First-Time Home Buyer Programs in Nebraska

Nebraska Investment Finance Authority (NIFA) Programs:

First Home Program:

Eligibility: First-time homebuyers (no ownership in past 3 years); veterans or buyers in targeted areas qualify even if not first-time.
Offerings: 30-year mortgage (FHA, VA, USDA, conventional) with below-market rates.
Requirements:

• Income and purchase price limits vary by county and home type—e.g., $384,000 non-target / $470,000 targeted (1‑unit) (NIFA limits).
• Credit score ≥ 640; DTI ≤ 45% (50% with score ≥ 660); homebuyer education required.

Homebuyer Assistance Program (HBA):

Benefits: First mortgage plus 10-year, 1% interest second loan up to 5% of purchase price.
Eligibility: Must use a NIFA first mortgage; first-time buyer, veteran, or targeted area resident.
Details: $1,000 borrower contribution; education required. (Program site).

Military Home Program:

Description: Eligible veterans/reservists may receive a 0.5% rate reduction on NIFA mortgage; can pair with HBA.
Requirements: Military service documentation required. (Program info).

Local Programs:

Omaha

Omaha Down Payment Assistance: Up to $20,000 deferred loan (0% interest) for first-time buyers; income ≤ 80% AMI.

Lincoln

Lincoln First-Time Homebuyer Program: Up to $15,000 forgivable loan over 10 years; income ≤ 80% AMI.

Grand Island

Grand Island Homebuyer Assistance: Up to $10,000 deferred 0% loan; income ≤ 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Federal tax credit (~30%) on interest, up to $2,000/year.
• USDA Loans: 0% down mortgages; income limit for 1–4 person households ~$112,450.
• FHA/VA Loans: 3.5% down (FHA), 0% down (VA); credit score and eligibility vary.