News: Program - Single Family
2004 Super Targeted Mortgage Funds Available
The Nebraska Investment Finance Authority (NIFA) announces the availability of Super Targeted Mortgage Program (STMP) funding for round one in 2004. The objective of the STMP is to provide financial assistance for first time homebuyers, that meet low and moderate-income limits, to help increase the supply of affordable housing through new single-family construction and improvements made to existing housing stock.
All loans will be NIFA financed mortgages at 2.99%, either using the FHA, VA, RD or conventional loan underwriting guidelines. All of the rules of the regular rate NIFA bond program apply.
Additional requirements include, but are not limited to: the total household income of all persons 18 years or older cannot exceed 80% of the area median income, adjusted for family size; existing single-family units must include a minimum of $3,000 of repair, rehab or improvements that is to be completed before the loan closing; and the buyer must complete a homebuyer education class.
NIFA approved participating lenders are responsible for originating loans under the STMP and partnering with community leaders. All individual loan application packages must be submitted to the NIFA office for review prior to an allocation of funds to the qualified first-time homebuyer.
For more information see the Super Targeted Mortgage Program or contact a NIFA approved lender in your area.
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