The Military Home Program provides a low-interest rate first mortgage loan for active military and qualified veteran homebuyers purchasing a home within the State of Nebraska.
Active members of the Air Force, Army, Coast Guard, Marines, Navy, National Guard or Reserves must be a first-time homebuyer unless the home is located in a federally designated target area. The first-time homebuyer definition is someone that has not owned and lived in a home within the past 3 years. Certain exceptions apply if a home was lost by divorce, forced job relocation or natural disaster.
The definition of a qualified veteran is set forth in 38 U.S.C. Section 101. Homebuyers must satisfy the requirements in the Qualified Veteran Worksheet or Form I and provide a NIFA-approved lender with a copy of the Certificate of Release or Discharge from Active Duty Form (DD 214). The first-time homebuyer requirement does not apply for homebuyers and their spouses meeting the qualified veteran definition.
There are maximum income and purchase price limits that apply to all homebuyers. You must live in the home as your principal residence.
The minimum credit score requirement for government loans is 640 with a maximum total debt to income ratio of 45%. If your credit score is 660 and above, NIFA will allow a maximum total debt to income ratio of 50%. If your Participating Lender needs to use manual underwriting guidelines to approve the loan, the minimum credit score requirement is 660 with a maximum housing expense ratio of 31% and a maximum total debt to income ratio of 43%. If you do not have a credit score, you may still qualify for a loan subject to a maximum housing expense ratio of 31% and a maximum total debt to income ratio of 43%. Contact our office or a Participating Lender for more information.
The Military Home interest rate is subject to change from time to time. Only government loan products are available for this program.