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Last updated: Jun 20, 2024
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Nebraska Mortgage Overview

Nebraska has a median population of 1.9 million people and has plenty of opportunities for employment in major industries. It's a great place to live if you love friendly people, beautiful scenery, and winter weather.

If you're thinking about buying a home in Nebraska, here are your loan options:

Nebraska conventional loans

Traditional financing is conventional financing. You don't need 20 percent down. First-time homebuyers need 3 percent and subsequent buyers 5 percent for this financing. You need good credit - usually around 660 and low debt ratios around 36 percent. If you put down less than 20 percent, you'll pay PMI but only until you have 20 percent equity in the home.

Nebraska FHA loans

FHA loans are a conventional loan alternative. They allow lower credit scores of 580 with a 3.5 percent down payment or 500 - 579 with a 10 percent down payment. FHA loans have flexible underwriting guidelines, and in exchange charge mortgage insurance for the life of the loan. Borrowers may use gift funds or down payment assistance to cover the down payment.

Nebraska VA loans

Veterans of the military or National Guard may be eligible for 100 percent financing from the VA. To qualify, you need a 620 credit score and average debt ratio. You must prove you have enough funds for the daily cost of living and have anything but a dishonorable discharge. VA loans don't charge mortgage insurance but there is an upfront funding fee.

Nebraska USDA loans

If living in rural parts of Nebraska is on your bucket list, use USDA financing to make it happen. The program is for low to moderate-income families with at least a 640 credit score. You don't need a down payment and have flexible guidelines along with low mortgage insurance rates for the life of the loan.

First-Time Homebuyer Programs in Nebraska

First-time Homebuyer Loan

The Nebraska Investment Finance Authority provides low interest loans for eligible first-time buyers. You must make less than the program income limits and have a 640 or higher credit score. The NIFA has other underwriting guidelines including the need to take a homebuyer education course before you get financing.

Homebuyer Assistance Program

If you have at least $1,000 to invest in a home the Homebuyer Assistance Program may help you buy a home sooner. It's a first and second loan program. The first loan has a below-market interest rate and the second covers the closing costs and down payment. The second loan is a maximum of 5% of the purchase price or $10,000, whichever is less. The second loan has a 1% interest rate and a 10-year term.

First Home Grant Program

If your household income is 50% or less of the area's average income, the First Home Grant Program provides a first mortgage with below-market rates and a grant for the down payment and closing costs. The grant is a maximum of $5,000 and isn't repayable.

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