News: Program - Single Family
NIFA Announces Down Payment Assistance Grant
The Nebraska Investment Finance Authority and TierOne Bank were recently awarded a $450,000 grant from the Federal Home Loan Bank of Topeka. The award is to be used in the form of down payment and closing cost assistance for qualified first-time homebuyers that receive a mortgage loan from NIFA’s Single Family Mortgage Revenue Bond (MRB) Program. The grants will be available to 150 buyers whose household income does not exceed 50% of NIFA’s MRB income limits. The maximum grant amount is $3,000.
All borrowers will be required to successfully complete a REACH homebuyer education class prior to submission of the pre-closing compliance package and must contribute at least $500 of their own funds.
Grants will be targeted to several different purposes. At least 120 grants must be made to properties located outside of Douglas, Lancaster, Sarpy and Washington Counties. The remaining 30 loans located in these urban counties must receive at least $500 of qualifying rehab. A total of 75 grants must be made for properties that contain 3 or more bedrooms, and 45 must be made to elderly borrowers at the age of 55 or older or to borrowers with a mental or physical disability.
For more information on the guidelines, income qualifications, and step by step program procedures, CLICK HERE.
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