Want to buy a home but you need help with a down payment or closing costs? Work with one of our home loan experts to learn more about home loan grant programs for first time and low income households. Take a look at four programs and work with Exchange Bank to see if you qualify. Offer subject to credit approval. | NMLS #411384
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Home Set-Aside Program (HSP)
As a First-time homebuyers getting assistance with your down payment, closing cost and repair is possible if your earnings are at or below 80% of the Area Median Income (AMI) for households purchasing or constructing homes in Colorado, Kansas, Nebraska and Oklahoma.
- Opens March 4 to November 29, 2024
- Reservations on a first-come, first serve basis.*
- Maximum subsidy per household: $15,000
- Minimum subsidy per household: $2,500
This grant is offered through the federal government and their Affordable Housing Program to promote community development. To learn more about the HSP, click here.
The Homeownership Possibilities Expanded or HOPE
This program provides access to the “missing middle” or homebuyers that do not traditionally receive support but need assistance with down payment, closing costs or other eligible repairs.
- Opens March 4 to November 29, 2024
- Income must be at or below 150% of the Area Median Income (AMI).
- NOT limited to first-time homebuyers.
- Maximum subsidy per household: $12,500.
- Forgivable with a five-year retention period.
- Cannot be combined or transferred between other TurnKey programs.
Rural Development Loan
The Single Family Housing Guaranteed Loan Program assists approved lenders in providing low and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.
- 100 percent-financed, no-money-down.
- Existing home or build new.
- Not restricted to first-time home buyers.
- Household income cannot exceed 115 percent of the median household income of the area in which the eligible house is located.
NIFA Homebuyer Assistance Program
Our Homebuyer Assistance Program (HBA) can help you buy a home with a minimum investment of $1,000.
- All buyers in this program must meet NIFA’s first-time homebuyer eligibility requirements.
- All NIFA loan programs have maximum household income limits based on the home’s location and household size.
- NIFA is only available in our Nebraska markets.
- First-Time Homebuyers are required to complete an approved homebuyer education class before closing.
How long is this available?
Although the HSP and HOPE Grant Programs are first come, first serve until grant funds are depleted, the other two programs NIFA and Rural Development Loans are ongoing. Talk with one of our expert lenders about which program is right for you and get started today.
