Nebraska Down Payment Assistance Programs

Nebraska Down Payment Assistance Programs
Nebraska Down Payment Assistance Programs

There are several Nebraska down payment assistance programs that can help you with down payment. Limited funds should not be a reason for not owning your dream home anymore.

Nebraska down payment assistance programs help you cover a percentage of the down payment required, take care of part of the closing cost as well as principal reduction. However, this will depend on the type of program you wish to get assistance from. There are a variety of programs in Nebraska; state programs, those run by the city and charity down payment assistance.

With assistance in home buying, there is an increase in the interest rate if you are using state programs. City programs provide for principal reduction and help with the closing cost. Home sellers pay up to 3% of the purchase price.

There are various sources from which you can get additional funds. These include loans from the federal government and those from banks, grants, gifts, nonprofit housing agencies, tax credits and so on. Apart from giving financial assistance, some of the nonprofit housing agencies also offer guidance, advice and counseling on house financing.

First time home buyers in Nebraska stand a high chance of getting down payment assistance from different sources. By first time home buyers, it means people who have not owned a home or any other property for the past three years. You qualify for home buying assistance if you are above 18 years and are a resident of Nebraska. Other qualifications will depend on the program from which you wish to get assistance.

Buying a home is a huge decision and one of the biggest financial transactions you will ever make in your life. Getting a little assistance that you can pay back is not a bad idea. Nebraska down payment assistance programs are a good start for any kind of financial support you would like during the initial stages of home buying. Keep in mind however, that the levels of down payment assistance vary.

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Homebuyer Assistance Program This Nebraska down payment program allows first time buyers to cover Nebraska down payment and closing costs. The 10 year second mortgage loan will cap at 5 percent of the purchase price. Nebraska borrowers must contribute at least $1,000 towards the home. Home buyers must have a credit score of at least 640, and are responsible for the principal and interest payments on the second loan.

Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

More places to find assistance on down payment:

HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Nebraska Housing Agencies

Nebraska housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.