Home Buying in Omaha>Question Details

Todd, Home Buyer in Omaha, NE

I want to buy my first home, but we have minimal savings for a down payment. What are our first steps?

Asked by Todd, Omaha, NE Tue Jul 8, 2008

My girlfriend and I have 66k annual combined income and can easily afford monthly housing payments, but we have no downpayment yet. How much do we need? Are there any programs here for first time home buyers?

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Thanks Ken for the response. They are tough here in Nebraska on gifting from a buyer so may be best to consult the local lenders.


1 vote Thank Flag Link Tue Jul 8, 2008
Hello Todd,

Although I'm not in your area, Billie is giving you great advice. Try looking into FHA financing with a Down Payment Assistance program. An FHA program will require 3% as a down payment, if you use a Down Payment Assistance Program, the Seller can "gift" you the down payment and your be able to purchase a home with very little money. Speak to a lender and weigh your options.

Good Luck
Web Reference: http://www.C21Infinity
1 vote Thank Flag Link Tue Jul 8, 2008
There are programs for first time buyer's. Go with a good local lender to get preapproved. They can recommend the best loan that meets your needs. That is always your first step. If unsure, your Realtor can set up a meeting with a great lender to begin the process. After that, you know what you need and can afford and are ready to go shopping for your perfect home. This is a great time to buy !. Let me know if you need help.


1 vote Thank Flag Link Tue Jul 8, 2008
There is a program for buyers outside of certain city limits that is for rural development. Fort Calhoun (15min. outside of Omaha) for example qualifies for USDA Rural Development and therefore can loan up 103% of the purchase price of course there are some stipulations (cost of home & income regulations) but it is a wonderful program if you are not in the metro area.
0 votes Thank Flag Link Fri Apr 24, 2009
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