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Key Takeaways for Nebraska Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Cornhusker State.

Average Home Prices in Nebraska

As of September 2025, the median sale price for a single-family home in Nebraska is $272,499.

Average home price:

  • Omaha: $293,272
  • Lincoln: $285,705
  • Kearney: $310,750
  • Grand Island: $313,000

Source: zillow.com/home-values

Average Home Size in Nebraska

The median size for a single-family home in Nebraska is approximately 2,107 square feet.

Median home size:

  • Omaha: 2,232 square feet
  • Lincoln: 2,276 square feet
  • Kearney: 2,330 square feet
  • Grand Island: 2,368 square feet

Source: https://fred.stlouisfed.org/

Nebraska State Taxes

  • Nebraska uses a graduated individual income tax system, with rates ranging from 2.46% to 5.84%.
  • Nebraska's base state sales tax rate is 5.5%, and local jurisdictions can add up to 2%, making combined rates as high as 7.5%.
  • Nebraska’s effective property tax rate is relatively high, averaging about 1.54% for residential property, though rates vary significantly by county.

How Much Can You Afford in Nebraska?

Recommended
Monthly Payment:
$750.00

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$750.00
$1050
$1350

Affordable Home Prices With Your Recommended Payment

$107,844.08 house with $9,804.01 down. (10%)

$117,648.09 house with $19,608.02 down. (20%)

$127,452.10 house with $29,412.02 down. (30%)

These examples use the loan term provided and assume a fixed-rate mortgage with an interest rate of 6%.

Nebraska Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

National Community Lending Program

This program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

Nebraska Investment Finance Authority (NIFA) First Home Program

NIFA’s First Home Program helps qualifying Nebraskans purchase their first home with low interest rates, flexible credit guidelines, and access to down payment assistance. It’s designed to make homeownership possible for first-time buyers, veterans, and those purchasing in target areas.

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More about this program

Program Highlights

  • Designed for first-time home buyers (no homeownership in the past 3 years)
  • Veterans and buyers purchasing in target areas are exempt from the first-time requirement
  • Exceptions may apply for divorce, natural disaster, or job relocation
  • Household income and purchase price limits apply, based on home location and household size
  • Minimum 640 credit score and 45% maximum debt-to-income ratio (up to 50% if credit score is 660+)
  • Available for both conventional and government loans
  • Home buyer education and participation through a NIFA-approved lender required

Nebraska Investment Finance Authority (NIFA) Welcome Home Program

The NIFA Welcome Home Program offers affordable financing and down payment assistance for both first-time and repeat home buyers. It’s designed to help Nebraskans purchase a home with low interest rates, flexible credit standards, and generous income and purchase price limits.

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More about this program

Program Highlights

  • Open to both first-time and repeat home buyers
  • Income limit: $175,500 statewide (effective 7/7/2025)
  • Purchase price limit: $485,500 for one unit and $607,000 for two units
  • Minimum credit score of 640, with DTI up to 45% (50% if credit score is 660+)
  • Must occupy the home as a primary residence within 60 days of closing
  • Home buyer education required for first-time buyers only
  • Available through NIFA-approved Participating Lenders

Nebraska Investment Finance Authority (NIFA) First Home Targeted Program

The NIFA First Home Targeted Program helps buyers purchase a home in federally designated target areas without needing down payment or closing cost assistance. This option provides higher income and purchase price limits, and buyers do not have to meet the first-time home buyer requirement.

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More about this program

Program Highlights

  • Open to buyers purchasing homes in federally-designated target areas
  • No first-time home buyer requirement
  • Higher income and purchase price limits than standard programs
  • Eligible loan types include Conventional, FHA, USDA Rural Development, and VA
  • Conventional loans may avoid mortgage insurance with a 20% down payment
  • Target areas include parts of Adams, Douglas, Jefferson, Lancaster, Saline, and Scotts Bluff counties
  • Buyers can confirm eligibility using NIFA’s Geocoding/Mapping System

Nebraska Investment Finance Authority (NIFA) Military Home Program

The NIFA Military Home Program offers affordable home financing for active-duty service members, reservists, and qualified veterans. It’s designed to honor those who serve by providing flexible loan options and relaxed first-time home buyer requirements.

