The U.S. Department of Agriculture Rural Development raised its mortgage limits in Nebraska last month by more than $50k in most counties, strengthening purchase power for home buyers using the agency’s single-family housing direct purchase program.
Across most of Nebraska, the new mortgage limit is now $336,500. In Lincoln, Logan, and McPherson counties the limit is now $346,500.
“This change reflects the agency’s understanding of current challenges and the needs of rural Americans,” said Krista Mettscher, director, Single-Family Housing Program, Nebraska. “Americans are feeling the pinch of inflation in every sector, and for years now, soaring home prices have put homeownership further and further out of reach for many. With a lack of inventory, and demand high, rural Americans who qualify for our programs needed this increase to become competitive buyers. We’re happy to be able to offer these new limits, which will now open more opportunities for rural Nebraskans seeking to buy a home.”
Mettscher has been helping Nebraskans buy their own homes with USDA Rural Development funding or guarantees for 25 years. She says she loves her work, especially when she sees people light up after getting a home of their own, something they may have thought would never be possible for them.
To date in Fiscal Year 2022, Mettscher and her teammates have helped 20 families secure newly purchased homes under the 502 Direct Program or refinanced eligible existing loans under the American Rescue Plan funding with lower interest rates, investing $2,341,332.00 in Nebraska families since October 2021.
Rural Development has two programs for home purchase, the 502 Direct program and the 502 Guaranteed program. Both offer 100% financing for home purchase in eligible rural areas. USDA RD asks buyers, realtors, and lenders to consider USDA Rural Development programs for rural home purchases in the future, income limits do apply and more information can be found at: https://www.rd.usda.gov/programs-services/single-family-housing-programs . Program eligibility can be checked here: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do .
To contact the Nebraska Single Family Housing team directly for more information, or to request an application, interested parties can e-mail the office staff directly at: SM.RD.NE.SFHQST@usda.gov , or call 402-437-5551, extension 1.
Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas. For more information, visit www.rd.usda.gov/ne.
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