Buying a home is one of the biggest decisions a family can make. Building a new home can feel even bigger.

 

https://www.nifa.org/lenders-realtors/programs-eligibility

 

But for many Nebraska buyers, the path to a new home may be more realistic than they think.

The Nebraska Investment Finance Authority, commonly known as NIFA, offers homeownership programs designed to help eligible Nebraskans purchase a home. These programs may include competitive fixed-rate mortgage options, assistance for down payment and closing costs, and even a program designed specifically to support buyers building new homes in Nebraska. NIFA says its homeownership programs are built to help Nebraskans purchase homes, and its current program list includes First Home, Welcome Home, Homebuyer Assistance, Military Home, and Build Home.

At Homestead, that matters because we are a Nebraska builder for Nebraskan families. We build homes for people who want quality, comfort, and long-term value in the communities they already call home. Homestead is a Nebraska-based development company focused on building vibrant cities and towns, and we are currently building in Nebraska markets including North Platte and Lexington.

So the question is simple:

Could a NIFA program help you build your new Homestead home?

For some buyers, the answer may be yes.

 

What Is NIFA?

NIFA is a Nebraska housing finance organization that works with participating lenders to help eligible homebuyers access mortgage programs. These programs are not one-size-fits-all. Some are designed for first-time homebuyers. Others may be available to repeat buyers. Some include down payment or closing cost assistance.

That flexibility is important because every buyer’s situation is different.

You may be renting today and wondering if ownership is possible. You may have owned a home years ago but have not owned one recently. You may have a steady income but need help with upfront costs. Or you may be ready to build, but concerned about what happens to your interest rate while your home is under construction.

That is where NIFA may be worth exploring.

 

The NIFA Build Home Program

One of the most relevant NIFA options for Homestead buyers is the Build Home Program.

NIFA describes Build Home as a program that supports eligible buyers who want to build new homes in Nebraska by offering an extended 180-day interest rate lock on eligible NIFA loans while the home is under construction. The program is designed as an enhancement to existing NIFA loan options, such as First Home or Welcome Home, rather than a completely separate product.

That matters for new construction.

When you build a home, there is a period of time between choosing your home, finalizing the details, construction, and closing. During that time, interest rates can change. The Build Home Program is intended to give qualified buyers more confidence during the construction timeline by helping secure the interest rate for a longer period.

For a Homestead buyer, that could make the process feel clearer and more predictable.

 

You May Qualify as a First-Time Homebuyer Even If You Have Owned Before

A lot of people hear “first-time homebuyer” and immediately assume they do not qualify.

That is not always true.

For NIFA’s First Home eligibility, a first-time homebuyer generally means someone who has not owned and occupied a primary residence within the past three years. NIFA also notes that certain buyers may not need to meet the first-time homebuyer requirement, including qualified veterans or buyers purchasing in certain target areas.

In other words, even if you owned a home in the past, you may still be considered a first-time homebuyer under NIFA rules if it has been more than three years since you owned and lived in a primary residence.

That can open the door for more people than many expect.

 

What If You Need Help With Down Payment or Closing Costs?

NIFA’s Homebuyer Assistance Program, also called HBA, is designed for first-time homebuyers who may not have the funds needed for a down payment or closing costs. According to NIFA, the program includes a first mortgage and a second mortgage, with the second mortgage capped at 5% of the home’s purchase price, a 10-year term, and a 1% interest rate.

That can be meaningful for buyers who have the income to make a monthly payment but need help getting over the initial cash-to-close hurdle.

For families looking at a new Homestead home, this may be one of the most important questions to ask a participating lender:

“What NIFA options could help me with upfront costs?”

 

What If You Are Not a First-Time Buyer?

NIFA’s Welcome Home Program may be another option to explore.

NIFA states that Welcome Home is designed for both first-time and repeat homebuyers, with income and purchase price limits applying. NIFA also offers Welcome Home Assistance for first-time and repeat homebuyers who need down payment and closing cost assistance.

