NIFA (Nebraska Investment Finance Authority) Home Buyers Assistance Program

NIFA (Nebraska Investment Finance Authority) Home Buyers Assistance Program

A new program is in effect for the Nebraska homebuyers which promises to make owning a home a reality for even more potential home buyers. The Nebraska Investment Finance Authority (NIFA) offers assistance to buyers who seek to buy a home. The program provides low interest and low down payment mortgages that will help you buy the home of your dreams, or at least one that meets your unique needs.

The NIFA Program and Celebrity Homes

The NIFA program provides first time home buyers the ability to finance an extra 3% of purchase price to use for either their closings costs or down payment. Since Celebrity Homes pays your closing costs for you, you are able to funnel this entire 3% into your down payment.

Once you start to crunch the numbers, what does this mean to you? It allows you to come to the closing table with as little as $1,000. That means you can use your money in other areas of home ownership if you choose to do so.

How Do You Qualify for NIFA?

To qualify, the borrower must meet the NIFA’s requirements as a first time home buyer. This means a person who has not held an ownership interest in his or her principal residence within the past three years. In addition, potential owners must meet the income and purchase price limits. These are different, depending on the number of occupants over the age of 18 living in your home. For a detailed explanation, visit the NIFA website.

In some cases, an exception might be granted to the above rules if a buyer lost their previous home by either a divorce, forced job relocation, or a natural disaster.

Also if the property is located in a specific targeted area, the buyer is not required to be a first-time homebuyer and higher maximum income and purchase price limits apply. The property is still required to be owner-occupied for the term of the NIFA mortgage.

These guidelines offer a great potential for Nebraska homeowners to find a great home and be able to afford it.

How Does NIFA Work?

Just like any other program, there are some qualifications a potential a home buyer needs to meet. In addition to being deemed a first time home buyer and income limits (as mentioned previously), there are also particular sources of income that qualify a home buyer for the program.

NIFA is required to use all sources of income for persons all potential home occupants who are 18 years and older who will be occupying the home as their principal residence. This would include regular income (such as from a job), but it also include part-time income, overtime income, bonus income, net rental income, unemployment income, and interest income derived from family assets exceeding $5,000. The total household income cannot exceed NIFA’s maximum income limits for the applicable family size.

Once qualified, the home owner must put down a 3% down payment. NIFA offers some loan products that require little or no down payment depending on the location of the property and buyer eligibility.

The NIFA program can also provide assistance if you need help with a down payment. They can help with up to 4.25% of the loan amount. This may be used for a down payment or closing costs charged by the lender. In the case of a Celebrity Homes buyer, this money would applied completely to the down payment since closing costs are covered. The buyer is required to contribute a $500 minimum investment and execute a second mortgage that is forgiven over an 11-year period.

The Nebraska Investment Finance Authority (NIFA) Home Buyers Assistance Program provides an excellent opportunity for Nebraska residents to get some much needed assistance in buying a home. By doing a little research into the program and understanding the unique qualifications that it contains, you could easily receive assistance to buy the home of the home of your dreams.

Celebrity Homes Make Owning a Home Easy

There has never been a time to like today to purchase a home. Interest rates are at an all time low and the housing market is ripe with great homes on the market. Celebrity Homes knows buying a home is a big decision. We also know there a number of factors to take into consideration when deciding what type of home to buy.

Here are 3 reasons that Celebrity Homes is a great choice:

Interest rates are at an all time low. Never before in history have interest rates been as low as they are today. There are no guarantees the rates will continue another day. Grab them while they are low before they slip back up to more ordinary interest rates.

100% financing to veterans. Even if you haven’t served in the military, the sacrifice the men and women who do is undeniable. We think that service should be rewarded in some small way when they purchase a home. Celebrity Homes offers veterans the ability to purchase a home with zero down.

Conventional financing and FHA financing only require a minimum down payment of 3.5%. With a low down payment, you get to choose how you spend the extra money you would normally put towards a down payment. You can purchase a larger house or purchase more luxuries for your new home. Celebrity Homes give you the choice of how you will invest in your money.

Down Payments Come From Multiple Sources

When you think of where the money will come from for your down payment of your new home, most people think of just one or two sources. However, there are a number of sources that you can tap into to make a down payment on your new home.

Most of clients use one or more of the following sources for their down payment:

• 401K
• Mutual funds
• Checking account
• Savings account
• Gifts from family or friends
• Incorporated into the regular budget

Celebrity Homes makes owning a home as easy as possible. With low interest rates, low down payments, and multiple ways to pay your down payment, buying a new home is easier than ever.