On September 20, 2011, NIFA lowered their interest rate to 3.25%. This is the lowest it has ever been! NIFA is an acronym for Nebraska Investment Finance Authority. These loans are for first time home buyers or buyers who have not owned a home in the last 3 years. If you are a first time home buyer or you know someone who is looking to buy, this is an incredible rate.
WHAT ARE THE REQUIREMENTS TO GET A NIFA LOAN? You must be a first time home buyer or have not owned a home in the last three years. Also, there is an income limit based on the county you are purchasing in and the number of family members in your household. For example, if you live in Lancaster county and there are 2 family members in the household, you cannot make more than $69,500. Finally, there is a purchase price limit for the home. For a single family home in a non-target area, you can not purchase a home over $200,000.
WHAT TYPE OF LOAN DO I GET? NIFA’s low interest rate attaches to FHA, VA and CONV loans. If you are using an FHA or VA loan, the interest rate is 3.25%. If you are using a conventional loan, the interest rate is 3.75%. You must qualify for this loan and meet the NIFA requirements in order to use the NIFA funding.
DO I NEED A DOWN PAYMENT? That depends on what type of loan you are using. VA and USDA loans do not require a down payment. Also, NIFA has a special program call Homebuyer Assistance whereby you can borrow your down payment and pay a slightly higher interest rate. Keep in mind that all of these no down payment loan options require a minimum amount of investment from the buyer. Usually $500 to $1000.
For more information on how you can get a NIFA loan, what a possible payment would be and more, call me today at 402-419-6589.
Also see NIFA’s website at www.NIFA.org
No comments:
Post a Comment