
  • 1% on the second mortgage 

For Conventional Loans: 

  • 3.875% on the first mortgage 
  • 1% on the second mortgage 

Are you interested in the First-Time Homebuyer Assistance Programs in Nevada?

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