Today’s mortgage and refinance rates in Nebraska

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Summary List PlacementTable of Contents: Masthead StickyBuying a home in Nebraska

According to Zillow, the typical home value in Nebraska is lower than the typical value of $272,446 across the US. The typical home value in Nebraska is $195,635, and home values have increased 8.1% over the past year. 

Nebraska first-time homebuyer programs

You may qualify for financial assistance from the Nebraska Investment Finance Authority if you get a mortgage through a participating lender. Here are your options: 

Military Home Program: You can get a low interest rate on your mortgage if you’re an active military member or qualified veteran.

Homebuyer Assistance Program: Receive a loan for up to 5% of the home purchase price, with a max of $10,000. You’ll pay 1% interest on the loan and pay it off over 10 years.

First Home Program: You can get a low mortgage rate through this program. You may be eligible if you don’t qualify for the Military Home Program and don’t need financial aid through the Homebuyer Assistance Program.

First Home Targeted Program: You can get this low-rate mortgage if you live in certain parts of Nebraska and don’t need down payment assistance.

First Home Grant Program: The state will give you up to $5,000 toward homebuying costs, and you don’t have to repay the grant.

Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan. 

United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.

Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.

Refinancing your mortgage in Nebraska

Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.

You may decide to refinance with the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.

How to get a low interest rate on your mortgage

Here are some tips for landing a good interest rate on your mortgage:

Save more for a down payment. With a conventional loan, you may be able to put down as little as 3%. But lenders reward a …read more

Source:: Business Insider

      

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