Nebraska Investment Finance Authority (NIFA) just announced a new version of their Home Buyer Assistance (HBA) loan program. The new program includes a second mortgage loan up to 3% of the purchase price that is amortizing with monthly principle and interest payments over a 7 year term (84 months) with an interest rate of 3%. This second mortgage is used towards the buyer's down payment with a minimum investment by the buyer of $1,000.
For Example:
Purchase a $100,000 home
Estimated payment
First Mortgage P&I $527.92
Second HBA Mortgage P&I 39.64
FHA MIP: 45.19
Insurance: 58.33
Taxes: 183.33
Est Monthly Payment: $854.41
For more information about this great program, give Steve a call at 402-689-7550