Many Nebraskans were impacted when the housing bubble burst around 2007 and residents and banks foreclosed on many homes. After that mortgage companies and banks put in place strict rules on mortgage eligibility for consumers and home sales plummeted. Frank Packard-Reed is a real estate expert and says they are starting to ease lending requirements.
Packard-Reed says, “Fannie and Freddie have come up with a 3% down program so you can finance up to 97% of the property. It has gotten a little easier because you can borrow more but there are still a number of underwriting standards in place.”
Packard-Reed says buyers still have to show proof of a job and income can make the down payment and monthly payments on the home.