Successful homeownership benefits the homeowner and the surrounding neighborhood. Homeownership is successful for the homebuyer when all of the associated costs - mortgage, taxes, insurance, maintenance, and repairs - are understood and manageable. Homeownership is successful for the neighborhood when the new homeowner is committed to maintaining their home and caring about the surrounding neighborhood. In fact, successful homeownership benefits the whole city with stronger community involvement and stabilized property values.
The Urban Development Department funds programs, administered through NeighborWorks®Lincoln, that help moderate-income people become successful first-time homeowners.
First Time Homebuyer Program
- Applicant must not have owned a home in the past 3 years
(There are some exceptions — contact NeighborWorks®Lincoln for details)
- Applicant must live on the property being purchased
- Property must be within the city limits
- Household annual income cannot exceed 80% of Lincoln median income
- Applicant must attend and complete Homebuyer Training offered by NeighborWorks®Lincoln (see below)
- Provided through NeighborWorks®Lincoln and taught by experienced staff
- Free to prospective first-time homebuyers who meet program requirements
- Offered 12 times per year, with 15 to 20 households participating each time
- Each two-week course includes 4 three-hour sessions, for a total of 12 classroom hours
- Topics include:
- Analyzing and managing finances, budget, and credit
- Evaluating homes and affordability
- Working with Realtors and neighborhood leaders
- Understanding financial paperwork, closing costs, and money needed for purchasing a home
- Learning the rights and responsibilities of homeownership
- All about FHA Home Loans
- Nebraska Investment Finance Authority (NIFA)
- Veterans Home Loan Guarantee Services
- Federal Housing & Urban Development Home Buying Guide
- Fannie Mae/Homepath
- Ginnie Mae
Affordable New Housing
UDD contributes surplus City property for building sites on which local nonprofit groups build new affordable housing. Those nonprofits include: Habitat for Humanity, the Affordable Housing Initiative, NeighborWorks®Lincoln, and the Lincoln Housing Authority.
Government Resources for Homebuyers
As homebuyers move closer to homeownership, they will work with realtors and lenders, many of whom will be aware of the various government programs available to help homebuyers. Even so, as a homebuyer, you will be better prepared if you research these government resources yourself. This list of Web sites is not comprehensive, but it can get you started:
These links are external to the City's Web site. The City of Lincoln cannot attest to the accuracy of information provided by linked sites. Linking to a Web site does not constitute an endorsement by the City of Lincoln, or any of its employees, of the sponsors of the site or the products presented on the site.