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Securing a First Time Home Buyer Loan in Nebraska

If you’re a first time home buyer in Nebraska, you have a number of opportunities available to you to help you come up with the funds you need to purchase your first home.  But unless you’re familiar with these opportunities, you may be uncertain about what steps to take to best finance this purchase.  We’re here to help with this.

Nebraska First Time Home Buyer Information

We’ve put together a solution that can help you better understand the process.  This is our first time home buyer checklist, and it lays out all the steps involved in getting a home purchase mortgage.  We’ve listed the five most significant steps here.  Ask yourself these questions, and the answers will provide you the information you need to move to the next part of the process.

  • How much money can I afford to borrow?  Ask yourself this long before you find a home you want to buy.  It’s very important that you not borrow beyond your means.  Let your income determine your loan amount rather than the home you want to purchase.
  • How is my credit score?  If it’s low, fix it up before you apply for a loan.
  • What type of mortgage is right for me?  Figure out which loan type you need.  Fixed rate?  Jumbo?  Interest only?  FHA?
  • What mortgage rate can I get?  The best way to figure this out is to ask several lenders in your area what rates they’re offering.
  • Am I preapproved?  If not, provide your lender the necessary information to get the assurance that you’ll receive the funds you need.

If you ask yourself these questions and you’re able to answer them, you should be in good shape to finance your first home purchase.  Use our mortgage calculator tool below to determine what your monthly loan costs will be.

1st Time Home Buyer Loan Programs

The Nebraska FHA loan program is a specialized mortgage option that is backed by the Federal Housing Administration and is intended to give potential homebuyers an affordable funding choice.  Some of the many benefits attached to the FHA program include low down payments of just 3.5% and minimal credit score requirements.  You can have low credit and low income and still qualify for a loan.  This makes it a highly advantageous loan for first time home buyers.

Before you borrow the money, though, make sure your loan fits within the Nebraska FHA loan limits for your county.  You can find more information about this on the Nebraska page of the FHA website.

About Nebraska

As a farming state, Nebraska prides itself on its $88,000 median home price and a homeownership rate of 67.4%.  Nebraska's focus on agriculture keeps its economy going even during major recessions.  It’s a good, stable environment for first time home buyers to invest in.

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