The Nebraska Investment Finance Authority (NIFA) has launched the Build Home Program, a new financing option that lets eligible Nebraskans lock in a NIFA mortgage interest rate for up to 180 days while their home is under construction. This added predictability helps keep new homes affordable even when interest rates are changing.
“Building a home is an exciting milestone, but fluctuating interest rates can create uncertainty,” said Shannon Harner, Executive Director of NIFA. “The Build Home Program offers stability during construction and expands opportunities for families and individuals who want to invest in new housing in communities across our state.”
What Is the NIFA Build Home Program?
The Build Home Program is a NIFA home loan option designed for people who want to build a new single-family home in Nebraska. It allows qualified homebuyers to secure a NIFA mortgage interest rate for up to 180 days, covering the construction period so their rate will not change before the home is finished.
With Build Home, borrowers work with participating NIFA lenders who guide them from application through construction and final closing. The program is available statewide and supports housing growth in rural, suburban, and urban communities across Nebraska.
Why Locking In Your Rate During Construction Matters
Home construction can take several months, and interest rates can move up or down during that time. If rates rise before the home is complete, a monthly payment that once fit the budget can quickly become less affordable.
By allowing borrowers to lock in a NIFA interest rate for 180 days during construction, the Build Home Program helps:
- Reduce the risk that higher rates will affect affordability before closing
- Make long-term budgeting easier for homebuyers and their families
- Support continued homebuilding and housing availability across Nebraska communities
This added stability gives buyers more confidence to move forward with building a home that fits their needs and budget.
Who Can Use the Build Home Program?
The Build Home Program is designed for Nebraskans who plan to build a new primary residence and meet NIFA eligibility guidelines. Standard credit and underwriting requirements apply, including minimum credit score and debt-to-income ratio limits that participating lenders review during the application process.
Eligible Property Types
- Newly constructed single-family homes located anywhere in Nebraska
- Certain modular or factory-built homes that meet NIFA program requirements and property standards
General Borrower Expectations
- Meet NIFA income and purchase price limits for the selected program option
- Meet minimum credit score and debt-to-income ratio guidelines
- Intend to occupy the home as a primary residence
Working alongside NIFA’s existing loan programs, Build Home allows eligible buyers to combine a rate lock during construction with other NIFA benefits tailored to first-time and repeat homebuyers.
How the Build Home Program Works
Homebuyers apply for the Build Home Program through a participating NIFA lender, who will confirm eligibility, discuss loan choices, and coordinate the rate lock for the construction period.
Step-by-Step Overview
- Connect with a participating NIFA lender
The lender reviews your goals, finances, and construction timeline, and explains how Build Home can pair with other NIFA loan programs if you qualify. - Confirm eligibility and choose a NIFA loan option
You and your lender review underwriting guidelines, credit score, income limits, purchase price limits, and debt-to-income ratio, then select the NIFA program that best fits your situation. - Lock in your NIFA mortgage interest rate for up to 180 days
Once approved, you can secure a NIFA interest rate for an extended period while your home is being built, giving you a clear picture of your anticipated monthly payment. - Build, inspect, and prepare for closing
Throughout construction, your lender works with you and your builder on required documentation and inspections, helping keep the project on track for closing. - Close on your permanent mortgage and move in
When construction is complete, the loan transitions to permanent financing, and you move into a home built with a rate you planned for from the start.
Program Highlights at a Glance
- Available statewide for newly constructed single-family homes, including qualifying modular or factory-built homes that meet program standards
- Works with NIFA’s existing homebuyer loan options, allowing borrowers and lenders to select the best overall financing solution
- Down payment assistance may be available for eligible borrowers through compatible NIFA programs such as Homebuyer Assistance
- Participating lenders guide borrowers through application, eligibility review, construction, and closing
By helping homebuyers manage interest rate risk during construction, Build Home supports new housing development and reinforces NIFA’s ongoing commitment to safe, affordable housing options in Nebraska.
How to Apply for the Build Home Program
Homebuyers interested in Build Home can start with a conversation with a participating NIFA lender. A lender can explain current interest rates, available NIFA programs, and whether you might qualify for down payment assistance or other support.
To get started:
- Visit NIFA’s Homebuyers & Renters page to explore current programs, tools, and resources
- Review program and income limits for your area, especially if you are also considering first-time homebuyer options such as NIFA’s First Home or Welcome Home programs
- Contact a participating NIFA lender directly to ask about Build Home, program eligibility, and next steps
For additional background on how NIFA supports affordable housing development, builders and community partners can explore development financing resources on nifa.org.
How the Build Home Program Supports Nebraska Communities
The Build Home Program is designed not only to help individual buyers but also to strengthen housing markets across the state. By making it easier for buyers to manage interest rate risk during construction, the program aims to keep new home projects moving forward even in uncertain rate environments.
This focus aligns with NIFA’s broader mission to:
- Expand access to safe, affordable housing for households across income levels
- Support community development and long-term economic growth in Nebraska communities
- Partner with lenders, builders, local officials, and housing advocates to meet changing housing needs statewide
From small towns to larger cities, the Build Home Program gives Nebraskans another tool to build homes that fit their families, budgets, and communities.
Media and Program Contact
Media Contact
Elizabeth Fimbres
Nebraska Investment Finance Authority
Phone: (402) 441-4642
Email: elizabeth.fimbres@nifa.org
Program Contact – Homeownership
For questions about the Build Home Program or other NIFA homebuyer options, contact the Homeownership Team at homeownership@nifa.org or 402-434-3900. Additional tools and resources are available at https://www.nifa.org/homebuyers-renters/build-home.
About NIFA
The Nebraska Investment Finance Authority (NIFA) is a self-supporting state agency committed to growing Nebraska communities through affordable housing and agribusiness financing. NIFA administers a range of mortgage, housing, and development programs that help expand housing opportunities, strengthen local economies, and support long-term community growth across the state.
