Three Rivers Housing Development Corporation a non-profit community housing development corporation serving Burt, Dodge, Cuming, & Washington counties in Northeast Nebraska. The New Construction Program is designed to provide an option to the general contractor or developer with a 0% interest loan up to $100,000 to construct the single family housing unit. Upon sale of the home the contractor/developer is required to repay the amount borrowed less the amount of money used for the development subsidy and down payment assistance.
Qualification & Process
Qualified homebuyers will earn 120% of the Area Median Income (AMI) or less in their respective county (see income chart below).
Qualified homebuyers will be required to obtain a Single Family Mortgage Loan from a qualified lender of their own choice along with a preapproval letter from the selected lender is required to be submitted with the application.
Along with this letter a good faith estimate and a copy of the loan application is also required.
The mortgage lender will appraise the property and submit a copy to the applicant and Three Rivers.
The new construction program will not be eligible for areas in a special flood hazard area.
Each applicant will be required to complete a Homebuyer's Education Workshop prior to loan closing, and emphasized to do so as soon as possible. Homebuyer education classes includes key topics to assist the first time homebuyer in areas of family financial management, record keeping, maintenance and upkeep, landscaping, lawns, pest management, and numerous other helpful topics.The possible funding assistance provided will be either development subsidy, down payment assistance, or a combination of both, but not to exceed $75,000. The loan will be applied to the down payment of one housing unit and the associated costs. The applicant will be required to provide $1,000 to cover a portion of the required closing fees and prepaid escrow accounts. Three Rivers will charge a $500 closing fee which can be applied to the $1,000 requirement.
Interested applicants should contact Pamela Thomsen, Executive Director, Three Rivers Housing Development Corporation at 402-374-2056 with questions about eligibility, the program, and the application process.
2018 Income Limits (120%) New Construction
|Household Size||Burt County||Cuming County||Dodge County||Washington County|
Subject to change without notice