NIFA Loan Programs: Nebraska’s Investment Finance Authority
The Nebraska Investment Finance Authority (NIFA) is committed to assisting first-time homebuyers through various programs, and one such initiative is the Homebuyer Assistance Program (HBA). This program serves as a helping hand to cover the expenses associated with down payments and closing costs for eligible applicants, making homeownership more accessible.
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Available Assistance The HBA Program operates by providing both a first and second mortgage loan. It’s important to note that the interest rate on the first mortgage loan is slightly higher compared to other NIFA programs that do not include down payment and closing cost assistance. Under this program, the second mortgage loan can offer financial support of up to 5% of the purchase price of the home, with a cap of $10,000. The second mortgage comes with a 10-year or 120-month term and carries a low-interest rate of just 1%.
Eligibility Requirements To qualify for the Homebuyer Assistance (HBA) Program, applicants must be prepared to make a minimum investment of $1,000 towards their home purchase. However, there might be instances where this minimum investment requirement could be higher, depending on factors such as the type of loan (government or conventional) and the amount of closing costs that the seller is willing to cover.
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Interest Rates For those pursuing government-backed loans, the HBA Program offers attractive interest rates:
- First Mortgage: 3.625%
- Second Mortgage: 1%
If you opt for a conventional loan, the interest rates are as follows:
- First Mortgage: 3.875%
- Second Mortgage: 1%
These competitive rates make homeownership more attainable and affordable for first-time buyers in Nebraska, allowing them to embark on their journey toward owning a home with the support of NIFA’s Homebuyer Assistance Program.
