BURWELL DOWN-PAYMENT ASSISTANCE with MINOR REHAB PROGRAM

The City of Burwell Economic Development has provided matching funds into this regional program managed by Central Nebraska Economic Development, Inc. and is committed to serve at least one household in Burwell by May 1, 2019.

Existing Home Loan Maximums – Applicants are eligible for down payment assistance and closing costs as follows:

  • Up to 20% of home purchase price, or a maximum of $14,000, plus up to $2,000 for closing costs.
  • The maximum total Down Payment Assistance/Closing Assistance available is $15,000 per
  • Applicants are also eligible for a maximum of $5,000 in housing rehabilitation funds that are to be used for the sole purpose of bringing the home up to the applicable minimum standards.
  • Repayment of total loan funds begins six months following closing of the home.
  • Interest rates are according to income level.

New Home Loan Maximums – Applicants are eligible for down payment assistance and closing costs as follows:

  • Up to 20% of home purchase price, or a maximum of $15,000, plus up to $2,000 for closing costs.
  • Repayment of total loan funds begins six months following closing of the home.
  • Interest rates are according to income level.

Loan Levels/Liens – Loan repayment is dependent upon annual household incomes, and ranges from 2% interest paid over 15 years, to a 0% deferred loan. Liens will be filed for all loans received by households.

Maximum Housing Income Limits are as follows:

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
$57,120 $65,280 $73,440 $81,600 $88,200 $94,680 $101,280 $107,760

Reuse Matching Funds – Contributions from Central Nebraska Economic Development reuse funds are allowing the program to provide $1,900 of the maximum loan amounts from other reuse funds to each home served through this program, which will help reduce the household’s monthly payment requirement from grant funds. The repayment of this $1,900 amount is as follows:

  • One-half forgiven over 10 years, and one-half deferred until the home ceases to be the primary
    resident of the household participating in the program.
  • A lien will be filed against the house for this loan.

For More Information, call Judy Petersen, Central NE Economic Development, Inc. at 402-340-0106.

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