Nebraska Mortgage Loans

Griffin Funding offers home loans in Omaha, NE, and other cities throughout Nebraska, serving a range of communities across the state. We serve a variety of cities, including:

• Omaha
• Lincoln
• Bellevue
• Grand Island
• Kearney
• Fremont
• Hastings
• North Platte
• Norfolk
• Columbus

Griffin Funding provides a diverse selection of mortgage loans tailored to suit the needs of various borrowers in Nebraska. Among the mortgage options currently offered in the state are:

• VA Loans: VA loans are designed specifically for veterans, active-duty service members, and qualifying surviving spouses. These loans receive backing from the U.S. Department of Veterans Affairs, offering favorable terms such as zero down payment and exemption from private mortgage insurance (PMI).
• Bank Statement Loans: Bank statement loans are tailored for self-employed individuals or those with non-traditional income sources who may encounter difficulties in providing conventional income documentation. Instead of relying on W-2 forms or tax returns, these loans verify income using bank statements.
• Debt Service Coverage Ratio (DSCR) Loans: DSCR loans are designed for real estate investors who may not meet the requirements for conventional income documentation. Instead of solely relying on personal income, these loans consider the potential income generated by the property being financed. Lenders assess the property’s debt service coverage ratio to ensure it produces sufficient income to cover mortgage payments and related expenses.
• Conventional Loans: Conventional loans do not have backing from any government entity. They typically require a down payment, with options ranging from 3% to 20% or more, depending on the borrower’s qualifications and the selected loan program.
• Asset-Based Loans: Choosing an asset-based loan means utilizing your assets’ value as collateral. The greater your assets’ value, the more financing you can access. This allows borrowers to use their asset equity to obtain financing.
• USDA Loans: Depending on where you wish to purchase a home in Nebraska, you may have the opportunity to apply for a USDA mortgage. These loans are specifically tailored for properties located in qualifying rural areas.
• ITIN Loans: ITIN loans are designed for foreign nationals and immigrants who don’t have a valid Social Security number. Instead of using an SSN to qualify for a mortgage, ITIN loans allow borrowers to use their Individual Taxpayer Identification Number.
• Home Equity Loans: Apply for a home equity loan and leverage the equity you’ve accrued to get cash that you can use to consolidate debts, fund home improvement projects, pay for education expenses, and more.
• FHA Loans: Government-backed FHA loans provide a path to homeownership for first-time buyers and other borrowers who may not have a lot of money for a down payment or less than perfect credit.

Griffin Funding’s selection of mortgage options accommodates a wide range of borrowers and financial situations. This variety provides significant flexibility for individuals looking to obtain a Nebraska home loan, whether they’re first-time buyers, experienced homeowners, or real estate investors.

Nebraska mortgage rates fluctuate based on several factors, including the type of mortgage, credit score, loan amount, and external economic conditions. Rates for conventional loans, FHA loans, VA loans, and other mortgage types may differ.

Generally, borrowers with higher credit scores and lower loan-to-value ratios tend to secure lower interest rates. Prospective buyers, especially those looking for self-employed mortgages, should shop around and compare rates from multiple lenders to find the most competitive option tailored to their specific financial situation.

Whether you’re refinancing or seeking out a first-time home buyer loan in Nebraska, it’s important to find a rate that works for your budget.

Although the specifics of loan requirements may differ, there are a few common factors that prospective borrowers should consider:

• Credit rating: Lenders generally seek a score of 600 or above for the majority of loan types. Certain mortgage loans may have lower credit score requirements.
• Debt-to-income ratio (DTI): Lenders analyze borrower DTI to confirm that the borrower’s monthly debt obligations are manageable relative to their income.
• Income: Demonstrating stable and verifiable income is essential for loan approval, indicating the borrower’s capacity to repay.
• Down payment: The amount of the down payment impacts loan terms and eligibility, with choices varying from zero down for things like VA loans and USDA loans to as much as 20% down for conventional loans.

What is the minimum down payment for a mortgage in Nebraska?

The required minimum down payment for buying a home in Nebraska varies depending on the loan type.

For example, for VA or USDA loans, qualifying borrowers may be eligible for zero down payment options, enhancing accessibility to homeownership. Conversely, conventional loans usually require a down payment ranging from 3% to 20% of the home’s purchase price, contingent upon factors like creditworthiness and loan program particulars.

Specialized non-QM loans such as DSCR loans come with their own down payment requirements. In general, non-QM loans can be flexible when it comes to down payment amounts, so reach out to your lender to learn more about what you can qualify for.

What credit score do I need to qualify for a mortgage in Nebraska?

The credit score needed to purchase a house in Nebraska depends on the loan type. Typically, a score of 600 or above is required, although higher scores can result in more favorable mortgage loan rates in Nebraska.

Loans like FHA may accept lower scores, whereas conventional loans typically require higher scores to qualify for preferable rates. Prospective home buyers or those looking to build a real estate portfolio should strive for the highest credit score attainable to enhance their likelihood of obtaining a mortgage with advantageous terms.

Turn to Griffin Funding for your mortgage needs in Nebraska. With our extensive market knowledge, we provide a wide array of customized loan options. Whether you’re a first-time buyer or refinancing, we deliver personalized solutions to match your homeownership objectives.

Our commitment to excellence is evident in our competitive rates and adaptable terms. Don’t allow mortgage intricacies to deter you from homeownership. Through the Griffin Gold app, you can streamline the mortgage process and access valuable tools that can help you financially prepare for homeownership.

Get started on your homeownership journey and apply for a home loan in Nebraska today!