Homeownership Opportunity Program


The Homeownership Opportunity Program provides assistance for the purchase of existing or newly constructed single-family homes. The funds are available to assist individuals and families with closing costs, down payment assistance, and/or rehabilitation of the home.

Income eligibility guidelines are based upon a maximum of 100 percent (100%) of Area Median Household Income for various family sizes as established for each county by the Nebraska Department of Economic Development.

All applicants are required to secure a first mortgage from a primary lender. BVCA has experience with many local financial institutions, USDA Rural Development, and Nebraska Investment Finance Authority (NIFA) loans.

The program allows for a maximum of $15,000 in down payment assistance and/or closing costs. The funds are a deferred loan that does not incur interest and no payments are due during the first five years after purchase. Beginning in year six, the individual or family will begin to repay the deferred loan with an interest rate of 3% amortized over ten years.

Applicants must be first-time homebuyers or not had an ownership interest in their principal residence at anytime in the last three years. Exceptions to this requirement are as follows:
1) Home was lost due to legal action (such as a divorce)
2) Home was lost due to a natural disaster
3) Job relocation
4) Current living conditions are overcrowded or inhabitable

Applicants will be assisted on a first-come, first-serve basis as long as funds are available and must meet the following requirements:
1) Complete an application
2) Provide a Purchase Agreement
3) Provide an approval letter from the primary lender
4) Provide a minimum of $500 toward the purchase of the property
5) Complete a REACH approved First-Time Homebuyer Education course

Available in Butler, Fillmore, Gage, Jefferson, Polk, Saline, Seward, Thayer and York Counties. For more information contact the Housing & Rural Development Department at (402) 729-2278.

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