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Thayer County Homeownership Opportunity Program (HOP)


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Background: Thayer County Economic Development Alliance available funds awarded through the Nebraska Affordable Housing Program to provide down payment assistance to Homebuyers for the purchase of existing homes, within Thayer County. This Program Summary Sheet will outline the requirements of the Program. The Southeast Nebraska Development District (SENDD) has been contracted by TCEDA to conduct housing management of the program. For more information, please contact Jim Warrelmann or Jen Olds at the address listed below.

Time frame: This program will continue until all Downpayment subsidy funding is obligated or through October 23rd, 2014 This program will be available to individuals and families on a first come, first serve and first to close basis until the funds are depleted.

Guidelines: Homebuyers must meet the following qualifications to receive assistance.

1) Maximum Down Payment Subsidy: Up to 20% of the total project cost, not to exceed $17,000, with the total purchase price, not to exceed $117,000 for an existing home. (Gap financing, only as needed for affordable housing.)

2) Required Buyer Down Payment:Homebuyers must contribute at least 2% of the purchase price as a minimum. This can be accounted for in closing costs and verified by a completed HUD 1 form.

3) Other Property Requirements: 

  • The home cannot be located in a 100 year flood zone.
  • The home must be located in an area zoned as "residential" or "agricultural".
  • If located within the County, the acreage on which the home is located must meet zoning regulations and be and be limited to three (3) acres.
  • The home to be purchased must pass a "Housing Quality Standards" (HQS) inspection and a "Lead Paint Hazard Screening", (especially if the home was constructed prior to 1978), prior to closing.
  • The home must be the "primary residence" of the new owner(s).


4)
Applicant Income Qualifications: Anticipated Income: Gross Annual Household Income cannot exceed the following, based on 100% of the Area Median Income and Household size indicated for Thayer County.

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8+ Person
$39,937 $45,635 $51,312 $57,000 $61,562 $66,125 $70,687 $75,250


Eligibility determinations are based on anticipated income within the limits above. Copies of at least 2-current Wage statements, interest statements, unemployment compensation statements, and certification of any other forms of income verifications necessary will be required. (Applicant will also be required to furnish a copy of the latest Federal Income Tax Return.)

5) Applicant Needs Primary/Lead Lender: The applicant(s) are required to have a primary/lead lender finance the remaining balance of the home purchase. The HOP assistance will be a "conditional deferred loan", as a second mortgage. Therefore, the applicants must apply and secure financing from a financial institution of their choosing for a first mortgage. Land contracts will not be considered. Please contact Jim Warrelmann at the address listed below for information on locating non-standard financing.

Other Program Conditions:

  1. Homeownership Education: Applicants must complete a Homebuyer Education Class prior to any loan closing. Please work with your mortgage lender for a list of classes or contact SENDD at the address listed below for a list of homebuyer education providers.
  2. Security: The buyer will be required to execute a Promissory Note in the amount of the down payment assistance, which will be a "soft" second mortgage with no direct repayment as a "conditional deferred loan". For any rehabilitation funds used in the project a second Promissory Note will be required identifying a "Conditional Grant". TCEDA will place a Deed of Trust against the property as security for the Promissory Note(s). Security Documents will be executed at loan closing and filed at the County Register of Deeds.
  • The obligations of the "Conditional Deferred Loan" will hold for the entire ownership of the property. Obligations under the note are as follows: If the buyer moves, rents, sells, transfers the title or abandons the home purchased through this program, repayment of the subsidy amount in full will be required at 0% interest.
  • Any "Conditional Grant" for rehabilitation activities will have a decreasing balance and will be forgiven after 5 years.

Program Application Process

In order to access this program, the following steps should be taken.

  1. Complete a HOP application.
  2. Provide a copy of your latest federal tax return (all forms) for all household members that are required to file a return.
  3. Provide a copy of the applicant's current wage statements (at least two consecutive pay periods), for all household members employed.
  4. Return the executed Application and requested documents to:
    Jim Warrelmann, Southeast Nebraska Development District (SENDD), 2631 "0" Street, Lincoln, NE 68510, phone 402-475-2560 or fax 402-475-2794.

Further Information: SENDD has been contracted by TCEDA for housing management of the program. If you have any questions, or need additional information, please contact Jim Warrelmann or Jen Olds at the address listed below. Thayer County Economic Development Alliance (TCEDA) is an equal  opportunity housing organization working to assist Homebuyers. We congratulate and encourage Homebuyers on their efforts to purchase homes and build equity for the future.

DOWNLOADS: (PDF Documents)

For more information, or to submit an application, please contact:

Thayer County Economic Development Alliance
225 North 4th Street
Hebron, Nebraska 68370
Phone/Fax: 402-768-7407
E-mail:This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank" title="Email us"> This email address is being protected from spambots. You need JavaScript enabled to view it.

Thayer County Economic Development Alliance is an equal opportunity housing organization working to provide assistance for home buyers.

We congratulate and encourage home buyers on their efforts to purchase homes and build equity for the future.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

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All content Copyright © 2012 Thayer County Economic Development Alliance

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