|
Guide to Nebraska Mortgages
Maybe you are buying your first home in Nebraska, or perhaps you're relocating to Nebraska from another state. Then again, you may be a long-time Nebraska resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Nebraska home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Nebraska:
The median price of a home in Nebraska is $211,500. Recently, homes in Nebraska have been appreciating at rates well above the national average. As a result, income levels in many parts of Nebraska are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Nebraska are below the national average, Nebraska has one of the lowest levels of home affordability in the nation.
In Nebraska, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Nebraska's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Nebraska law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Nebraska law enacted a set of anti-predatory lending laws in order to help protect Nebraska homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Nebraska, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Nebraska FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Nebraska's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Nebraska also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Nebraska's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Nebraska Housing Finance Agency.
Last Updated: Thursday, August 21, 2008
Nebraska Real Estate Market View
updated Thursday, August 21, 2008
| Housing & Social Facts |
Nebraska |
United States |
| Total housing units |
766,951 |
n/a |
| Owner-occupied housing units |
68.2% |
66.9% |
| Renter-occupied housing units |
31.8% |
33.1% |
| Vacant housing units |
9.3% |
10.8% |
| Average Home Value |
$113,200 |
$167,500 |
| Average Mortgage Payment |
$1,107.00 |
$1,295.00 |
| Average Rental Payment |
$378 .00 |
$388.00 |
| Total Population |
1,706,976 |
n/a |
| Percentage Male |
49.5% |
49.0% |
| Percentage Female |
50.5% |
51.0% |
| Median Age |
36.2 |
36.4 |
| Under 5 years |
7.2% |
7.0% |
| 18 years and over |
74.9% |
74.6% |
| 65 years and over |
12.8% |
12.1% |
|
1 Year Market Value Change for Nebraska |
| 1yr | 5yr | 10yr |
 |
|
Popular Nebraska Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Alliance |
8,959 |
$39,408 |
| Beatrice |
12,496 |
$33,735 |
| Bellevue |
44,382 |
$47,201 |
| Chalco |
10,736 |
$60,357 |
| Columbus |
20,971 |
$38,874 |
| Fremont |
25,174 |
$36,700 |
|
| Performance Lending Group |
|
Performance Lending Group offers a wide array of custom solutions for every mortgage-financing situation. Whether you are deciding to refinance an existing mortgage, purchase a home, pay off debt or just shopping for mortgage information for future reference, Performance Lending Group can assist you to achieve your personal, financial goals; it is as easy as 1, 2, and 3! Unlike some lenders based outside of the Midwest, Performance Lending Group knows, comprehends and addresses the needs and concerns of people from right here in the heartland, and we attend to the issues that are important to you. PLG offers the following loan programs: Purchase, Refinance, Manufactured Homes, Home Equity Loan, 100% Loan, Construction to Permanent or End Loan, 125% Loans, B&C Paper Loans, Conventional “A” Paper Loans, FHA & VA Loans and Jumbo Loans Performance Lending Group
7200 South 84th Street
LaVista, NE 68128
Phone (402) 614-2120
Fax (402) 334-5628 Perforrmance Lending is a real estate broker licensed by the NE Dept of Real Estate License
|
| HomeSmartz |
|
OUR PHILOSOPHY A strong and genuine belief in the "customer for life" principal of doing business is what fuels this company. Referrals from previous customers and local real estate professionals have always delivered the majority of the Company's production. LOW RATES AND FEES THROUGH KNOWLEDGE AND TECHNOLOGY We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken the mystery out of approving and closing a home loan. WHAT IS IMPORTANT TO OUR CUSTOMERS IS IMPORTANT TO US Our most important goal is to help every customer find the perfect loan. First-Time buyers, Home Equity loans, Construction loans, and Refinancing, we will help you find the best loans. Apply online today and your dreams will come true!HomeSmartz is a half-billion dollar mortgage company that is devoted to creating an environment where our associates are more successful with us than they would be anywhere else. We operate the fastest growing Mortgage Company in Omaha, Nebraska, which means we know what it takes to compete and win in the mortgage world. We let you dictate what your needs are: Our motto is: Your World, Your Way. We are just here to help you. HomeSmartz – Your Mortgage Solution HomeSmartz
12925 W. Dodge Road
Omaha, NE 68154
402-934-9272 - Phone HomeSmartz is a real estate broker licensed by the NE Dept of Real Estate License
|
| Nebraska Mortgage Company |
|
Our goal is to find the loan that you feel fits your needs, best, and to make the loan process as simple and stress-free as possible. The base of our company’s success is our exceptional customer service that we offer. It is the reason so many of our clients return to Nebraska Mortgage Co for all of their financing needs. In 2003, over 75% of our business was generated from repeat customers, or from referrals of previous customers.We want to be the mortgage banker you always select and the mortgage company that you recommend to your family and friends. We keep you abreast of changes in the mortgage market and inform you any time of alternative loan programs that come along that we think are worth your consideration. We will always give you our honest opinion about how the loan you are considering will impact you over the long-term.Whether you are buying, selling, refinancing, or building your dream home, you have a lot of responsibility riding on your loan specialist. Since market conditions and mortgage programs change frequently, you need to make sure you are dealing with a top professional who is able to give you quick and accurate financial advice; that is a staple part of our customer service.Let the Nebraska Mortgage Company help you into your first home! Nebraska Mortgage Company, LLC.
4400 S. 86th St., Ste. 101
Lincoln, NE 68526
402-488-2222 - Local
866-421-7889 – Toll Free Nebraska Mortgage Company is a real estate broker licensed by the NE Dept of Real Estate License
|
|
0.035%
0.011%
Common Sense