OMAHA 100/METRO 100
MORTGAGE LENDING PROGRAM

$4,000 IN GRANT FUNDS
TO PURCHASE A HOME

Omaha 100 has grant Down Payment Assistance funds from the Federal Home Loan Bank of Topeka (FHLB) to assist applicants with purchasing a home.  Omaha 100 will offer its mortgage loan applicants FHLB grant funds up to $4,000 for down payment, closing cost, and pre-paids.  Each applicant must meet the following criteria in order to be eligible for the funds:

1. All applicants must purchase a home in Omaha 100’s Lending Area within the city limits of the City of Omaha, Nebraska or within the city limits of the City of Council Bluffs, Iowa.
2. All applicants must receive their first mortgage loan financing through Omaha 100.
3. All applicants must have a minimum of $500.00 investment in the home purchase transaction.
4. All applicants can not receive any funds back from this transaction.   
5. All applicants must meet the household income guidelines.  For a household of 1-2 individuals, the maximum household income is $39,900.  For a household of 3 plus individuals, the maximum household income is $45,885.  (Contact the office to verify your income calculation if you appear to be over the maximum income limits.)    
6. All applicants must complete Homebuyer Education through Family Housing Advisory Services.
7. All applicants must complete Financial Management (Credit Counseling) through Family Housing Advisory Services.
8. All applicants must complete Home Maintenance Training through Family Housing Advisory Services.
9. Applicants purchasing homes in the census tracts of the City of Omaha and City of Council Bluffs with Neighborhood Revitalization Strategies and/or Neighborhood Redevelopment Plans will be given priority for the grant funds.
10. Applicants purchasing and rehabilitating, deteriorated homes will be given priority for the grant funds.
11. Applicants purchasing homes through designated housing developers will be given priority for receiving the grant funds.

All approved grant recipients will be required to sign a note and deed, which is recorded as a lien on the home.  After the recipients have owned their home for 5 years, the FHLB grant funds will be fully forgiven, and the recorded deed will be released from the home.

It is to be noted that the cost of the services and processing fees will be deducted from the total grant, which will result in the applicant receiving $3,500 in direct assistance for their down payment, closing cost, and pre-paids. 

All applicants must meet all required conditions before any grant funds are distributed.  

In order for Omaha 100 to comply with all of the FHLB grant regulations and guidelines, Omaha 100 reserves the right to make changes without notice.              
04/11/2007