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More about this program

Program Highlights

  • Available to active military (active duty or reserves) and qualified veterans
  • Active military must meet NIFA’s first-time home buyer requirement
  • Qualified veterans and spouses are exempt from the first-time buyer rule
  • Requires a copy of DD214 Form for eligibility verification
  • Eligible loan types include VA, FHA, or USDA Rural Development loans
  • Offers low, fixed-rate financing through NIFA-approved lenders

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from Nebraska home buyers.

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How Much Should I Budget for Closing Costs in Nebraska?

Closing costs in Nebraska usually range from 2% to 5% of the home’s purchase price. These costs may include fees for appraisals, inspections, title insurance, and lender charges. Your loan officer can give you a personalized estimate based on your purchase.

For example, on a $300,000 home, buyers can expect to pay between $6,000 and $15,000 in closing costs. 

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What Are the Most Popular Home Loan Types in Nebraska?

The most common loans among Nebraska buyers are:

  • Conventional Loans – Flexible terms with competitive interest rates. Often preferred by buyers with strong credit and larger down payments, though options with as little as 3% down are available.

  • FHA Loans – Backed by the Federal Housing Administration, these are popular with first-time buyers. They allow lower credit scores and down payments starting at 3.5%.

  • VA Loans – Available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance (PMI).

  • USDA Loans – Designed for qualifying buyers in rural and suburban areas. These loans also offer no down payment and reduced mortgage insurance costs.

  • NIFA Loans – Offered through the Nebraska Investment Finance Authority, these pair low, fixed-rate mortgages with down payment and closing cost assistance programs like First Home, Welcome Home, and Military Home, helping buyers across the state achieve affordable homeownership.

Collaboration
How Can I Find a Trusted Local Nebraska Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of Nebraska. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

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How Do Schools Rank in Nebraska?

Nebraska’s public schools perform well overall, with many districts recognized for strong academics, high graduation rates, and student engagement. School performance varies by district and region, with several areas consistently earning top marks statewide.

  • Top-Rated Districts: Elkhorn Public Schools, Millard Public Schools, and Westside Community Schools in the Omaha metro area are frequently ranked among the best for academics and college readiness.

  • Strong Academic Focus: Many top districts offer advanced placement (AP) courses, dual-credit options, and strong STEM and arts programs.

  • Highly Ranked High Schools: Elkhorn South High School, Millard North High School, and Lincoln East High School are among the top-performing schools in the state.

For detailed performance data, graduation rates, and district comparisons, visit the Nebraska Department of Education’s Nebraska Education Profile.

Reviews from Nebraska Home Buyers

★ ★ ★ ★ ★

"Brian made the loan process very easy and hassle-free. He was easy to work with, always a phone call away at any time of the day, explained everything very well, and was always willing to answer all our questions. His attitude and willingness to help was a big plus as well."

Tyler A.
Grand Island, NE
★ ★ ★ ★ ★

"We had the pleasure of working with Brad throughout our home buying experience. He educated us every step of the way & made sure we understood everything. He was always available no matter what time it was to answer any questions we had. We really lucked out with Brad! Highly recommend!"

Amy W.
Fremont, NE
★ ★ ★ ★ ★

"Churchill Mortgage did an exceptional job. They answered all my questions and helped me with things. I didn't quite understand. They made my experience, painless, and they moved swiftly through the process. Cody Levinson and his team were great!"

Ryan H.
Omaha, NE

4.9 / 5

gold star gold star gold star gold star gold star

Top Rated Mortgage Lender

Served over 100,000+ happy homeowners!

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Nebraska Branch Locations

Phillips, NE

402-243-1112

Visit the Branch Website

Phillips, NE

Omaha, NE

402-620-6220

Visit the Branch Website

13939 Gold Circle, Ste 200

Churchill Loan Officers in Nebraska

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.