Affordable Homeownership for Only $1,000 in Nebraska

Looking for and buying your first home can be exciting, but at the same time, it comes with financial barriers that leave potential first-time home buyers feeling unsure about their ability to acquire one. This is the very reason why I’m happy to share with you the Nebraska Investment Finance Authority’s (NIFA) Home Buyers Assistance Program. 

The Home Buyers Assistance Program is specific to residents of Nebraska, offering an opportunity for individuals to own their first home or re-enter the housing market after a three-year break for as little as $1,000 out of pocket. Imagine owning a home for the cost of getting an apartment or a rental house.

Still interested? Then let me give you an idea of how this program works. If you decide to apply for the Home Buyers Assistance Program, you need to talk with a lender. Take note that not all mortgage lenders offer this program, but do not worry because I can guide you or connect you with one who does. 

The process involves taking out a primary mortgage; any type of mortgage is accepted, be it conventional, VA, or FHA. And then consolidating your down payment, closing costs, and fees into a second mortgage.

“Imagine owning a home with the amount that is equivalent to the cost of getting an apartment or a rental house.”

What’s really good about this second mortgage’s low 1% interest rate is that it’s extremely affordable. These two mortgages are paired by your bank, so you only have to make a single payment despite having two loans. It means that you can get your first home relatively inexpensively.

You can structure your first mortgage over 15, 30, or your preferred term. The second mortgage is going to be the home buyer’s assistance mortgage loan, which is going to be for ten years at a 1% interest rate. Also, take note that the maximum amount that they will give you is 5% of the purchase price, translating to $10,000 for a $200,000 house. This amount almost always covers the entire down payment and closing costs.

While this looks promising, there are a few considerations that the mortgage lender is going to look at, like income restrictions, credit checks, purchase price caps, and completing a simple homeownership course. 

If you have any questions or want more information on this, feel free to connect with me. You can call or send me an email, and I would be more than willing to help you. I look forward to hearing from you!