100% Loan Programs

Many buyers that I talk to want to buy a home with as little initial investment as possible.  When you buy a home the initial investment consists of earnest deposit, down payment, closing costs and pre-paids.

One way to lower these cost is to utilize loan programs which require little or no down payment.  There are several options for a 100% loan.  Keep in mind, you must qualify for these programs.

1) VA  If you are a veteran, you may qualify for this loan.  This is an excellent benefit!  There is 0 down payment required!  There is an up front funding fee but no monthly mortgage insurance so your payment is fairly equivalent to an FHA loan with 3.5% down!

2)  NIFA HBA  (Nebraska Investment Finance Authority - Home Buyer’s Assistance)  This is for a first time home buyer or someone who has not owned a home in the last 3 years.  There are purchase price and income maximums as well.  This loan pairs with an FHA or CONV loan.  The down payment is covered by a 2nd loan which is at a very low rate amortized over 7 years.  You must have a minimum investment of $500 for an FHA loan and $1000 for a CONV loan.  See www.nifa.org for more information.

3)  USDA  This is a 100% loan program for homes in rural areas.  There are income maximums.  The buyer must take a home buyer’s education course.   This is a great fit for those who want to live in a smaller town and don’t have a down payment.  Our Eagle area qualifies for this type of financing. See www.rurdev.usda.gov/ne

4)  We don’t have a 100% loan, but when you buy a Hartland Home, you can save a lot on your initial costs!  We pay up to 2% of your closing costs (ave. of $2500).  Also, when you purchase a new home, if you don’t make too much money, you may qualify for an impact fee rebate.  This rebate is credited directly towards your down payment reducing the amount of money you need at closing!  Maximum rebate at this time is approximately $4600!

Lincoln 3rd most affordable for first-time homebuyers!

"Lincoln ranks high for first-time homebuyers" is the headline for an article in the Lincoln Journal Star today. According to a study done of median incomes versus home prices, a Lincoln zip code ranks 3rd in the U.S. This is no surprise to me. Lincoln's prices were never too far out of whack. One of the main reasons for the housing market crashing was prices being so inflated in places such as California, Arizona, Las Vegas and Florida. 5 years ago, you could not get a reasonable price for a home in these areas. Why? Lots of demand (high population), very little supply and in some areas this supply was due to land shortage.

My friends moved to California several years ago. In order to get a new home, they had to put their name into a lottery system and see if they were drawn. Then they had to take the home that was available... no choosing your lot, your style or colors. You were just lucky to get a new home. In addition to that, these homes were all over 1/2 million! Seems outrageous here in Lincoln, NE, doesn't it? That is exactly my point. Even when home sales where at their strongest, our prices still didn't sky rocket out of control. This is one reason why Nebraska is #50 in foreclosures (at the bottom). Another reason is our good old fashioned common sense about spending.

Yes, Lincoln is a very affordable place to buy your first home. Today, it is even more affordable with the $8000 tax credit and NIFA's ABC loan which covers your down payment until you get your $8000 from Uncle Sam. Hartland Homes has been and still is Lincoln's mos affordable builder, we also give you the most value for your money. If you are thinking about buying a home, you owe it to yourself to check us out before you buy! http://www.hartlandhomes.com/