2015 First Time Home Buyer Programs for Nebraska Military Home Program Active military members who are first time homebuyers can apply for first mortgage loans with a low interest rate. As with the other two programs offered in Nebraska, homebuyers must have a minimum credit score of 640 to qualify. There is a maximum debt to income ratio requirement of 45 percent as well as income and purchase price limits. Qualified buyers in Nebraska may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Homebuyer Assistance Program Homebuyer Assistance Program allows first time buyers to cover down payment and closing costs. The 10 year second mortgage loan will cap at 5 percent of the purchase price. Borrowers must contribute at least $1,000 towards the home. Homebuyers must have a credit score of at least 640, and are responsible for the principal and interest payments on the second loan. Qualified buyers in Nebraska may apply. First Home Plus Program First Home Plus provides flexible, low interest rates to make purchasing a home more attainable. The minimum qualifying credit score is 640. If a borrower does not have established credit, they may still qualify. There is a maximum debt to income ratio requirement of 45 percent for all loans Nebraska provides. Qualified buyers in Nebraska may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
To apply visit http://buyerprograms.net/Nebraska