HOME FINANCING · NE

Home Financing in Sarpy County, Nebraska: A Plain-Language Guide for Solo Contractors and Small Investors

Sarpy County is one of Nebraska's fastest-growing counties, and home financing here means navigating a mix of local credit unions, community lenders, and state-backed programs built for working families and small investors. This guide walks you through what home financing is, who qualifies — including ITIN holders and self-employed buyers — what documents you'll need, and which local institutions actually serve Sarpy County. We also flag predatory patterns to avoid and close with a plain-language recap so you can move forward with confidence.

§ 01 — What it is

What Is Home Financing?

Home financing is any loan or funding arrangement that helps you purchase, refinance, or improve a home. In most cases, a lender provides the bulk of the purchase price, and you repay it over time — typically 15 or 30 years — with interest. The home itself serves as collateral, meaning the lender can reclaim it if payments stop. For buyers in Sarpy County — which includes Bellevue, Papillion, La Vista, Gretna, and Springfield — common financing types include: • **Conventional loans** — standard mortgages not backed by a government agency, often requiring a credit score of 620+ and a down payment of 3–20%. • **FHA loans** — federally insured loans through the Federal Housing Administration, allowing down payments as low as 3.5% and more flexible credit requirements. • **USDA loans** — relevant for rural and semi-rural parts of Sarpy County (some areas near Springfield and Gretna may qualify), offering zero-down financing for eligible buyers. • **VA loans** — for veterans and active-duty service members; Sarpy County has a large military and veteran population tied to Offutt Air Force Base, making VA loans especially common here. • **ITIN loans** — mortgage products available to buyers without a Social Security Number who use an Individual Taxpayer Identification Number instead. • **Portfolio loans** — loans kept on the lender's own books rather than sold to the secondary market, often more flexible for self-employed buyers or small investors. Federal programs are the backdrop — local lenders, credit unions, and community organizations are what actually deliver these products to Sarpy County residents.

§ 02 — Who qualifies

Who Qualifies? Local Economic Context

Sarpy County's economy is shaped by Offutt Air Force Base, a strong healthcare and logistics sector, and rapid suburban growth from the greater Omaha metro. That means the buyer pool is diverse: military families, first-time homebuyers, self-employed contractors in construction and trades, and immigrant families — many of them Spanish-speaking — who are building equity for the first time. **Generally, lenders look at:** • **Credit score** — Most conventional lenders want 620+; FHA lenders may go to 580 or even 500 with a larger down payment. ITIN lenders use alternative credit histories. • **Income stability** — W-2 employees typically show two years of employment. Self-employed buyers and solo contractors usually need two years of tax returns (Schedule C or 1099s). • **Debt-to-income ratio (DTI)** — Most lenders prefer your total monthly debt payments to be under 43–45% of your gross monthly income. • **Down payment** — Ranges from 0% (VA, USDA) to 3–3.5% (FHA, some conventional) to 10–20% for standard conventional loans. • **Residency status** — U.S. citizenship is NOT required. Permanent residents, visa holders, and ITIN holders can all qualify with the right lender. **Sarpy County-specific notes:** • Veterans connected to Offutt AFB should ask specifically about VA loan specialists — many local lenders have dedicated VA departments. • Solo contractors in construction, landscaping, or trades should document income carefully — two years of filed tax returns plus profit-and-loss statements are standard. • Spanish-speaking buyers should ask lenders whether they have bilingual loan officers — several institutions in the Omaha-Sarpy metro do.

§ 03 — What you need

Documents You Will Typically Need

Gathering your documents before you talk to a lender saves time and reduces stress. Every lender is different, but here is a standard checklist for Sarpy County home buyers: **For identification:** • Government-issued photo ID (passport, driver's license, consular ID/matrícula) • Social Security Number — OR — ITIN letter from the IRS if you are using an ITIN mortgage **For income (choose what applies to you):** • Last two years of W-2s (if employed) • Last two years of federal tax returns, all pages (especially for self-employed / solo contractors) • Last two to three months of pay stubs • 1099 forms if you are an independent contractor • A current profit-and-loss statement (self-employed buyers) • Award letters for any Social Security, disability, or pension income • VA benefits letter (for veterans) **For assets:** • Last two to three months of bank statements (all pages, all accounts) • Investment or retirement account statements • Documentation of any gift funds (gift letter from the donor) **For the property:** • Signed purchase agreement (after you are under contract) • Homeowners insurance quote • HOA documents if the home is in a homeowners association **ITIN buyers — additional items:** • ITIN assignment letter from the IRS • Twelve to twenty-four months of bank statements (alternative credit history) • Proof of rent payment history (canceled checks or landlord letters) • Utility payment history

§ 04 — Where to start in Sarpy County

Local Lenders, CDFIs, Credit Unions, and ITIN-Friendly Resources Serving Sarpy County

