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NIFA – First – Time Homebuyer Loan

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First Home Program Eligibility

 

First Home HomeBuyer:

Individuals who haven’t owned and occupied a primary residence within the past three years, are considered a first-time homebuyer. Even if a home was owned years ago, but has been occupied by renters for three or more years, to us that's still considered a first-time homebuyer.

Potential buyers do not need to be a first-time homebuyer if:

  • They are a qualified veteran who has been discharged from the service under conditions other than dishonorable OR
  • They're purchasing a home located in a target area. Use our Geocoding/Mapping System to help identify whether or not a specific home is in a target area.

Note: There are some situations when NIFA may grant an exception to the first-time homebuyer requirement. If one of these situations apply, a Participating Lender will submit documentation to our office for review during the loan application process:

  1. If home is lost by divorce and individual received no sale proceeds
  2. If home is lost by a natural disaster
  3. If home is lost by a forced job relocation

NIFA is committed to helping homebuyers get into their new home with a great, low interest loan, and minimal hassle.

Household Income Limits:

All NIFA loan programs have maximum household income limits based on the home’s location and household size. NIFA’s program eligibility includes the income of any adult member who will reside in the home and will be a borrower, co-borrower or non-borrowing spouse. Note: Income from other adult occupants is only included when the occupant will have an ownership interest in the home.

This includes, but is not limited to, base pay, overtime, commissions, bonuses, tips, self-employed income, social security, disability, unemployment, child support, alimony, part-time income and interest income from assets over $5,000.

NIFA will use your current monthly household gross income and will project it over 12 months. This calculation method is only used by NIFA to determine program eligibility. In most cases, your Participating Lender will use a more conservative underwriting approach for income to qualify you for the loan.

  

First-Time Homebuyer Education:

NIFA requires First-Time Homebuyers to complete an approved homebuyer education class before closing because we understand how overwhelming it can be to purchase your first home. From one of these classes, a first time homebuyer will gain valuable knowledge on the loan process, terminology, budgeting, tips for selecting a real estate agent, home inspections, home maintenance and much more.

Browse NIFA-approved classes

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Reviews

"So easy to work with and so efficient!! Never had to wait for anything and always willing to brainstorm and come up with the best options! I appreciated the teamwork, communication, and ease of the whole process! Very impressed!"

jill c

"Lynette and her entire team made the home buying process as simple and pain free as possible. Lynette is exceptionally knowledgeable, and kept us informed every step of the way. We were so lucky to have them in our corner, and couldn't be happier in our new home!"

kevin c

"Lynette went above beyond to help us get pre-approved on a Saturday! It made all the difference in us getting our dream house!"

leslie c

"Communication was great - always replied fast and gave us the answers we needed"

darek b

"Team Arasmith was so great to work with, Lynette did an excellant job from start to finish. She was so informative with the whole process, kept us up to date and explaining everything about securing a loan. I would recommend team Arasmith to everyone looking to buy a home."

brian s

"Lynette was responsive, friendly, and direct with information. She helped broker a smooth process for buying my first home and I would highly recommend her to anyone buying in the Omaha market."

eric c

"Communication was always there! Lynette was willing to chat about options, questions, concerns, the process, corrections anything we needed when we asked. Knowing exactly where we were and how things were moving was the important thing to us and she excelled!"

meredith k

"My husband and I weren't prepared to buy a house this year, and had lots of questions/concerns. Lynette made the process easy and looked after our best interest. She consistently communicated with us throughout the process and because she's worked with our realtor in past transactions that further made this process great. We really trust them!"

vanessa w

"Lynette communication and expertise made the entire experience seamless! We had no issues from start to finish!"

cody w