This program provides funding for mortgages made to homebuyers who qualify as first-time homebuyers (with certain exceptions) throughout the state of Nebraska and meet established income and purchase price limits.

To qualify for a NIFA loan, the purchase price of the home must not exceed the established Purchase Price Limits. Applicants must be first-time homebuyers unless buying a home in a NIFA Targeted Area. The total gross annual income from all sources of all persons 18 years or older expected to live in the home must be less than the established Income Limits.

Several important features:

• Has a long term fixed-rate.
• There is no prepayment penalty.
• Interest rates are generally less than non-NIFA mortgage rates.
• In some circumstances, some closing costs might be includable in the loan amount. See details of the Home buyer Assistance Program (HBA).
• NIFA mortgage loans are generally assumable.

Qualifying NIFA loans must be insured by one of the following sources:

• Federal Housing Administration (FHA)
• Department of Veterans Affairs (VA)
• Rural Development acting through the US Department of Agriculture (USDA/RD) (formerly the Farmers Home Administration)
• Private mortgage insurance (for conventional loans)