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Nebraska Military Home Program

The Nebraska Military Home Program, administered by the Nebraska Investment Finance Authority (NIFA), is designed to support veterans, active-duty military personnel, and their families in achieving affordable homeownership. This program offers competitive mortgage rates and financial assistance, honoring the service of military members while helping them secure stable housing in Nebraska.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates to ensure predictable and manageable monthly payments.
  • Provides down payment and closing cost assistance to reduce upfront expenses for eligible homebuyers.
  • Supports both first-time and repeat homebuyers who meet the program’s eligibility requirements.
  • Encourages long-term stability and equity building through affordable homeownership.
  • Can be combined with other NIFA programs for enhanced financial flexibility and support.

Eligibility Requirements

  • Applicants must be veterans, active-duty military personnel, or eligible members of the National Guard or Reserves.
  • Income limits apply and vary based on household size and the location of the property within Nebraska.
  • The property must be located in Nebraska and used as the buyer’s primary residence.
  • A minimum credit score of 640 is typically required, with lender-specific underwriting standards also applicable.
  • Participants must complete a NIFA-approved homebuyer education course to prepare for the responsibilities of homeownership.

Additional Information

The Nebraska Military Home Program is a valuable resource for military members and their families seeking to achieve stable and affordable homeownership. By providing financial assistance and targeted support, the program empowers eligible buyers to secure housing and build long-term equity. Administered by the Nebraska Investment Finance Authority, this initiative supports sustainable homeownership and strengthens communities across the state while honoring the service of military personnel.

Frequently Asked Questions About Our Program

What is the Nebraska Military Home Program?

The Nebraska Military Home Program offers affordable mortgage options and potential down payment assistance to help active-duty military members, veterans, and their families purchase a home.

Who qualifies for the Military Home Program?

Eligibility includes active-duty military personnel, veterans, and eligible surviving spouses. Applicants must meet income, credit, and property requirements and use the home as their primary residence.

What types of mortgages are offered through the Military Home Program?

The program provides 30-year fixed-rate mortgages, offering predictable monthly payments and long-term affordability.

Does the Military Home Program include down payment assistance?

Yes, the program may include down payment and closing cost assistance, making it easier for eligible buyers to afford upfront costs.

What is the minimum credit score required for the program?

A minimum credit score of 640 is generally required, though higher scores may improve eligibility and loan terms.

Are there income limits for the Military Home Program?

Yes, income limits apply and vary based on household size and property location. These limits are updated annually to reflect market conditions.

What types of properties are eligible for the Military Home Program?

Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they are permanently affixed to a foundation and meet program requirements.

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Can the Military Home Program be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.

Is homebuyer education required for the Military Home Program?

Yes, completing a homebuyer education course is mandatory to ensure buyers understand the responsibilities of homeownership.

Can the Military Home Program be combined with other assistance programs?

Yes, the program can often be combined with other state or local mortgage assistance programs to maximize financial support.

What is the maximum purchase price allowed under the program?

The maximum purchase price is typically $400,000, though this may vary based on the property’s location and specific program guidelines.

Are there debt-to-income (DTI) ratio limits for the Military Home Program?

Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may be made based on other financial factors like credit history.

Is the down payment assistance a loan or a grant?

The assistance is typically provided as a second mortgage loan, which may be forgivable if certain conditions, such as living in the home for a set period, are met.

What fees are associated with the Military Home Program?

Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Borrowers should discuss these costs with their lender.

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What happens if I sell or move before meeting the program’s requirements?

If you sell or move before fulfilling the program’s conditions, you may be required to repay some or all of the assistance provided.

Can the Military Home Program be used to refinance an existing home?

No, the program is designed specifically for purchasing a primary residence and does not apply to refinancing.

Are there reserve requirements for the program?

No specific reserve requirements are imposed, but having reserves may strengthen an applicant’s financial profile during the loan approval process.

Are there location restrictions for the Military Home Program?

Yes, the property must be located in Nebraska, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.

What are the benefits of the Military Home Program?

The program offers low-interest mortgage rates, down payment assistance, and access to homebuyer education, making homeownership more affordable for military families.

What is the loan term for the Military Home Program?

The program offers a 30-year fixed-rate mortgage, providing long-term stability and predictable monthly payments for eligible buyers.

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