First Home Plus
The First Home Plus Program provides a low-interest rate first mortgage loan for first-time homebuyers purchasing a home within the State of Nebraska.
NIFA's definition of a first-time buyer 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. 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 and conventional 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 First Home Plus interest rate is subject to change from time to time. Homebuyers have the option of choosing a government or conventional loan product.