Nebraska FHA Loans

For anyone looking to move to Nebraska, right now is a perfect time to apply for an FHA loan. The Federal Housing Administration (FHA) was created in 1934 by the US Government as a way to help American families who were struggling through the Great Depression. Over the more than seventy years it has been around, the FHA has helped make homeownership a reality for millions of American families, and continue to help them today. The FHA is able to do this by insuring privately issued loans, making you a more secure borrower who can then take advantage of huge savings on your mortgage. Here are just a few of the great benefits of Nebraska FHA loans.

Low Down Payment

When you apply for a Nebraska FHA loan, you will be able to qualify for up to 96.5% financing. This means you will only need to provide a low down payment of 3.5% on the property. This is much more affordable than conventional loans which can charge anywhere from five to twenty percent for a down payment on a new home. For people who need even more assistance with the down payment, there is a program called the American Dream Down payment Initiative (ADDI) which will pay the entire cost of the down payment for those who qualify.

No Insurance

There are some conventional loans available that charge a low down payment, but these loans generally require the borrower to purchase costly monthly mortgage insurance. Because the FHA insures your privately issued loan for you, you won’t be required to provide any additional private mortgage insurance (PMI).

Low Interest Rates

To make your monthly payments even more affordable, you will be able to take advantage of low interest rates. You may even be able to negotiate with your lender for a rate that is lower than the current mortgage market rate. To obtain a lower rate in the future, you will be able to apply for a streamline refinance which requires no additional paperwork or out-of-pocket expenses.

Get Started Today!

Getting pre-approved for a Nebraska FHA loan has never been easier than it is today. Take a minute to fill out our online form and we’ll get you started on the path to homeownership instantly. The process is free, fast, secure and has no obligation.

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