With both the Great Plains and mountain views, not to mention thriving cities, it’s easy to see why Nebraska draws in homebuyers. And if you’re a first-time homebuyer looking for a bit of financial assistance, the Cornhusker State has you covered.
Who Qualifies as a First-Time Homebuyer in Nebraska?
Nebraska adheres to the federal definition that a first-time homebuyer is anyone who has not owned a home as their primary residence within the last three years. Additionally, honorably discharged veterans and homebuyers looking to buy in target areas are exempt from this requirement.
Statewide First-Time Homebuyer Programs
The Nebraska Investment Finance Authority, or NIFA, provides several statewide programs to support first-time and repeat homebuyers. You can find information on all of these programs on NIFA’s Loan Programs page, as well as the Eligibility page, but here’s a quick rundown of what they have to offer.
First Home Grant Program
Specifically meant to support low-income families, this program is for buyers earning less than 50 percent of the area median income. Approved applicants receive $5,000 in grant money that does not need to be paid back.
First Home Program
This is a fixed-rate, 30-year mortgage in the form of a conventional-insured loan, a Federal Housing Administration–insured loan or a USDA Rural Development–guaranteed loan. The program offers competitively priced interest rates, which vary depending on which type of loan is acquired; you can see the NIFA interest rates here.
First Home Targeted Program
Homebuyers looking to purchase in specified areas within Nebraska are able to apply for the First Home Targeted Program. Buyers do not have to be first-time shoppers to be approved. Current targeted areas in Nebraska include Adams County, Douglas County, Jefferson County, Lancaster County and Scotts Bluff County.
Homebuyer Assistance Program
Approved applicants of this program can receive down payment and closing cost assistance in the form of a second mortgage loan. This second mortgage is a 10-year loan with a 1 percent interest rate, and the loan can be up to 5 percent of the home’s purchase price, not exceeding $10,000.
Military Home Program
This program is for active duty military and honorably discharged veterans, and provides a 30-year fixed interest rate on mortgages. Applicants must acquire a loan through the Department of Veteran Affairs (VA loan) or one insured by the FHA or guaranteed by USDA Rural Development.
Ready to Move to Nebraska?
Nebraska has plenty to offer, from Midwestern friendliness and safety to sweeping plains and peaceful valleys. Whether you’re headed to Omaha, Scottsbluff or anywhere in between, there are plenty of programs to help you find your new home here.
The links on this site were researched by NewHomeSource. This is as cohesive a list as possible. Individual homebuyers should contact entities to fully understand requirements and processes.
Mia Zozobrado joined Builders Digital Experience (BDX) in 2019 as a content writer. A graduate of Southwestern University with a degree in English, Mia is passionate about the written word and making connections. Outside of work, Mia also serves on the Board of Directors for the Writers’ League of Texas.