OMAHA, Neb. (WOWT) – Kapree Walton moved into his new home in June after years of living in apartments, crediting Habitat for Humanity’s homebuying assistance program for making homeownership possible.
“When this opportunity arose, I was like, I have to take it. I have to see what it’s about. I have to at least give it a chance,” Walton said.
Walton said the program reduced stress in the buying process.
“They went above and beyond to help me get over my debts and show me the way I can handle them and make sure everything’s cleared up getting me mortgage ready,” he said.
Housing affordability challenges
For buyers who don’t qualify for assistance programs, the housing market presents significant challenges, according to Lacey Studnicka with Habitat for Humanity Omaha.
“They’re seeing rising house costs, rising interest rates on the open market. Wages are stagnant,” Studnicka said.
The Nebraska Investment Finance Authority says roughly two-thirds of households in the state can’t afford the median price of a home, which according to Zillow is just more than $275,000. In Omaha, that number is $286,000, about $2,200 more than a year ago.
Federal proposals raise concerns
Recent suggestions from the Trump administration to help buyers have included transferable mortgage rates and 50-year mortgages. Economics professor Dr. Ernie Goss with Creighton University expressed concerns about extended loan terms.
“You’re gonna face probably a higher interest rate and interest payments over the term of the loan will be significantly higher,” Goss said.
Available resources
Robin Ambroz with Nebraska Investment Finance Authority said housing counseling agencies can help buyers across the state and in Omaha.
“They help everyone who wants to seek assistance with budgeting and financial planning and really saving up, you know, money so that they can get into homeownership,” Ambroz said.
Ambroz recommended exploring all options and finding the right lender and realtor.
Walton said homeownership has been rewarding.
“Just being like, wow, this is all mine. And I have to maintain it and take care of it. And I am so ecstatic to do it,” he said.
Ambroz recommended the following housing counseling agencies in Omaha for homebuyers:
Family Housing Advisory Services
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