Spacer
NIFA - Nebraska Investment Finance Authority
News


Spacer
HomeCustomers and PartnersProgramsNewsEventsAbout NIFAContact Us
Spacer
News
Newsletter Sign-Up

Can't find an
older news article?
Check out our archives:

Search By Month:


Advanced Search
View All articles

Spacer

News: Program - Single Family

Purchase Price Limits Increase for First-time Homebuyers

(2/27/2004)

Lincoln (February 27, 2004) – For the first time in 10 years, the US Treasury has amended the Safe Harbor limits that are used in setting the Nebraska Investment Finance Authority’s (NIFA) Single Family purchase price limits. As a result, NIFA has changed the limits set for its Regular, Home Buyers Assistance (HBA) and Super Target Mortgage programs.

“These new purchase price limits open up a tremendous resource for low-to-moderate income, first-time homebuyers,” said Tim Kenny, executive director of NIFA. “We see this as a new opportunity to use NIFA loans to purchase existing homes, particularly in rural and targeted areas.”




Regular
HBA/


Program
Super Target


Non-targeted Areas
$160,000
$135,000


Targeted Areas
$195,000
$135,000

*Limits are the same for new and existing housing.


Part of NIFA’s mission is to provide housing and community development resources. When determining the new limits, NIFA gave careful consideration to the cost of housing throughout Nebraska. The new limits are the same across the state and are based on the FHA loan limit.

In order to qualify for a NIFA loan, a buyer must not have owned and occupied their principal residence for the past three years. There are some exceptions. Properties located within a designated target area in Omaha and Lincoln do not carry the first-time buyer requirement. Eligible buyers are also required to meet certain income limits that vary depending upon family size and the area where the home is being purchased. The limits for properties located in the targeted area are higher.

Current NIFA lending rates are 5.49% for non-target area loans and 5.29% for target area loans. NIFA’s HBA program, which provides up to 4.25% for down payment and closing costs carries a rate of 6.38% for non-target and target area loans. All NIFA rates are fixed and carry a 30-year mortgage term but can be prepaid without penalty.

NIFA loans are available through a network of approximately 85 participating banks and mortgage companies. To obtain more information, a list of approved lenders or a map of the target areas visit NIFA's Single Family program on the website.

For more information, contact Jacki Young at (402) 434-3900 or jacki.young@nifa.org.

Return to News Main Page





Spacer
Search Site | Site Directory
Terms of Use  |   Privacy Policy  |   Copyright © NIFA
Nebraska Investment Finance Authority - NEW
200 Commerce CourtBullet1230 'O' StreetBulletLincoln, NE 68508
Phone: 402-434-3900Bullet800-204-NIFA (6432)
Fax: 402-434-3921BulletE-mail: info@nifa.org