Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance is a forgivable loan for homebuyers in Multiple (Kearney, Lexington, +), Nebraska, administered by Community Action Partnership of Mid-Nebraska. Community Action Partnership of Mid-Nebraska provides down payment and/or closing cost assistance to low-to-moderate income first-time homebuyers using HOME Program Reuse Funds and Nebraska Affordable Housing Trust Fund awards. The assistance is a 0% interest loan of up to $7,500 forgiven 20% per year over a five-year affordability period as long as the home remains the buyer's primary residence. Buyers must secure a single-family first mortgage from a local conventional lender, be income-verified, complete a REACH homebuyer education workshop, and not currently own other real property. Availability is delivered county-by-county as the agency receives funding. Up to $7,500 toward down payment and closing costs. 0% interest. Forgivable 20% per year over 5 years. No monthly payments. For low-to-moderate income first-time buyers. Funding comes from HOME Program Reuse Funds; Nebraska Affordable Housing Trust Fund (Nebraska Dept. of Economic Development).

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance offers up to $7,500 in assistance. Amounts are the program's published maximums, not an offer — Community Action Partnership of Mid-Nebraska determines any individual award.

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Prorated repayment of the unforgiven balance if the home ceases to be the buyer's primary residence during the 5-year affordability period (forgiven 20% per year). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Community Action Partnership of Mid-Nebraska REACH homebuyer education (in-person, Kearney, ~$50) or approved online (~$99). Citizenship or immigration status: All adult household members must be a U.S. citizen or a qualified alien under the Immigration and Nationality Act. Availability is county-specific and contingent on active funding for that county (Buffalo/Kearney and Dawson/Lexington documented; service area also includes Adams, Lincoln, Phelps, and other central/western NE counties). Purchase-price limits ($145k existing / $255k new) and the $56,250 four-person income figure are from a 2022 Dawson County release and may have been updated — verify current limits. A $500 processing fee may apply in some cycles — confirm with the agency. Min credit score, DTI, and lien position not published.

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance sets its income limit as follows: Household gross annual income may not exceed 80% of area median income for the county of assistance; varies by county and family size. Example (Dawson County, 2022 release): up to $56,250 for a household of four. Verify current limits with the agency. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance caps the purchase price as follows: Per 2022 Dawson County release: $145,000 existing / $255,000 new construction; subject to update — verify current limits. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance serves homebuyers purchasing in Multiple (Kearney, Lexington, +), Nebraska.

Applications for Community Action Partnership of Mid-Nebraska Down Payment and Closing Cost Assistance go through Community Action Partnership of Mid-Nebraska, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.