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Program Minimum Eligibility Requirements

NeighborWorks Lincoln’s Homeownership Program is focused on providing assistance to low-to-moderate income buyers in purchasing their first home. This typically works out to families or individuals that make between 60% and 120% of Area Median Income, or AMI. Below are the program requirements to receive down payment and rehabilitation assistance from NeighborWorks Lincoln. 

Borrower Requirements:

  • First time home buyer (have not owned a home within the last 3 years) and cannot own other property; 
  • Minimum credit score of 640;
  • Stable employment (if part-time at least two years in the same position);
  • Able to qualify for a first mortgage with one of our lending partners;
  • Have at least $1,000 of their own funds to invest in the purchase of the home;
  • Complete all Homebuyer Education classes (all adults in the household must attend);
  • Complete a counseling session with one of our HUD-Certified Counselors; and 
  • Meet maximum income requirements (AMI) for size of household.

 

Property Requirements:

  • Located within Lincoln city limits;
  • Must be a single-family residence;
  • Cannot be currently occupied by a renter (unless the borrower is the renter);
  • Maximum purchase price and appraised value may not exceed $238,165;
  • Rehabilitation costs cannot exceed $15,000 and is determined by NWL Real Estate Director;
  • Properties located in areas designated as either Neighborhood Revitalization Strategy Area (NRSA) or Low-to-Moderate Income (LMI) can qualify for up to $35,000 in down payment assistance, closing costs, and rehabilitation (properties located outside of these target areas can receive up to $25,000). 

 

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