Homeownership Assistance

What is Homeownership Assistance?

Homeownership Assistance is a deferred second loan for homebuyers in Norfolk, Nebraska.

• NWNEN homeownership assistance combines homebuyer education + counseling with a Purchase/Rehab/Resell pipeline of affordable homes and deferred-second DPA loans. Multi-county NE Nebraska service area (Colfax, Cuming, Madison, Pierce, Platte, Stanton, Wayne).
• NeighborWorks Northeast Nebraska (NWNEN) helps low- and moderate-income households become first-time homeowners through a combination of homebuyer education, 1:1 housing counseling, and a Purchase / Rehab / Resell (PRR) program that delivers move-in-ready single-family homes to qualified buyers in the NE Nebraska region. Eligible buyers receive down payment and closing-cost assistance through deferred soft-second mortgages and/or PRR-acquired homes priced to permit affordable purchase. Service area: Colfax, Cuming, Madison, Pierce, Platte, Stanton, and Wayne counties (HQ Norfolk).
• Funding comes from Federal, HOME, NSP, and State.

Do you have to pay it back?

Homeownership Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Soft-second DPA loans typically due on sale, refinance, payoff of first mortgage, or non-owner-occupancy. PRR homes structured with affordability covenants per HOME / NSP funding source.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homeownership Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homeownership Assistance limits household income to $106,750.

• 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.

What kind of home can it be used for?

Homeownership Assistance caps the purchase price as follows: Maximum purchase price varies by product and county; NWNEN PRR-acquired homes generally priced to remain affordable at <=120% AMI. NIFA Section 143 limits apply when paired with NIFA first mortgage.

• Eligible property types include Existing single-family detached and townhouses, NWNEN PRR-acquired and rehabilitated homes, and some new-construction NWNEN-developed homes.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Homeownership Assistance names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Homeownership Assistance serves buyers purchasing in Norfolk, Nebraska.

• The program targets specific areas: NWNEN seven-county service area: Colfax, Cuming, Madison, Pierce, Platte, Stanton, and Wayne counties in northeast Nebraska.

How do you apply?

Applications for Homeownership Assistance go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NWNEN homebuyer education in person and online via eHome America (https://www.ehomeamerica.org/NWNEN), plus 1:1 housing and credit counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through NWNEN intake; education classes offered on rotating schedule. Funding subject to availability and NWNEN's PRR home pipeline., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.