Nebraska Investment Finance Authority (NIFA) has a program for you!
The Advance Buyer Credit 2 (ABC-2) Loan program through NIFA allows a first time home buyer to harness their tax credit for down payment BEFORE they actually receive the money. Here are the nuts and bolts of the program:
1) Must be a first time home buyer and qualify for the $8,000 tax credit and must meet NIFA’s income and purchase price guidelines.
2) Must invest $1000 of your own money.
3) May borrow up to $6,800 for down payment.
4) The amount you borrow is a 2nd loan that will be paid off in 10 years. You may pay off the 2nd loan at any time. However, if you pay it off within 180 days after the loan closing then you will receive a $500 incentive check from NIFA .
5) NIFA rate for the 1st loan is 5.30%, 2nd loan is 7.30%. Remember, if you use your tax credit money and pay off the loan right away, you will pay only pennies to “borrow” it for less than 6 months.
For more information, call a Hartland Homes agent today: 477-6668 or visit the NIFA website.