That means the opportunity is not limited only to people buying their very first home.

If you are a repeat buyer, relocating, moving up, downsizing, or looking for a better fit for your family, a participating lender can help determine whether Welcome Home or another NIFA program may apply.

 

Common Eligibility Factors

Every buyer is different, and final eligibility is determined through a participating lender and NIFA guidelines. But in general, NIFA programs look at several important factors.

These may include:

• Whether you are a first-time or repeat buyer
• Your household income
• The purchase price of the home
• Your credit score
• Your debt-to-income ratio
• Whether the home will be your primary residence
• Whether homebuyer education is required

NIFA states that all NIFA loan programs have maximum household income limits based on the home’s location and household size. NIFA also uses current monthly household gross income projected over 12 months to determine program eligibility.

NIFA also lists purchase price limits. As of the current published guidance, the one-unit purchase price limit is $398,000 in a non-target area and $485,500 in a target area, with higher limits for two-, three-, and four-unit properties. NIFA notes that the buyer must occupy the home as a primary residence within 60 days of loan closing.

For credit underwriting, NIFA says conventional and government loans generally require a minimum credit score of 640 with a maximum total debt-to-income ratio of 45%. If the credit score is 660 or above, NIFA may allow a maximum total DTI of 50%. NIFA also notes that buyers without a credit score may still qualify for a NIFA loan.

Because these rules can change, the best step is to speak with a NIFA participating lender.

 

How Homestead Fits Into the Process

Homestead is not a mortgage lender, and we do not determine NIFA eligibility.

But we can help you understand what it looks like to build with Homestead and how to take the right next step.

Our role is to help you explore home plans, understand available options, talk through the building process, and coordinate the home side of the conversation while your lender handles financing. Homestead offers several house plans, including The Willow, The Driftwood, and The Haven.

If you are interested in building a new home, we can help you think through:

• Which Homestead floor plan fits your family
• What customization options may be available
• What the build timeline could look like
• What information your lender may need
• How to move from interest to a clear next step

Homestead also notes that buyers can explore customization options when building, including selections for countertops, cabinetry, kitchens, and baths.

That is the benefit of building with a Nebraska-based team. You are not just choosing a house. You are working with people who understand the community, the market, and the importance of building something that feels like home.

 

How to Get Started

If you are interested in using a NIFA program to help purchase or build a Homestead home, the process typically starts with a few simple steps.

First, connect with Homestead so we can understand what you are looking for. Are you interested in North Platte? Lexington? A specific floor plan? A new construction timeline? A home for your family now, or something you are planning toward?

Second, speak with a NIFA participating lender. NIFA says buyers should work with a participating lender to get pre-approved, review credit, household income, expenses, and determine a mortgage payment they can afford. NIFA also notes that once the buyer finds the right home, the participating lender assists with the NIFA loan application process.

Third, ask whether a program like Build Home, First Home, Welcome Home, or Homebuyer Assistance may fit your situation.

From there, Homestead can help you move forward with the home itself.

 

A New Home May Be Closer Than You Think

For many buyers, the hardest part is not wanting a home.

It is knowing where to start.

NIFA programs may help eligible Nebraska buyers access financing, down payment or closing cost assistance, or a longer rate lock during new construction. Homestead can help with the other side of the equation: building a beautiful, functional, high-quality home for the way your family actually lives.

If you have been thinking about building a new home in Nebraska, this may be the right time to explore your options.

Connect with Homestead today to learn more about available communities, house plans, and how we can help you take the next step toward building your home.

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Disclaimer:

 

Homestead is not a mortgage lender and does not determine NIFA eligibility, loan approval, interest rates, or program terms. NIFA program details, rates, income limits, purchase price limits, and eligibility requirements are subject to change. Buyers should consult a NIFA participating lender to confirm current program availability and qualification.