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 Housing 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 are determined by NWL Rehab Manager;
• 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). 

Ready to apply? Submit your application today!