Omaha is quietly one of the better first-time buyer markets in the country — a typical home value around $299,000, homes moving in about ten days, and a state housing agency with straightforward programs. It is affordable enough that the main question is not whether you can buy, but which assistance actually helps.
One thing to know up front: Nebraska’s state down payment product is a repayable second mortgage with monthly payments, not free money. The forgivable option is local.
The Omaha market
Zillow puts Omaha’s typical home value at about $299,344 as of mid-2026, up 1.7% year over year, with a median sale price near $303,083. Homes go pending in roughly ten days and about 35% sell above list — brisk, but at a price point where a normal income still works.
That $303,000 median sits comfortably under NIFA’s $398,000 purchase price cap, so price limits will rarely bind. Income limits and program structure are what matter.
Omaha 100 — the local forgivable option
The City of Omaha does not run its own retail down payment assistance product. Instead it points residents to two partners: Family Housing Advisory Services for education and counseling at (402) 934-7921, and Omaha 100, Inc. for lending at (402) 342-3773.
Omaha 100 is the one offering real down payment assistance. According to a participating lender’s program page:
- Up to $30,000, usable for down payment, closing costs, prepaids, or principal reduction.
- Structured as a 10-year forgivable loan, forgiven at 10% per year — so you earn out a tenth of it for each year you stay.
- Income at or below 80% of area median (cited examples: about $63,700 for one person, $90,950 for a household of four).
- Service area: Douglas County plus the portions of Sarpy County within Congressional District 2.
- HUD-certified or equivalent homebuyer education with a certificate is required.
An honest caveat about sourcing: those terms come from a lender partner’s page, not from Omaha 100’s own website, which publishes only the education requirement and its credit report fees. Confirm the $30,000 figure and the ten-year schedule directly with Omaha 100 or a participating lender before you build a plan around them.
NIFA — the state programs
The Nebraska Investment Finance Authority runs the first mortgage programs most Omaha first-time buyers will use.
First Home and First Home Targeted
A 30-year fixed loan at a competitive rate, with no down payment assistance attached. As of late August 2026, rates were around 6.375% conventional and 6.000% government. Targeted census tracts exist in Douglas County among others, and those areas carry higher income and price limits.
Homebuyer Assistance (HBA) Program
This is NIFA’s down payment product, and its structure is the thing to understand. It pairs a first mortgage with a second mortgage of up to 5% of the purchase price, on a 120-month term at 1% interest.
That is a repayable, amortizing second loan. It is not deferred and it is not forgiven — you make monthly payments on it alongside your first mortgage. Because the first mortgage rate on the HBA program also runs higher (about 6.625% conventional and 6.250% government as of late August 2026), you are paying for the assistance twice over: once in the higher first-mortgage rate, and once in the second payment.
That does not make it a bad product if you genuinely have no down payment. It does mean you should compare it carefully against Omaha 100’s forgivable assistance, which costs you nothing if you stay ten years.
Welcome Home and Military Home
NIFA also offers Welcome Home and Welcome Home Assistance for buyers who are not first-time purchasers, and a Military Home program for qualifying service members.
NIFA limits and requirements
- Purchase price limits effective July 13, 2026: one unit $398,000 non-target, $485,500 target; two units $497,500 / $607,000.
- First-time buyer means you have not owned and occupied a primary residence within the past three years, with exceptions for qualified veterans and target-area purchases.
- Homebuyer education is required for first-time buyers before closing.
- Secondary sources cite a 640 minimum credit score and a $1,000 minimum borrower investment on the HBA program — confirm both with NIFA.
Income limits vary by county and household size. We could not retrieve NIFA’s county-level table for Douglas and Sarpy, so treat any specific figure you see quoted elsewhere with caution and check NIFA’s current limits directly or call (402) 434-3900.
Also worth a call
FHLBank Topeka runs a Homeownership Set-Aside Program delivered through member banks — a genuine grant for buyers at or below 80% AMI, with homebuyer education required and a five-year retention period carrying prorated repayment if you sell early. Amounts are set per funding round, so ask a member bank what the current round offers.
Between Omaha 100’s forgivable assistance and an FHLBank grant, an income-qualified Omaha buyer can often assemble help without taking on NIFA’s repayable second at all.
How to approach it
- Call Omaha 100 at (402) 342-3773 first and confirm current terms and funding. Forgivable beats repayable every time.
- Ask your lender whether FHLBank Topeka set-aside grant funds are available through them this round.
- Complete HUD-certified homebuyer education — it is required by essentially every program here.
- If you still need down payment help, compare NIFA HBA honestly: add the higher first-mortgage rate to the second payment and see what the assistance really costs.
- Verify NIFA income limits for Douglas or Sarpy County at application; the purchase price limits updated July 13, 2026.
Frequently asked questions
Does Omaha have a down payment assistance program?
The city itself does not run one. It refers buyers to Omaha 100, Inc., which offers assistance reported at up to $30,000 as a 10-year forgivable loan, forgiven at 10% per year, for buyers at or below 80% of area median income in Douglas County and parts of Sarpy County.
Is NIFA down payment assistance forgivable?
No. NIFA’s Homebuyer Assistance program provides a second mortgage of up to 5% of the purchase price on a 120-month term at 1% interest, with monthly payments. It is repayable and amortizing, not deferred or forgiven, and the paired first mortgage carries a higher rate.
What is the maximum home price for NIFA programs?
As of July 13, 2026, $398,000 for a one-unit home in non-targeted areas and $485,500 in targeted areas. With Omaha’s median around $303,000, price limits rarely bind.
What credit score do I need in Omaha?
Secondary sources cite a 640 minimum for NIFA’s Homebuyer Assistance program, and Omaha 100 works with buyers at or below 80% AMI. Confirm current minimums directly, since lender overlays often apply on top.
Are there any true grants available in Omaha?
FHLBank Topeka’s Homeownership Set-Aside Program is a grant delivered through member banks for buyers at or below 80% AMI, with a five-year retention period and prorated repayment if you sell early. Ask a participating bank what the current round offers.