Omaha One Hundred Homebuyer Assistance program

Pinnacle Bank is participating in this special assistance program for primary residences in Douglas County.

  • Up to $30,000 in assistance available to eligible homebuyers

Funds are available through Omaha One Hundred (Omaha 100/O100) to assist eligible homebuyers with:

  • Down payment
  • Closing costs
  • Prepaid items
  • Principal reduction

You may be eligible to access these funds through your mortgage loan at Pinnacle Bank.

Ready to get started? 

Connect with your local mortgage lender to discuss your eligibility! 

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Down Payment Assistance Requirements

Eligibility Requirements: 

  • Citizenship/Residency: Must provide proof of U.S. citizenship or permanent resident status (birth certificate, passport, permanent resident card, or Social Security card).

  • Debts in Good Standing:

    • No delinquent student loans, federal/state/local taxes, property taxes, or utility payments.

  • Foreclosure: No foreclosures within the past 2 years.

  • Homebuyer Education: Completion of a HUD-certified or equivalent course with proof of certificate.

  • Applicant/Co-Applicant:

    • Must be current on child support or an approved payment plan.

    • Legal guardianship documentation required for minor household members.

    • Co-borrowers must be listed on the application.

  • Ineligibility:

Income Eligibility:

  • Total household income cannot exceed 80% of Area Median Income (AMI) based on HUD guidelines.

    Household Size

    80% Area Median Income (AMI%)

    1

    $63,700

    2

    $72,800

    3

    $81,900

    4

    $90,950

    5

    $98,250

    6

    $105,550

    7

    $112,800

    8

    $120,100

  • Income includes wages, business income, social security, pensions, and other periodic payments.

  • Excluded income includes earnings of children under 18, foster care payments, and certain student earnings.

Property Requirements:

  • Eligible Property Types: Single-family homes, condos, townhouses, co-ops, or manufactured homes on permanent foundations.

  • Location: Properties must be within Douglas County, Nebraska, and the parts of Sarpy County, Nebraska that are within Congressional District 2.

  • Condition:

    • Must meet federal, state, or local minimum property standards.

    • Lead-based paint disclosures and educational materials required for pre-1978 homes.

    • Radon educational materials must be provided.

  • Floodplain:

    • Properties in 500-year floodplains are eligible; those in 100-year floodplains require proof of flood insurance.

  • Occupancy: Property must serve as the primary residence.

  • Photography Policy: Requires voluntary consent for photo publication.

  • Purchase Price Limits:

    Homeownership Sales Price Limits

     

HAP Funding Terms:

  • Eligible Uses of Funds: Down payment, reasonable closing costs, principal reduction, mortgage interest subsidies, and prepaid items (e.g., property taxes).

  • Ineligible Uses of Funds:

    • Real estate agent fees.

    • Delinquent taxes or seller-related fees.

    • Cash back exceeding out-of-pocket costs.

  • Affordability Period: 10-year forgivable loan with forgiveness rates increasing annually (10% per year).

  • Maximum Assistance: 20% of purchase price OR up to $30,000.

Underwriting Requirements:

  • Debt-to-Income Ratio: Back-end ratio cannot exceed 45%.

  • Mortgage Terms:

    • Fixed-rate mortgages only (no adjustable rate or seller-financed mortgages).

  • Closing Costs: Annual limits published in the HAP Procedures Manual.

Application Process:

  1. Submit Preliminary app with required documentation directly to Omaha 100

  2. Eligibility reviewed based on income, household size, and assets.

  3. Complete HUD-certified homebuyer education course.

  4. Place a property under contract and complete inspections and underwriting.

  5. Final commitment issued if all criteria are met.

  6. Coordinate closing and fund disbursement (O100 receives copy of signed CD).

  7. Omaha 100 to provide lender with Retention Agreement, Deed of Trust and Promissory Note.

Other Requirements:

  • Communication Designee: Applicants may assign a designee to assist with the application.

  • Power of Attorney: Allowed with proper documentation.

  • Property Selection: Must identify and close on a property within 120 days.

  • Administrative Withdrawals: May occur due to incomplete applications, documentation delays, or aggressive behavior.

  • Conflict of Interest: Prohibits financial interest or decision-making influence by Omaha 100 employees or affiliates.

Monitoring and Closeout:

  • Annual certification of ownership and compliance with program terms (e.g., homeowner’s insurance, utility bills) conducted by O100.