Sarpy County residents are served by a strong network of community institutions — these are the organizations that know the local market and often offer more flexible pathways than national banks. **Local and Regional Credit Unions** • **SAC Federal Credit Union** (headquartered in Bellevue, NE) — Deeply rooted in Sarpy County and Offutt AFB. Offers mortgage products tailored to military and civilian members, including VA loans. A strong first stop for any Sarpy County buyer. • **Centris Federal Credit Union** (Omaha metro, serves Sarpy County) — Offers conventional and FHA mortgage products, known for member-focused service and competitive rates. • **Cobalt Credit Union** (Papillion branch) — Serves the greater Omaha-Sarpy area with home loan products and first-time buyer support. • **Nebraska Energy Federal Credit Union** — Smaller community credit union serving Nebraska workers; worth checking eligibility. **Community Banks** • **Five Points Bank** (Omaha/Sarpy metro) — Community bank offering conventional and portfolio mortgage products with local underwriting decisions. • **First National Bank of Omaha** — One of the largest privately held banks in the country, headquartered in Omaha. Offers a range of mortgage products including first-time buyer programs and serves Sarpy County branches. • **Midwest Bank** and other community banks with Sarpy County branches are worth exploring for portfolio loan products. **CDFI and Nonprofit Housing Resources** • **NeighborWorks Lincoln / Omaha** — NeighborWorks affiliates across Nebraska offer homebuyer education, down payment assistance counseling, and connections to affordable mortgage products. HUD-approved counseling is available. • **Omaha 100** — A nonprofit CDFI focused on affordable homeownership in the greater Omaha metro, including Sarpy County. Offers down payment assistance and connects buyers to affordable loan products. Particularly helpful for lower-income and first-generation buyers. • **Nebraska Investment Finance Authority (NIFA)** — While a state agency rather than a CDFI, NIFA is a critical local intermediary. NIFA's **Homebuyer Assistance Program** offers below-market interest rates and down payment/closing cost assistance (up to $10,000) for qualifying first-time buyers in Sarpy County. Income and purchase price limits apply. NIFA loans are delivered through approved local lenders — ask your credit union or community bank if they are a NIFA-approved lender. **SBA District Office** • The **SBA Nebraska District Office** (Omaha) serves Sarpy County for small business financing. If you are a solo contractor or investor purchasing commercial or mixed-use property, SBA 504 loans can finance owner-occupied commercial real estate with a low down payment. Contact: 10675 Bedford Ave., Suite 100, Omaha, NE 68134. **ITIN-Friendly Lenders** • **Latino Community Development nonprofit resources** — The **Latino Center of the Midlands** in Omaha (which serves many Sarpy County residents) can connect Spanish-speaking buyers to ITIN-friendly lenders and bilingual housing counselors. • Several credit unions and portfolio lenders in the Omaha-Sarpy metro offer ITIN mortgage products; ask explicitly when you call. Centris Federal Credit Union and some community banks have ITIN loan experience. • **Self-Help Federal Credit Union** operates in the Midwest and has experience with ITIN and alternative-credit borrowers — worth contacting to check current Sarpy County service. **HUD-Approved Housing Counseling** • Free or low-cost homebuyer counseling is available through HUD-approved agencies serving Sarpy County. Counselors help you review your budget, understand your loan options, and avoid predatory lenders. Search HUD.gov/find-a-housing-counselor or call 800-569-4287.

§ 05 — What to avoid

Nebraska State-Specific Regulatory Notes

Understanding Nebraska's rules helps you know your rights and what protections are in place. **Nebraska Department of Banking and Finance (NDBF)** All mortgage lenders and loan officers doing business in Nebraska must be licensed through the NDBF. You can verify any lender or loan officer at the NDBF's online license lookup. If someone is offering you a mortgage and is not licensed, walk away. **Nebraska Foreclosure Process** Nebraska uses a **non-judicial foreclosure** process for most residential mortgages (deed of trust). This means lenders can foreclose without going through the court system, which makes it faster than in many other states. If you fall behind on payments, act quickly — contact a HUD-approved housing counselor as soon as possible. **Nebraska Homestead Exemption** Nebraska offers a homestead exemption that reduces property taxes for qualifying homeowners — including low-income seniors, veterans with service-connected disabilities, and disabled individuals. If you qualify, file with the Sarpy County Assessor's office by June 30 of the tax year. **NIFA's First Home Program** NIFA is Nebraska's state housing finance agency. Their First Home Program provides qualifying buyers access to below-market 30-year fixed mortgage rates and down payment assistance. The program requires a HUD-approved homebuyer education course — a worthwhile step for any first-time buyer regardless. **Transfer and Recording Taxes** Nebraska charges a documentary stamp tax on real estate transfers (currently $2.25 per $1,000 of value). Budget for this as part of your closing costs. Sarpy County records deeds at the Sarpy County Register of Deeds office in Papillion. **Seller Disclosure** Nebraska law requires sellers to disclose known material defects in the property. Review the seller's disclosure statement carefully with your real estate agent or attorney before signing anything.

§ 06 — Ask a question

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