Nebraska Mortgage and Refinance Rates
As of Sunday, January 29, 2023, current rates in Nebraska are 6.49% for a 30-year fixed and 5.79% for a 15-year fixed.
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Nebraska mortgage overview
Nebraska is an affordable destination for homebuyers, and its main regional economic centers — like Omaha and Lincoln — offer strong prospects for employment and many opportunities in higher education. The state is also attractive to retirees looking for safe areas with good healthcare. These factors have contributed to a steady influx of out-of-staters relocating to the Cornhusker State in recent years.
First-time homebuyer programs in Nebraska
The Nebraska Investment Finance Authority (NIFA) offers affordable, 30-year fixed-rate mortgages for first-time homebuyers (a buyer who has not owned a home in the past three years), veterans, and repeat buyers purchasing a home in a “target area.” Buyers must meet household income and purchase price limits to qualify. Additional criteria include:
- For both conventional and government-backed loans, borrowers must have a minimum credit score of 640 and a maximum debt-to-income (DTI) ratio of 45 percent. (If your score is 660 or higher, the DTI can be 50 percent.) If you don’t have a credit score, you may still be eligible to apply.
- Borrowers must complete a homebuyer education course before closing of the mortgage.
NIFA Homebuyer Assistance (HBA) Program
NIFA’s Homebuyer Assistance Program assists homebuyers with the down payment and closing costs. Eligible borrowers must pay at least $1,000 from their own funds to participate in the program, depending on the type of loan (conventional, FHA, USDA or VA) and the associated costs.
Through this program, borrowers will have two mortgages: The first mortgage will come with a slightly higher interest rate than other NIFA mortgages without down payment and closing cost assistance. The second mortgage has a 10-year term and an interest rate of 1 percent, and can be up to 5 percent of the home’s purchase price, to be used for the down payment and closing costs. The maximum amount is $10,000.
NIFA Military Home Program
If you or your spouse are an active member of the military or a qualified veteran, you may be eligible for an affordable mortgage with special interest rates through the NIFA Military Home Program. You don’t have to be a first-time homebuyer, but you will need to provide a DD214 form to prove eligibility.
Nebraska mortgage refinancing
With interest rates at record lows, Nebraska borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.
NIFA does not currently offer a mortgage refinancing program; however, the agency’s website has a list of mortgage assistance resources for homeowners who are having difficulty with mortgage payments during the pandemic.