Home financing in Saunders County.

Home financing is how most people pay for a house without having the full purchase price in cash. Instead, a lender — such as a bank, credit union, or nonprofit lender — fronts most of the money, and you repay it over time with interest. This loan is called a mortgage.

Mortgages come in several forms:

• **Conventional loans** — offered by banks and credit unions, typically require a credit score and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, allow lower credit scores and down payments as low as 3.5%. These are a common starting point for first-time buyers.

• **USDA Rural Development loans** — very relevant in Saunders County, because much of the county qualifies as rural. These loans can require zero down payment for eligible buyers.

• **VA loans** — for veterans and active-duty service members; no down payment required.

• **ITIN loans** — for buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). Several local and regional lenders offer these.

The loan amount, interest rate, and monthly payment depend on the home's price, your income, your credit history, and the loan type. You do not need to be a U.S. citizen to buy a home in Nebraska.

Saunders County's economy is rooted in agriculture, small business, light manufacturing, and trades. Many residents are self-employed contractors, farm laborers, truckers, or small landlords. Lenders in this area are generally familiar with non-traditional income, which works in your favor.

**You may qualify if you:**

- Have a steady income — whether from a paycheck, self-employment, or farm work

- Can show 12–24 months of consistent income (bank statements or tax returns)

- Have at least a 580 credit score for FHA loans, or a 620+ for conventional loans

- Have little or no credit history but can show on-time rent, utility, or phone payments

- Have an ITIN instead of a Social Security number

**USDA eligibility is a major local advantage.** Towns like Wahoo, Wahoo, Mead, Ashland, Valparaiso, and surrounding rural areas may qualify for USDA Rural Development guaranteed loans. Income limits apply — for a family of four in Nebraska, the USDA limit is generally around $110,650 for the guaranteed program (verify current limits at usda.gov or with a local lender).

**Self-employed buyers** should know that lenders will average your last two years of net income from your tax returns. If your Schedule C shows low income after deductions, it can lower your qualifying loan amount — so speak with a lender or housing counselor early.

Gathering your paperwork before you apply makes the process much smoother. Here is what most lenders will ask for:

**For salaried or hourly workers:**

- Two most recent pay stubs

- W-2s from the past two years

- Two months of bank statements

- Government-issued photo ID

- Social Security number or ITIN

**For self-employed buyers or contractors:**

- Two years of signed federal tax returns (personal and business, if applicable)

- Year-to-date profit and loss statement

- 12–24 months of business and personal bank statements

- Any contracts or letters showing ongoing work

**For ITIN applicants:**

- Valid ITIN (Form W-7 or ITIN card)

- Passport or consular ID (matrícula consular)

- 12–24 months of bank statements in lieu of credit report

- Proof of address (utility bills, lease agreements)

- Two years of tax returns filed with your ITIN

**All buyers will also need:**

- Proof of down payment funds (savings, gift letter if from family)

- Rental history (landlord contact or 12 months of canceled checks)

- Any divorce decrees, child support orders, or bankruptcy discharge papers, if applicable

Tip: Do not move large sums of money between accounts right before applying — lenders need to see a clear paper trail.