Prepare for your home-buying journey and secure your dream property
with these streamlined, step-by-step first-time home buyer guides.
Buying your first home in Nebraska is an exciting milestone, but navigating the current market — where the median home price sits at $318,867 — can feel like a formidable challenge. With over a third of Nebraska properties selling above list price, having a solid plan is essential. Whether you’re just starting your search or ready to make an offer, this guide will help you understand your financing options, identify helpful local programs, and confidently secure the keys to your first home.
Think you don’t qualify as a first-time homebuyer because you’ve owned a home before? You might be surprised. The U.S. Department of Housing and Urban Development (HUD) has a definition that is more flexible than it sounds. You generally qualify if you meet any of the following criteria:
Essentially, even if you have past homeownership experience, you may still be eligible for special assistance programs and loans. Understanding if you qualify as a first-time homebuyer can help you find the right programs for your needs.
If you’re buying your first home home in Nebraska, the Nebraska Investment Finance Authority (NIFA) offers several programs to help you get started:
Eligibility requirements for these programs depend on factors like your income, household size, and the property’s location. Many of these programs can be paired with other down payment assistance options to help stretch your budget further.
When you start talking to lenders, be sure to ask about these NIFA programs. Your loan officer can confirm which ones they participate in and help you find the best financing fit for your situation.
Recommended: Nebraska First-Time Home-Buying Assistance Programs
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Buying your first home is a huge milestone. While the process can feel overwhelming, breaking it down into manageable steps makes it much easier to navigate the Nebraska market with confidence. Here is your roadmap to homeownership.
Before you start shopping, take an honest look at your finances. You’ll want to ensure you have a budget that covers not just the monthly mortgage, but also property taxes, homeowners insurance, and maintenance costs.
It’s also important to check your debt-to-income (DTI) ratio, as lenders generally look for a DTI below 50% for government-backed loans, or 43% for conventional mortgages. If you aren’t quite there yet, check out some tips on establishing credit to strengthen your financial foundation before applying for a home loan.
Once you know you’re ready, define your spending limit. Using a home affordability calculator is the best way to see what you can realistically afford. Remember to account for upfront costs — like your down payment, moving fees, and initial home improvements — as well as ongoing expenses.
While many aim for a 20% down payment to avoid private mortgage insurance (PMI), remember that conventional loans can require as little as 3% down, and some government-backed options require 0%. Use a down payment calculator to crunch the numbers and factor in your local cost-of-living.
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Not all mortgages are the same. Familiarizing yourself with different types of mortgage loans will help you find the best fit for your situation:
Don’t settle for the first lender you find. Shop around to compare rates, fees, and customer service. When evaluating offers, focus on the annual percentage rate (APR), which includes both your interest rate and lender fees. This is the most accurate way to compare the true cost of each loan offer.
There is a difference between prequalification vs. preapproval. Prequalification is a rough estimate of what you might be able to borrow. Preapproval, however, is a formal process where a lender verifies your income, debt, and credit history. Getting this verified, conditional commitment helps you move quickly when you find the right house.
You can dive deeper into the mortgage preapproval process to see exactly what documentation you’ll need.
A dedicated buyer’s agent is an invaluable partner who looks out for your interests. They can filter listings to match your budget, spot potential red flags, and handle complex negotiations.
Before you get started, it’s worth reading about how real estate commission fees are changing so you fully understand how agent compensation works.
Now for the fun part: house hunting. As you tour homes, look past the staging. Pay attention to the neighborhood, school districts, and your commute. Take notes on the condition of the home — like the age of the roof or the state of the appliances — to help you compare properties objectively later.
Throughout the process, it’s important to understand your rights, including protections under housing discrimination laws.
Recommended: Best Affordable Places in the U.S.
When you find the one, your agent will help you draft an offer. This will include your proposed price, contingencies (like a successful home inspection), and your desired closing timeline. If the seller accepts, you’ll typically provide an earnest money deposit — a gesture that shows you’re serious about the deal.
Never skip this step! A professional home inspection protects you from unexpected, costly repairs down the road. An inspector will check the home’s structural components and major systems. If they find significant issues, you can use the report to negotiate repairs or ask for price concessions from the seller before finalizing the purchase.
The cost of a professional home inspection is usually $300-$500, depending on the house size. Shop around for quotes from multiple licensed inspectors to find a fair price, and check with your lender to see whether they have inspection requirements for your loan type.
Your lender needs to ensure the home is actually worth the amount they are lending you. To do this, they will order an independent appraisal. The appraiser will visit the property and compare it to recent sales in the area. As the buyer, you are generally responsible for the appraisal fee, which usually falls between $300 and $600.
Closing is the final finish line. You’ll review the final loan costs, provide proof of homeowners insurance, and sign a mountain of paperwork. Once the title is officially recorded with the county, you get the keys!
An online calculator can be a big help in comparing home equity loan rates and terms. And it’s not the only calculator you’ll find helpful during your home equity loan process:
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Congratulations on getting the keys! Moving into your first home is a huge transition, but a simple checklist can help you stay organized during the move.
Handle the Logistics:
Stay Financially Healthy:
Purchasing a home in Nebraska is well within reach when you have a solid plan. By saving for upfront costs, exploring local assistance programs, and partnering with an experienced real estate agent, you’re positioning yourself for success. With the right preparation, you can confidently navigate the market and find a home that fits your budget, your lifestyle, and your future.
It’s important for first-time homebuyers to understand that conventional loans require a credit score of at least 620, with better terms going to individuals with higher scores. Other options, such as FHA loans, allow you to qualify with a credit score of 580 if you make a 3.5% down payment, or a score as low as 500 if you put down 10%.
The steps of buying a house include reviewing your finances and credit score, then getting preapproved for a home loan with a lender. Next, you work with a real estate agent to search for homes and submit an official offer when you find the right property. After your offer is accepted, you complete a home inspection, secure homeowners insurance, and attend closing to finalize the purchase.
Common first-time homebuyer mistakes include not checking your credit score early, skipping mortgage preapproval, and only getting an interest rate estimate from one lender. Underestimating your closing costs or failing to factor in ongoing maintenance expenses can also cause issues later. Waiving the home inspection and making a large purchase, such as a car, right before the loan closes can also lead to problems.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
This article is not intended to be legal advice. Please consult an attorney for advice.Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Take the first steps to homeownership today. Get prequalified for an FHA loan online.
